South Korea, Seoul, Aug. 25, 2022 (GLOBE NEWSWIRE) -- As of 2022, the hexane market stands at a value of US$ 2.21 billion and is projected to reach US$ 3.05 billion by the end of 2032. Worldwide consumption of hexane is estimated to increase at a CAGR of 3.3% from 2022 to 2032. This new survey by Fact.MR, a market research and competitive intelligence provider, provides a complete assessment of all the trends and opportunities in the global hexane industry.
Increasing population across the world has resulted in high demand for edible oils and this is anticipated to be a major factor driving overall hexane market growth through 2032. Rising industrialization is propelling the demand for industrial solvents and hexane is a widely used solvent that is expected to provide lucrative opportunities for market players over the forecast period. However, volatility in the pricing of raw materials and strict laws to conserve the environment are expected to have a hindering effect on the global hexane market potential through 2032.
Hexane suppliers are focusing on advancing their research capabilities to develop new products and gain a competitive edge over other market players. Hexane manufacturing companies are also anticipated to deploy various strategies to overcome the challenges of strict mandates that are being put in place across the world for environmental conservation.
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Key Takeaways from Market Study
- In 2022, the hexane market stands at a valuation of US$ 2.21 billion.
- Demand for hexane is projected to expand at a CAGR of 3.3% from 2022 to 2032.
- The hexane market is anticipated to reach a revenue of US$ 3.05 billion by 2032.
- Increasing industrialization, rising demand for industrial solvents, growing demand for food-grade hexane, and increasing population are major factors that will drive market growth through 2032.
- Strict laws in environmental conservation and volatility in raw material pricing are expected to have a hampering effect on overall market potential.
- The North America hexane market accounts for a major market share of 32.7% in 2022 and is projected to reach US$ 1.02 billion by 2032.
- The extraction grade segment is anticipated to expand at a CAGR of 3.5% and reach US$ 1.65 billion by 2032.
- The edible oil extraction segment currently stands at a value of US$ 808.3 million and is expected to gain a market share of 37.9% by 2032.
Winning Strategy
The hexane market is nearing consolidation and major players account for a significant market share at present. New entrants in the market could deploy innovative strategies to gain a place in this hexane marketplace; however, the consolidated nature of this industry is expected to provide some challenges in doing so.
Hexane manufacturers are expected to increase their investments in research and development to expand their product offerings and gain a competitive advantage over other market players.
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Competitive Landscape
Key hexane manufacturers are investing in research and development to advance their product portfolio and diversify their offerings to gain a competitive edge over the other market players.
The hexane market is nearing consolidation and hence it is difficult for new entrants to make a mark in the global hexane industry landscape. However, with proper planning and enough investment they can penetrate the market and gain a notable market share.
Key Segments Covered in Hexane Industry Research
- Hexane Market by Grade :
- Extraction
- Polymerization
- Other Grades
- Hexane Market by Application :
- Edible Oil Extraction
- Industrial Solvents
- Adhesive Formulations
- Leather Treatment
- Hexane Market by Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hexane market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of grade (based onymerization, other grades), application (edible oil extraction, industrial solvents, adhesive formulations, leather treatment), and across five major regions (North America, Latin America, Europe, APAC, and the MEA).
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