Wilmington, Delaware, United States, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Firms in the hexane market are capturing sizable revenues from the increasing commercialization of polymer-grade hexane, notably for the preparation of adhesives, and printing inks and coatings. Vast growth avenues also pivot on rising use of commercial-grade hexane as solvent in various extraction processes. The size of the hexane market was pegged at US$ 1.9 Bn in 2021.
A scrutiny of the emerging trends of the hexane market underscores the fact that both companies with local presence and global players need to focus on marketing strategies underlying price-competitive products. To this end, they are leaning on advanced production technologies and improving production processes so as to reduce the costs.
Expansion of the food retail chains in conjunction with rising standards of living in developing regions of the world has offered a robust impetus to the sales of edible oil. This has spurred the demand for hexane for oil extraction processes. Growing use of hexane as a specialty solvent in industrial applications is broadening the hexane market outlook.
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Key Findings of Hexane Market Study
- Abundant Use in Edible Oil Extraction Steers Revenue Growth: Substantial consumption of edible oil in several developing economies around the world has propelled product sales of hexane market. Rise in consumption of edible oil is evident in Asia Pacific, notably in Brazil, China, Indonesia, and India. Key players in hexane market are meeting stringent regulations in food-grade hexane to stay ahead of their competitors. The use of hexane in extracting oil from vegetables and seeds is likely to be enormous. As a result, oil extraction presents largest opportunity for hexane market.
- Rising Application as Solvent in Industrial Applications to Generate Substantial Lucrative Opportunities: Demand for hexane in industrial applications will create massive profitable avenue in the hexane market. Rise in use of the products as a solvent in various industrial applications has led the segment to hold a key market share in 2021. New formulations are being developed for high-performance adhesives, which will expand the revenue potential in the hexane market. Growing uptake of paints & coatings in construction industry has generate sizable revenues over the past few years.
Hexane Market: Key Drivers
- Proliferating use of hexane in the manufacture of paints and coatings industry is a key market driver. Rising demand for paints and coatings in construction and buildings industry thus has been continuously boosting the hexane market outlook.
- Worldwide, rising consumption of edible oil is a key driver for the products’ sales of hexane market. In particular, the trend is evident in several emerging economies, where industry players are keen on expanding their edible oil production capacities.
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Hexane Market: Regional Growth Dynamics
- The North America hexane market is projected to expand at moderate pace in the next nine years. Revenue streams will be propelled by growing production of hexane and its derivatives by some of the globally prominent companies present in the region.
- Firms in the hexane market are expected to tap into new revenue streams by catering to the demands in oil extraction, and in the manufacture of industrial cleaning products, stain remover products, and some pharmaceuticals.
- Asia Pacific held a leading share of the global hexane market in 2021. Substantial consumption of food-grade hexane across the region and rise in demand for industrial solvent have generated sizable revenue streams. The Asia Pacific market, the authors note, will stay lucrative during the forecast period.
Competition Landscape
The TMR study found that owing to presence of relatively few players hold the majority of the stakes in the global hexane market makes the competition landscape increasing consolidated.
Some of the key players in the market are Liaoning Yufeng Chemical Co., Ltd, Junyuan Petroleum Group, Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., Petroleo Brasileiro SA, Rompetrol Rafinare, Sumitomo Chemical Co. Ltd., Phillips 66, and Royal Dutch Shell plc.
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Hexane Market Segmentation
Grade
- Oil Extraction / Food Grade
- Pharmaceutical Grade
- Industrial Grade
Application
- Oil Extraction
- Industrial Cleaning and Degreasing
- Polymerization
- Pharmaceutical
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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