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.

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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.

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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.

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