With the expansion of the pharmaceutical industry, on account of the burgeoning requirement for medical products, the demand for hexamine is rising sharply across the world. This is because hexamine is extensively used in various industries such as rubber, pharmaceutical, fuels, and explosives. Moreover, the surging population in several countries is majorly responsible for the growing poverty, which is fueling the rise in the incidence of diseases such as neurological diseases and urinary tract infections.
As hexamine is heavily used as an antibiotic for the suppression of bacteriuria in patients suffering from neurological diseases and the treatment of people suffering from urinary tract infections, the rising prevalence of these illnesses is propelling the demand for hexamine. This chemical is also used in the production of automobile tires, owing to its ability to act as an accelerator in the manufacturing of vulcanized rubber. Because of this reason, the surging sales and manufacturing of automobiles, due to the growing disposable income of people, particularly in China, are positively impacting its worldwide demand.
This is, in turn, fueling the expansion of the hexamine market, owing to which, the revenue of the market is predicted to surge from $315.4 million in 2017 to $394.2 million by 2023. Furthermore, the market is expected to advance at a CAGR of 3.7% from 2018 to 2023 (forecast period). There are mainly two types of hexamine used across the world—stabilized grade and unstabilized grade. Between these, the demand for unstabilized grade was found to be higher in the years gone by.
This was because of the large-scale usage of this grade in vulcanization of rubber, resins, fuel tablets, urinary antiseptics, coatings, sealing compounds, and adhesives. Both stabilized and unstabilized grade hexamine are used in rubber, explosives, fuels, fertilizers, paper, leather, laboratories, resin, and pharmaceutical applications. Out of these, the usage of hexamine was found to be the highest in resin applications in 2017. This is credited to the fact that there are several uses of resins in various industries such as adhesives and plastics and also as coatings and laminates.
Thus, it can be said without hesitation that the demand for hexamine will rise tremendously in the coming years, primarily because of its soaring usage in various industries such as automotive, plastics, and adhesives, which are themselves registering rapid advancement, and the mushrooming requirement for pharmaceutical products, owing to the rising incidence of various diseases across the world.
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