Global hexane market

Hexane Market Size, Share, Growth Analysis, By Grade(Polymerization, Extraction), By Application(Edible Oil Extractant, Industrial Solvent) - Industry Forecast 2024-2031

Report ID: SQSG15A2027 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 65 | Figures: 77

Hexane Market Insights

Hexane Market size was valued at USD 2.29 billion in 2019 and is poised to grow from USD 2.4 billion in 2023 to USD 3.56 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

The global pharmaceutical market increased from USD 100 billion to USD 1.2 trillion. As a result, the rise of the pharmaceutical business is probably what will drive market growth. Growing consumer desire for environmentally friendly goods and strict legislation prohibiting the use of n-Hexane because of its harmful health effects are projected to restrain the market. It is anticipated that the growing negative effects of VOC (Volatile Organic Compounds) from products based on n-hexane will restrict the use of n-hexane and restrain industrial expansion. The profitability of n-Hexane producers may suffer as a result of the fluctuating price of crude oil and the weakening economy, which is anticipated to restrain the market growth.

Market growth is likely to be fueled by the increasing demand for n-Hexane in the food industry. Because it produces a high yield from a variety of seeds, n-hexane is widely utilized as an agent for extracting edible oils. As a result, there will likely be a substantial demand for n-Hexane in the food business. So throughout the projected period, growth in the hexane market is anticipated to be supported by growing oil demand. Market growth is anticipated to be fueled by rising demand for n-Hexane from the pharmaceutical industry. The rise can also be attributed to the pharmaceutical industry's expansion.

Additionally, geopolitical conditions in Middle Eastern nations and fluctuating exchange values are among the key reasons hindering the growth of the hexane market. Edible oils are increasingly being extracted with hexane from vegetable and seed crops like peanuts, soybeans, corn, and other grains. Hexane extracts oil more effectively than other solvents like petroleum ether and ethyl acetate. Vegetable oil dissolves it, and it is then washed away without harming the fiber, protein, sugar, or undesirable gums. The edible oil sector is expanding as a result of consumers' growing knowledge of the effects of using refined oil on their health.

The United States Department of Agriculture estimates that 10,659 metric tonnes of soybean oil and 2,465 metric tonnes of canola oil were consumed in the country in 2019. This consumption is rising yearly. Additionally, the Department for Promotion of Industry and Internal Trade of India reports that approximately INR 18 billion was invested in the vegetable oil sector, increasing hexane usage. Edible oils that are rich in omega 3, vitamins, oryzanol, natural antioxidants, and other nutrients are becoming more and more popular, and this is affecting consumer decisions in many nations. The demand for edible oils is anticipated to rise over the coming years as a result.

US Hexane Market is poised to grow at a sustainable CAGR for the next forecast year.

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Hexane Market size was valued at USD 2.29 billion in 2019 and is poised to grow from USD 2.4 billion in 2023 to USD 3.56 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

Several businesses are concentrating on growth methods such as new launches, product approvals, and others like patents and events. Acquisitions, partnerships, and collaborations were a few of the growth strategy actions that were visible in the market. These actions have made it possible for market participants to increase their clientele and revenue. With the increasing demand for hexane in the worldwide market, market players from the hexane market are projected to enjoy attractive growth prospects in the future. For instance, In August 2019, ExxonMobil, a natural gas firm based in the United States, partnered with JL Goor Materials Ltd for an unknown sum. JL Goor Materials distributes hexane-based rotational molding resins in Ireland and the United Kingdom as a result of this agreement. 'ExxonMobil Chemical', 'Royal Dutch Shell plc', 'Chevron Phillips Chemical Company', 'LyondellBasell Industries Holdings B.V.', 'Honeywell International Inc.', 'INEOS Group Holdings SA', 'Sasol Limited', 'China National Petroleum Corporation (CNPC)', 'YNCC (Yeochun NCC Co., Ltd.)', 'Phillips 66 Company', 'SK Chemical Co., Ltd.', 'PTT Chemical Public Company Limited', 'Idemitsu Kosan Co., Ltd.', 'Sumitomo Chemical Co., Ltd.', 'DHC Solvent Chemie GmbH', 'Huntsman Corporation', 'Bharat Petroleum Corporation Limited', 'Indian Oil Corporation Limited', 'Bharat Solvent & Chemicals Limited', 'Formosa Petrochemical Corporation.', 'In January 2022, Shell Oil Company, a subsidiary of Royal Dutch Shell plc, sold its 50 percent stake in Deer Park Refining Limited Partnership to P.M.I. Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex) for $596 million in cash and debt.', 'In May 2021, ExxonMobil announced an increase in the prices of all grades of the company’s hexane brands.'

Throughout the projection period, n-high Hexane's demand from the food industry is anticipated to fuel market expansion. Because it provides excellent yield from a variety of seeds, n-hexane is frequently employed as an extraction agent for edible oils. This is anticipated to result in significant demand from the food industry for n-Hexane. Consequently, it is anticipated that increasing demand for oil will encourage n-Hexane market growth.

The market is seeing an increase in demand for n-Hexane polymerization grade from a variety of end-use sectors, including soaps and detergents, chemicals for wastewater treatment, and tea leaf processing. Because it is also used in pre-metal treatment chemicals and has a polymerization grade, rising investment in the chemical sector will help the market develop over the projection period.

Asia Pacific had the largest and fastest-growing hexane market. Throughout the projection period, rising demand from the extraction application is anticipated to fuel market expansion. The regional industry is anticipated to be supported by rapid industrialization and rising healthcare facilities.

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Global hexane market

Product ID: SQSG15A2027