New York, United States , Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Global Hexane Market Size to Grow from USD 2.6 Billion in 2022 to USD 3.1 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 3.9% during the forecast period.
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Hexane is an alkane hydrocarbon with a straight chain with the chemical formula C6H14. It is a clear, flammable liquid that is extensively used as a solvent in many different industrial processes, including the extraction of vegetable oils, as a cleaning agent, and in the production of petrol. Hexane, one of the most fundamental hydrocarbon compounds, is made from crude oil. Hexane can exist in different isomeric forms depending on how its chain of carbon atoms is structured. N-hexane, the most common kind, has a linear structure. The other isomers include branched isomers like 2-methylpentane, 3-methylpentane, and others. These isomers have slightly altered chemical properties and are used for certain applications.
COVID 19 Impact
Chemicals industries' supply chains were affected by lockdowns, travel restrictions, and the closure of industrial facilities. As a result, the production and distribution of hexane and other chemicals may have been stopped. The epidemic caused changes in consumer behaviour and industry demand. Lockdowns caused a decline in activity in various hexane-dependent businesses, including as the construction and automobile sectors, which would have had an impact on the market for related products. Since crude oil is used to make hexane, variations in the price of oil could have an effect on the cost of producing hexane. The significant drop in oil prices early in the epidemic may have had an effect on the economics of hexane production.
Hexane is used as a solvent in a variety of industries, including food processing, medicines, textiles, and manufacturing. The growth of these industries can result in higher solvent demand for hexane. Hexane is used in several goods, such as adhesives, sealants, and coatings, in the construction and automotive industries. The growth of these industries might raise consumer demand for hexane-containing products. The level of industrial activity and, consequently, the demand for chemicals like hexane, may be influenced by the economic stability and development of various locations. Hexane is produced from crude oil, hence variations in the price of oil on the global market may affect the price at which it is sold.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Hexane Market Size, Share, and COVID-19 Impact By Grade (Polymerization, Extraction), By Application (Edible Oil Extraction, Industrial Solvent, Adhesive Formulation, Leather Treatment), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032”.
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Extraction segment is dominating the market over the forecast period
On the basis of grade, the global hexane market is segmented into Polymerization and Extraction. Among these, the extraction segment is dominating the market over the forecast period. The demand for edible oils is influenced by factors such as population increase, changing dietary habits, and needs of the food industry. As the world's population grows and dietary preferences alter, there may be a greater demand for various types of edible oils extracted with hexane. In the food processing sector, edible oils are often used for a range of goods. As the food industry grows, there may be an increase in demand for oil extraction grade hexane to meet consumer demand. Consumer knowledge of health and nutrition has led to an increase in demand for specific types of oils, such as those with high omega-3 fatty acid content or those with alleged health benefits.
Edible Oil Extractant holds the highest market share over the forecast period
Based on application, the global hexane market is segmented into Edible Oil Extraction, Industrial Solvent, Adhesive Formulation, Leather Treatment. Among these, the edible oil extractant segment holds the highest market share over the forecast period. The demand for edible oils is influenced by a number of variables, including population growth, changing dietary preferences, and increased consumption of processed goods. As more people throughout the world include edible oils into their diets, there may be an increase in the demand for efficient oil extraction methods like hexane extraction. Since they are utilised in a wide range of products, from cooking oils to prepared foods, edible oils are essential to the food processing industry. As the food industry grows, demand for hexane and other edible oil extractants may increase. Due to increased consumer awareness of health and nutrition, certain types of edible oils, such as those high in beneficial fats like omega-3 fatty acids, are in higher demand.
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Asia Pacific is dominating the market over the forecast period
Asia Pacific is dominating the market with the largest market share over the forecast period. The region's expanding middle class and rising consumer demand for items like processed meals, textiles, and vehicles necessitate the use of hexane as a solvent and extractant in many production processes. The Asia-Pacific region is home to a huge, diversified population with a variety of dietary preferences. Because the food and beverage industry needs processed foods and edible oils, hexane may be in high demand for oil extraction. Some countries in the Asia-Pacific region generate a significant amount of oilseeds like soybeans and palm oil. In the extraction procedure for these oilseeds, which is a typical stage in the manufacturing of edible oils, hexane is routinely used.
North America is witnessing the fastest market growth over the forecast period. Textiles, industrial, automotive, and construction are just a few of the many industries that use hexane as a solvent. The necessity for products containing hexane is supported by the diversity of sectors in North America. Hexane-based products, such as adhesives, coatings, and sealants, are frequently used in industrial processes and infrastructure development projects in North America. The chemical industry is well-established in North America and produces a variety of products, including solvents like hexane. The growth of related industries might affect the demand for hexane.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the Global Hexane Market include Exxon Mobil Corporation, Royal Dutch Shell plc., Phillips 66, Rompetrol Rafinare, Sumitomo Chemical Co. Ltd., Petroleo Brasileiro SA, Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Limited, China Petroleum & Chemical Corporation, Indian Oil Corporation Ltd., and Other key vendors.
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Recent Market Developments
In January 2022, Shell Oil Company, a division of Royal Dutch Shell plc, has sold P.M.I. Norteamerica, S.A. De C.V. its 50% interest in Deer Park Refining Limited Partnership.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Hexane Market based on the below-mentioned segments:
Hexane Market, Grade Analysis
- Polymerization
- Extraction
Hexane Market, Application Analysis
- Edible Oil Extraction
- Industrial Solvent
- Adhesive Formulation
- Leather Treatment
Hexane Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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