Chicago, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The 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, as per the recent study by MarketsandMarkets™. It is a colorless, flammable liquid that is derived from crude oil and is part of the hydrocarbon family. Hexane is used primarily as a solvent in various industrial applications, such as in the extraction of oils from seeds and as a cleaning agent in the manufacturing of products like glue, varnishes, and rubber. It is known for its low toxicity but should be handled with care due to its flammability and potential health risks associated with prolonged exposure to its fumes. The market is witnessing growth majorly due to growing demand of edible oils. Also, high demand from the pharmaceutical industry is expected to drive the market for hexane.
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Browse in-depth TOC on "Hexane Market”
187- Market Data Tables
47- Figures
178- Pages
List of Key Players in Hexane Market:
- China Petroleum & Chemical Corporation (China)
- Shell plc (UK)
- Exxon Mobil Corporation (US)
- Rompetrol-Rafinare (Romania)
- Junyuan Petroleum Group (China)
- TotalEnergies (France)
- Phillips 66 Company (US)
- Indian Oil Corporation Ltd (India)
- Petróleo Brasileiro S.A. (Brazil)
- Bharat Petroleum Corporation Limited (India)
- Hindustan Petroleum Corporation Limited (India)
- Honeywell International Inc. (US)
- Sumitomo Chemical (Japan)
- others
Drivers, Restraints, Opportunities and Challenges in Hexane Market:
- Drivers: Steady demand from edible oils market
- Restraints: End-use industries shifting focus toward green solvents
- Opportunity: Increase in demand for solvents in paints & coatings industry
- Challenge: Fluctuations in global crude oil prices
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Key Findings of the Study:
- Industrial grade is expected to grow at the highest CAGR during the forecast period, by value
- Polymerization application is expected to grow at the highest CAGR during the forecast period, by value
- Europe accounted for the second-largest share in 2021, in terms of value
Based on grade, the hexane market is segmented into oil extraction/food grade, industrial grade, and pharmaceutical grade. Among the grades, Oil extraction/food grade accounted for largest share in 2021, in terms of value. Oil extraction/food grade hexane is widely for the extraction of edible oils. It helps extract the maximum possible quantity of oil from seeds and vegetables, without disturbing their nutritional content. Thus, the usage of hexane as an extraction solvent, fuels the growth of this segment.
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Based on application, the hexane market is segmented into oil extraction, industrial cleaning & degreasing, pharmaceutical, polymerization, and others. The oil extraction segment accounted for largest share in 2021, in terms of value. The growth can be attributed to increasing population, and improvement in standards of living, which are leading to increase in demand for edible oil. Thus, the increased consumption from food processing sector is expected to drive the market for hexane.
Based on region, the hexane market is segmented into Asia Pacific, North America, Europe, Middle East & Africa, and South America. Asia Pacific is the largest and fastest growing market for hexane, in terms of value, in 2021. The rising demand for hexane in edible oils, pharmaceutical products, adhesives, and paints & coatings in China, India, US, Japan, and South Korea is driving the market in Asia Pacific.
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