Hexane market 2023 by Key Product, Top Manufactures Analysis, Industry, Demand and Forecast 2030

 

 

Market Insights

Hexane production is completely dependent on the availability of crude oil. It is mainly produced by reforming and refining crude oil. It has important applications in the formulation of adhesives. In addition, it acts as a solvent extractor owing to its immiscible properties in diverse industrial sectors. According to Market Research Future, the global hexane market is anticipated to spur exponentially during the forecast period, 2022–2030.

The global hexane market is driven by the rapid development of food processing industries due to increased food supply, high investment in research activities, and demand for leather products. In addition, demand for hexane is expected to grow significantly during the forecast period due to the thriving oil and gas industry. The worldwide increase in oil production is expected to be a major factor due to the narrowing gap in hexane raw materials requirements.

Hexane is used as a formulation in the manufacturing of leather goods and expected to grow swiftly. The hexane market is expected to flourish, which can be attributed to the growing ambitions of young consumers around the world and their strong interest in fashion and self-care. The use of hexane is expected to surge due to demand for degreasing and cleaning agents during the forecast period. In addition, rapid urbanization, coupled with rising disposable income in emerging economies, should stimulate market growth during the evaluation period. However, the application of strict regulations by various government agencies has limited the usage of toxic contaminants in the extraction of cooking oils, which can hinder the market growth.

Get a Free Sample PDF Brochure — https://www.marketresearchfuture.com/sample_request/1057

Market Segmentation

The global hexane market is divided based on grade and application.

The grade segment of the global hexane market is classified as extraction, polymerization, and others.

The global hexane market is also bifurcated based on application into edible oil extractant, leather treatment, an industrial solvent, and adhesive formulation.

Regional Insights

Asia Pacific Hexane market region is projected to record the highest CAGR in the forecast period owing evolution of food processing industry. High demand from India, China, Thailand, and Indonesia for hexane from the edible oil sector are driving the market in the region.

Following, Asia Pacific region, the North American hexane market is projected to see considerable progress owing to rising production capacities, escalating economic growth rate, and consumption. The United States is expected to be the main shareholder owing to the regional growth of hexane market and is predicted to show a noteworthy growth trend in terms of demand in the coming period.

Countries such as Germany, Spain, Russia, and the U.K are the key contributors in the European market owing to the booming leather industry and consumers’ willingness to purchase exclusive and premium products. However, the drop in printed products demand and lowered financial support from financial institutes has restrained the market in the region.

Latin America is predicted to show swift growth trend owing to the presence of various tropical countries such as Argentina, Brazil, Colombia, and huge resource of palm oil. High demand for palm oil as hexane solvent drives the regional market of Latin America.

Enquiry For Discount — https://www.marketresearchfuture.com/check-discount/1057

Major Players

Some of the leading industry leaders contributing with the chemical-based product offering include Phillips 66 Company, China Petroleum & Chemical Corporation, Junyuan Petroleum Group, Yufeng Chemical Co., Ltd, Rompetrol S.A. Chevron Phillips Chemical Company, Royal Dutch Shell plc, Exxon Mobil Corporation, Sumitomo Chemical Co., Ltd, and Bharat Petroleum Corporation Limited.

Recent Updates

– In a move to endorse agro-processing, BPCL Kochi Refinery introduced the Food Grade Quality Hexane (FGQ Hexane) that might turn the table for the agricultural sector. Kochi refinery produced Food Grade Quality product for the first time that is mainly used in the process of solvent extraction for vegetable oil and spices. It is produced from special curt Naphtha, in which Hexane rich stream is passed through extraction and purification to obtain the mandatory specification. It also used in the pharmaceutical industry.

Related report -

Sodium Silicate Market

https://www.marketresearchfuture.com/reports/sodium-silicate-market-5846

Pressure Sensitive Adhesives Market

https://www.marketresearchfuture.com/reports/pressure-sensitive-adhesives-market-5210

Nanomaterials Market

https://www.marketresearchfuture.com/reports/nanomaterials-market-7814

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Phone:

+1 628 258 0071(US)

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com

 

Comments

Post a Comment

Popular posts from this blog

From Silicon to Synapses: Neuromorphic Computing's Impact on AI

The anamorphic computing market is expected to be valued at USD 22,743 thousand in 2021 and is expected to reach USD 550,593 thousand by 2026, at a CAGR of 89.1% between 2021 and 2026. The need for better performing ICs, an increase in demand for artificial intelligence and machine learning, and an increasing number of cross-industry partnerships and collaborations are key factors driving the growth of the market. Artificial intelligence (AI) is being adopted in industries such as medical, media, entertainment, telecom, utility, aerospace, military, consumer devices, food & beverages, and piping. A combination of AI systems and machine learning is set to revolutionize the business environment with smart decisions. However, lack of knowledge about xeromorphic computing and complex algorithms increasing the complexity of designing hardware of endomorphic chips can act as a major challenge in the market during the forecast period. Intel dominated the anamorphic computing market Corp.
Read more

Cobots on the Rise: Collaborative Robots Powered by Artificial Intelligence

Image
  The integration of Artificial Intelligence (AI) in the manufacturing sector has brought about a transformative paradigm shift, revolutionizing traditional processes and ushering in the era of Industry 4.0. Artificial intelligence in manufacturing market has witnessed substantial growth, driven by the increasing demand for efficiency, precision, and automation across diverse manufacturing industries. One of the key drivers propelling the growth of AI in manufacturing is the pursuit of operational excellence. Manufacturers are leveraging AI technologies, including machine learning, computer vision, and robotics, to optimize production processes, enhance productivity, and reduce operational costs. AI-powered predictive analytics, for instance, allows manufacturers to anticipate equipment failures and schedule maintenance proactively, minimizing downtime and maximizing overall equipment effectiveness (OEE). Quality control is another critical area where AI is making significant inroads
Read more

Efficiency Unleashed: The Role of Artificial Intelligence in Modern Manufacturing

Artificial Intelligence In Manufacturing Market size is estimated to be valued at USD 3.2 billion in 2023 and is anticipated to reach USD 20.8 billion by 2028 One of the key drivers of AI in the manufacturing market is the increasing demand for automation and smart manufacturing. AI-powered systems enable manufacturers to automate complex tasks, streamline processes, and optimize production lines. This not only leads to cost savings but also enhances the quality and precision of manufacturing processes. Predictive maintenance is another critical application of AI in manufacturing . By leveraging machine learning algorithms and data analytics, manufacturers can predict when equipment is likely to fail, allowing for proactive maintenance measures. This approach minimizes downtime, reduces the risk of unexpected breakdowns, and extends the lifespan of machinery, ultimately contributing to cost-effectiveness. What is the Global Artificial Intelligence in manufacturing market size? I don’t
Read more