South Wales manufacturer, Hexigone Inhibitors, is addressing a multi-trillion-pound global problem with its patented products. Following an initial discovery made at Swansea University, and after years of research and development, the company is now beginning its export journey.
Hexigone has secured its first export clients and is on track to confirm multiple international deals in the coming months. It is anticipating huge business growth over the next year as a result of its export strategy.
Baglan-based firm Hexigone Inhibitors specialises in micro-reservoir technology that is added to paints and protective coatings to prevent corrosion.
With applications across a wide range of industries including construction, oil and gas, marine and aerospace, Hexigone’s corrosion inhibitors help to reduce corrosion damage on boats, vessels, planes, oil tanks, buildings and much more.
Hexigone was founded in 2016 after a scientific discovery by Dr Patrick Dodds. Dr Dodds was researching the topic in response to growing industry demand for safe alternatives to hexavalent chromate - the most widely used corrosion inhibitor – which was banned in Europe in 2019 due to the dangers it poses to human health and the environment.
Hexavalent chromate is a known human carcinogen, causing serious health problems in workers exposed to it. While its use is still permitted outside of the EU, it is expected that other countries will follow suit in banning it, creating a gap in the market for effective chromate-free substitutes.
Ten times more effective
Driven by the looming EU ban, Dr Dodds worked in collaboration with Industry to develop safer and more sustainable inhibitors. The result is a product that has been proven to be over ten times more effective than market leading alternatives and has even outperformed hexavalent chromate itself.
Hexigone was officially incorporated in 2016 after Dr Dodds was awarded the Armourers and Brasiers Materials Venture Prize. The business became operational in 2017, transitioning the discovery from the laboratory to a commercial entity. After completing multiple feasibility studies, an international business development strategy was implemented.
With corrosion costing the world economy trillions every single year, and the global corrosion inhibitors industry valued at more than £5.6bn, the potential overseas market for the Welsh firm is huge.
High interest overseas
Over the last two years, Hexigone has been sending out samples to coating manufacturers all over the world, as each company needs to conduct their own technical validation processes. With validations now coming to an end, Hexigone shipped its very first export orders early this year to clients in India, the USA and multiple destinations in Asia and South America. It is also currently in commercial talks with potential customers in Canada, Germany, Austria, Denmark and the Netherlands.
Asia is set to be a key growth market for the firm, which is on the verge of completing major deals with two multi-billion-pound coating giants in the region. The deals are a culmination of several Welsh Government funded trips to the area, where the Hexigone team was provided with in-country assistance. The orders, which are expected to be completed in the coming months, are set to propel Hexigone’s lucrative export strategy.
Based on the global pipeline of clients it is currently in talks with, Hexigone expects 69% of its trade in 2021 to come from exports and anticipates that it will have 50 international customers by 2022, with the looming ban on chromates in regions outside of Europe further driving sales.
The Welsh Government has provided Hexigone with a range of support over the last two years to help the business begin its export journey. The Welsh Government export advisors have provided Hexigone with the financial backing and opportunity to attend in person trade missions around the world, including South Korea, Japan and China, as well as virtual exhibitions with Dubai and Canada, enabling it to connect and build relationships with potential customers and partners in target markets.
Dr Patrick Dodds, Managing Director at Hexigone Inhibitors said: “Replacing hexavalent chromate is truly a global challenge for the entire coatings industry which is being forced to change its processes. The team has worked hard over the last few years at Hexigone to deliver safer, more environmentally friendly alternatives that comply with EU Regulations without compromising on performance.
“The global market for our Intelli-ion® technology is huge and presents a major opportunity to us. Exports will play a significant role in our business growth going forward. We are at a critical point in our business plan where lengthy validations with prospective clients all over the world are finally being completed, marking the next step in our export strategy. We are excited to see our first international orders and for our export arm to grow in the next year.
“The support we have received from the Welsh Government during this time has been invaluable, opened doors in many of the regions we are now exporting to. It is through the international trade missions offered by the Welsh Government - both in person and virtual – that we have been able to meet many of the companies that are on track to become customers in 2021/22.”