With a surge in the population, the demand for medical products has significantly increased in recent years. This is because the rising population has resulted in poverty, which has led to an increase in the incidence of neurological diseases and urinary tract infections (UTI); poverty is usually reflected in unhygienic surroundings and poor mental health. Hexamine is used as an antibiotic for the treatment of bacteriuria in people suffering from neurological disorders and for the treatment of UTIs.
Additionally, hexamine is applied in the rubber industry, as it accelerates the production of vulcanized rubber, which is used for manufacturing automobile tires. Due to the growth in disposable income, consumers are purchasing more vehicles. This has therefore increased the production of automobiles, leading to a rise in the manufacturing of tire-grade rubber. These factors will drive the hexamine market revenue from $315.4 million in 2017 to $394.2 million by 2023. According to P&S Intelligence, the market will advance at a CAGR of 3.7% during 2018–2023.
Globally, the Asia-Pacific (APAC) region consumed the highest volume of hexamine in 2017, and the chemical demand is further escalating in industries such as resin, pharmaceutical, and rubber here. Additionally, the production of hexamine has increased in the APAC region due to the flexible norms regarding its manufacturing and availability of cheap raw materials and labor. These factors help in reducing the minimum efficiency scale (MSE) during the production of hexamine in this region. Besides, the stringent environmental laws in European countries have led producers to shift their base to the APAC region.
Thus, the booming pharmaceutical, adhesives, and plastics industries in developing countries are expected to propel the demand for hexamine in the coming years.
Read more: https://www.psmarketresearch.com/market-analysis/hexamine-market
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