Hexamethylenetetramine Market Outlook:
Hexamethylenetetramine is a synthetic food preservative. The packaged food industry is witnessing steady growth owing to which there is substantial growth in the food preservatives market. Hexamethylenetetramine is used in food products due to its versatile nature and its property to withstand heat, which makes it suitable for high-temperature applications. Hexamethylenetetramine is used to increase the shelf life of food products. One of the major advantages of using hexamethylenetetramine is that it is highly efficient since we need a very small dosage of hexamethylenetetramine to kill a wide variety of moulds and yeasts that are likely to spoil the food, which favours the demand of hexamethylenetetramine in the market. Hexamethylenetetramine also finds application in food products, such as cheese, caviar, preserved fish and herring, due to its high resistance against the growth of microbes such as fungi.
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Hexamethylenetetramine is easily available owing to its high production, a wide range of applications and easy availability of raw materials. This makes hexamethylenetetramine relatively inexpensive. Exponential growth in population in the Asia-Pacific region is one of the key factors driving the demand for hexamethylenetetramine in the market.
Growth of the Packaged Food Industry is Driving the Hexamethylenetetramine Market:
In the present market scenario, preservatives are witnessing a traction in the food and beverage industry. Synthetic preservatives such as hexamethylenetetramine help reduce the cost of the finished product and thus, fuel the demand for packaged foods in the market. In the recent years, hexamethylenetetramine has attracted a lot of supply-side participants due to the high-profit margin of this segment. The popularity of hexamethylenetetramine is increasing day by day owing to its versatile nature and multiple applications in the market and widespread usage in the preservative industry. Hexamethylenetetramine is also used for the production of cheese to control the formation of gas-forming clostridia, which is expected to drive the demand for hexamethylenetetramine over the forecast period.
The Asia-Pacific excluding Japan market is expected to lead the global hexamethylenetetramine market owing to increase in population as well as the consumption of packaged food products. Consumers in this region are moving towards a very fast life, owing to which they prefer more convenient, portable and ready-to-eat products. This is another key driver of the demand for preservatives, and eventually hexamethylenetetramine in the market.
Hexamethylenetetramine Market: Market Segmentation
On the basis of form, the global hexamethylenetetramine market has been segmented as:
On the basis of type, the global hexamethylenetetramine market has been segmented as:
- Stabilized Grade
- Unstabilised Grade
On the basis of application, the global hexamethylenetetramine market has been segmented as:
- Food and Beverage
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Global Hexamethylenetetramine Market: Market Participants:
The key market participants identified across the value chain of the global hexamethylenetetramine market are ABIYA S.A. DE C.V., INEOS AG, Eli Lilly and Company, Hummel Croton Inc., Alfa Aesar, Caldic B.V., Hexion Holdings LLC and Merck Millipore (Merck KGaA).
Opportunities for Hexamethylenetetramine Market participants:
Increasing urbanization is boosting the meat and dairy industry, which is one of the significant factors propelling the usage of hexamethylenetetramine. Increase in the consumption of packaged foods, backed by an increase in per capita disposable income, is leading to increased spending on these products, which is acts as a catalyst for growth in the demand for hexamethylenetetramine. The hexamethylenetetramine markets in Europe and North America are expected to record significant growth owing to an increase in the consumption of packaged foods, which is expected to boost the demand for preservatives.
The easy availability and low cost of hexamethylenetetramine has led to a high profit margin, which is a major attraction for the supply side participants, is the key reason for the high production of hexamethylenetetramine in the market. Sensing lucrative growth, major players in the preservative industry have focused their attention towards synthetic preservatives in the recent years by entering this niche market and propelling it further. Moreover, the ability of hexamethylenetetramine to not only maintain the taste and odour of the food, but also to prevent it from attack by other microorganisms, such as bacteria and yeast, makes it a preferred preservative in the market.
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