Wilmington, Delaware, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global hexane market was projected to attain US$ 1.9 billion in 2021. It is anticipated to garner a 3.9% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 2.9 billion by 2031.
Among its many important uses are as a chemical intermediary, cleaning agent, and essential oil thinner. Hexane is also employed as a solvent in the rubber polymerization process, which creates synthetic rubber. Paint, off-set oil, coating, and binder are all made with it.
Edible oil is extracted from seeds and vegetable crops such soybean, peanut, corn, palm, and rapeseed using hexane solvent. Hexane helps to increase production by eliminating undesirable flavor from oil. The hexane market is expected to grow as a result of the growing usage of hexane as a liquid in the pharmaceutical and healthcare industries for the production of tablet molds.
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Key Findings of the Market Report
- Edible oils from seeds and plants, including mustard, cottonseed, rape, flax, groundnut, soybean, corn germ, safflower, and palm, are mostly extracted using hexane.
- It assists in extracting the most oil possible and eliminates undesirable taste and odor from oil.
- After oil is extracted, it can be recycled and utilized again. Since it is safe and effective, oil extraction uses food-grade hexane.
- It boils at a low temperature and stays liquid in cold weather.
- It removes oil from seeds and vegetables without affecting the nutrients they contain.
Market Trends for Hexane
- The global hexane market has been divided into three segments based on grade: industrial grade, pharmaceutical grade, and oil extraction/food grade. In 2021, the oil extraction/food grade category held a market share of almost 50%. Over the projection period, it is anticipated to continue to have a dominant position.
- In 2021, the industrial sector had a sizable portion of the market. The main use of hexane is to extract edible oil from plants and oilseeds. Rising edible oil consumption would be the primary driver of hexane demand. During the process of extracting oil, hexane demonstrates exceptional functional qualities.
Global Market for Hexane: Regional Outlook
- In 2021, Asia Pacific accounted for 49.0% of the global market for hexane, a significant share. The demand for hexane in the area is being driven by the high use of food grade and oil extraction hexane in China, India, and other ASEAN nations.
- The demand for hexane in Asia Pacific is expected to increase during the projected period due to the rise in demand for industrial solvents in emerging countries for the production of degreasing agents and industrial cleaning chemicals. As a result, it is anticipated that throughout the forecast period, Asia Pacific would become a very appealing area of the global hexane market.
- Over the course of the projected period, the markets in North America and Europe are also anticipated to grow at a modest rate. North American nations are major producers of hexane and its byproducts. In the near future, oil extraction, medicines, industrial cleaning and degreasing, and stain remover products are anticipated to be the leading uses of the hexane market in North America.
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Global Hexane Market: Key Players
The majority of corporations invest much in extensive research and development, especially to create environmentally friendly products. Key players have embraced mergers & acquisitions and product portfolio expansion as important initiatives. The following companies are well-known participants in the global hexane market:
- Royal Dutch Shell plc.
- Exxon Mobil Corporation
- Phillips 66
- Sumitomo Chemical Co. Ltd.
- Rompetrol Rafinare
- Petroleo Brasileiro SA
- Bharat Petroleum Corporation Ltd
- Hindustan Petroleum Corporation Limited
- China Petroleum & Chemical Corporation
- Indian Oil Corporation Ltd
- Thai Oil Public Company Limited
- Jun Yuan Petroleum Group
- Beijing Yanshan Jilian Petrochemical Co. Ltd.
- Jilin Beihua Fine Chemical Co. Ltd.
- Liaoning Yufeng Chemical Co. Ltd
Key developments by the players in this market are:
- Abu Dhabi Polymers Company Ltd. and Maire Tecnimont S.p.A. signed three different EPC contracts in December 2021. The three EPC lump-sum turnkey contracts are associated with the execution of three packages of the Borouge 4 project called the "polyolefin units package." This package consists of two 700 000 TPA polyethylene units and one hexane unit.
- With a 5,000-ton yearly capacity, BPCL's Kochi refinery in Kerala, India, began producing food-grade quality hexane (FGQH) in November 2018. The goal of the shift was to meet the needs of domestic consumers and achieve hexane production self-sufficiency. In the same year, the business began producing hexane of polymer quality.
Global 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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