Dublin, April 05, 2023 (GLOBE NEWSWIRE) -- The "Global Hexane Market by Grade, Application, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global hexane market is projected to reach USD 3.1 billion by 2027 from USD 2.4 billion in 2022, at a CAGR of 4.8%, during the forecast period. Hexane is a widely preferred chemical for oil extraction from the seeds and other oil producing fruits.
Oil extraction/food grade, by grade, is expected to be the largest segment during the forecast period by value
Food grade hexane is a non-volatile dearomatized fluid with extremely low volume of benzene content. It has petroleum odour and sediment-free characteristics. Food grade Hexane is majorly used as solvent in the solvent extraction units for vegetable oil.
Food grade hexane is an alternate to hydrogenation route preferred globally for removal of benzene and olefins from naphtha fractions. Thus, such factors are expected to propel growth of this segment.
Oil extraction, by application, is expected to be the largest segment during the forecast period by value
Food grade hexane is majorly used in the extraction of vegetable oil such as soybean oil, sunflower oil, and olive oil. Vegetable oil extraction process involves various stages such as cleaning, pressing, and solvent extraction. The increasing production of vegetable oil in countries including China and Japan is expected to fuel the growth of oil extraction application.
Asia-Pacific region, is expected to be the largest segment during the forecast period by value
China accounted for the largest market share in the region. China's economy is growing at a significant pace along with the growth in urban population. The country is among the top consumers of fats and oils in the region, heavily inclined towards soybeans and palm oils. This further creates demand for hexane in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 179 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $2.4 Billion |
| Forecasted Market Value (USD) by 2027 | $3.1 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Steady Demand from Edible Oils Market
- Strong Demand from Growing Markets in Asia-Pacific
Restraints
- End-use Industries Shifting Focus Toward Green Solvents
Opportunities
- Increase in Demand for Solvents in Paints & Coatings Industry
Challenges
- Handling Issues Related to Hexane due to Its High Flammability and Toxicity
- Fluctuations in Global Crude Oil Prices
Companies Mentioned
- Arham Petrochem Private Limited
- Bharat Petroleum Corporation Limited
- China Petroleum & Chemical Corporation
- ExxonMobil Corporation
- GFS Chemicals, Inc.
- Hindustan Petroleum Corporation Limited
- Honeywell International Inc.
- Hydrite Chemical
- Indian Oil Corporation Ltd.
- Junyuan Petroleum Group
- Liaoning Yufeng Chemical Co. Ltd.
- Merck KGaA
- Noah Chemicals
- Petroleo Brasileiro SA
- Phillips 66 Company
- Rompetrol-Rafinare
- Shell PLC
- Shenyang Huifeng Petrochemical Co. Ltd.
- Spectrum Chemical
- Sumitomo Chemical
- Thai Oil Public Company Limited
- Tokyo Chemical Industry Co. Ltd.
- TotalEnergies
For more information about this report visit https://www.researchandmarkets.com/r/jkq0xu
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