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Hexane Market Research Report Information By Grade (Food Grade, Polymer, and Others), By Application (Formulation, Oil Extraction, Cleaning Agent, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.

ID: MRFR/CnM/0551-HCR | 137 Pages | Author: Anshula Mandaokar| June 2024

Global Hexane Market Overview

The hexane market size was valued at USD 1.34 billion in 2023. The hexane industry is projected to grow from USD 1.38 Billion in 2024 to USD 1.73 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.84% during the forecast period (2024 - 2032).Growth in the demand for vegetable oils, growing awareness regarding the benefits of hexane for a wide range of industrial applications, and increased expenditure for developing healthcare infrastructure are the key market drivers enhancing the market growth.Hexane Market OverviewSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Hexane Market Trends

  • Growing demand from the edible oils market is driving the market growth

The market CAGR for hexane is being driven by the growing demand for the product for vegetable oil. Hexane has a tremendous ability to remove oil when approximated to other solvents, including petroleum ether and ethyl acetate. Therefore, it is mainly utilized to extract edible oils from vegetables and seeds, including mustard seed, soybean, cottonseed, rape seed, flax, groundnut, safflower seed, corn germ, and palm. It allows extracting the maximum possible quantity of oil while also eliminating undesirable odors from oil. The liquid hexane is recyclable and can be reused behind oil extraction. Particularly, food-grade hexane is used in oil extraction due to its efficiency and security. It has a lower boiling point, and the solvent maintains its liquid state in cool temperatures. Hexane removes oil from fruits and seeds without concerning their nutritional value. Thus, steady demand from the edible oils market will drive the hexane market revenue.

Additionally, Hexane is largely used to extract edible oils from vegetables and seeds such as mustard seed, cottonseed, rape seed, flax, groundnut, soybean, safflower seed, corn germ, and palm. It assists in extracting the maximum possible quantity of oil and removes unwanted odor and taste from oil. It is recyclable, and it can be reused after oil extraction. Due to its efficiency and safety, food-grade hexane is employed in oil extraction. It has a low boiling point and retains its liquid state in cold climates. It extracts oil from vegetables and seeds without disturbing their nutrient content. According to the OECD-FAO Agricultural Outlook 2019-2028, vegetable oil consumption is rising at a rate of 3.1% p.a., reaching up to 15 kilograms per capita by 2028.

Furthermore, Edible oils are dietary fats that play an important role in the body by meeting nutritional demands, promoting growth, and ensuring the appropriate functioning of the brain, nervous, and endocrine systems. Hexane has been continually employed for edible oil extraction owing to its continuous oil recovery, narrow boiling point (63–69 °C), and strong solubilizing capability. Therefore, the increase in edible oil production propels the hexane market's growth.

As a solvent, hexane is used in paints and coatings to dissolve pigments, additives, and binders. Solvents control paint viscosity and enhance film quality. Solvents dissolve or disperse different components, such as binders, additives, pigments, and extenders, to formulate paints and coatings. They also help speed up the curing and drying process, and therefore, the demand for solvents is increasing in the paints & coatings industry. Paints and coatings are integral to the building & construction industry. Thus, increasing residential construction activities augment the paints & coatings industry globally. Rising demand for printing inks, paints, and coatings is expected to drive the demand for hexane over the forecast period.July 2023- The Texas Commission has charged a chemical manufacturing plant in Orange on Environmental Quality for the release of hexane. Lion Elastomers Orange, situated at 5713 Farm-to-Market Road 1006, was fined USD18, 625 for failing to avoid unofficial emissions, according to the TCEQ. The TCEQ states that the plant released 33,046 pounds of volatile organic compounds as fugitive emissions during an incident on August 24, 2021, that lasted one hour and 15 minutes. The emissions incident appeared when a valve directing to tank DF-138 was left open, enabling a fragment of the hexane stream to flow into the tank, which initiated its overflow and spill into the containment area, as per the TCEQ. As the emissions event was not caused by an unexpected, unavoidable halt of equipment or process beyond the control of the owner or operator, the TCEQ states this could've been dodged by better design and better operational and maintenance practices.

Hexane Market Segment Insights

Hexane Grade Insights

The hexane market segmentation, based on grade, includes food grade, polymer, and others. The polymer segment dominated the market, accounting for major market revenue. This is due to its purity, accurate composition, longer shelf life, and quality per international standards. The grade is primarily utilized in various end-use industries such as wastewater treatment chemicals, soaps & detergents, tea-leaf processing, pre-metal treatment chemicals, and various other industries.

Figure 1: Hexane Market, by Grade, 2022 & 2032 (USD billion)Hexane Market, by Grade, 2022 & 2032Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Hexane Application Insights

The hexane market segmentation, based on application, includes formulation, oil extraction, cleaning agent, and others. The oil extraction category generated the most income over the forecast period. Hexane is increasingly being utilized in the edible oil industry due to the rising awareness among consumers regarding the use of refined oil and the health impact associated with the same.

Hexane Regional Insights

By Region, the study delivers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America hexane market area will dominate this market over the forecast period. Governments and various companies around the region are looking for ways to minimize carbon dioxide emissions, and their reliance on oil-based goods and the green solvent is one way to do so. Rising environmental issues, and support from manufacturers of paints and coatings, cosmetics, and other products, have given green solvents a boost to the market in this region. Further, the US hexane market held the largest market share, and the Canada hexane market was the fastest-growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: HEXANE MARKET SHARE BY REGION 2022 (%) HEXANE MARKET SHARE BY REGION 2022Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe hexane market accounts for the second-largest market share due to the rapid growth of the food and beverage sector to meet demand from the rising population and the demand for industrial-grade hexane in the region. Further, the German hexane market held the largest market share, and the UK hexane market was the fastest-growing market in the Europe region.

The Asia-Pacific hexane Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rise in demand for industrial solvents for manufacturing industrial cleaning chemicals and degreasing agents in developing economies, driving the market demand for hexane in this region. Moreover, the China hexane market held the largest market share, and the India hexane market was the fastest-growing market in the Asia-Pacific region.

Hexane Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the hexane market grow even more. Market participants are also undertaking several strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the hexane industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the hexane industry to benefit clients and increase the market sector. Major players in the hexane market, including Phillips 66 Company, Exxon Mobil Corporation, India Petroleum Corporation Limited, Merck KGaA, Bharat Petroleum Corporation Limited, Shell group of companies, Sumitomo Chemical Co., Ltd., and others, are attempting to increase market demand by investing in research and development operations.

Phillips 66 is an integrated energy organization. It processes, stores, transports, and markets natural gas and petroleum products. Its major products include gasoline, diesel, hexane, aviation fuel, and lubricants. It fractionates, transports, and markets natural gas liquids (NGLs). The firm processes crude oil and other feedstock at its refineries and markets in the US and Europe. In addition, Phillips 66 simulates petrochemicals and plastics. It also simulates and markets specialty lubricants under the Phillips 66, Kendall, and Red Line brands. In March 2022, Phillips 66 announced the completion of the merger between Phillips 66 Partners and Phillips 66. The merger resulted in Phillips 66 acquiring all limited partnership interests in PSXP not already owned by Phillips 66 and its affiliates.

Sumitomo Chemical Co Ltd is a chemical company that offers a diverse range of chemical products in the energy and functional materials, petrochemicals, health and crop science products, IT-related chemicals and materials, and pharmaceuticals. The company's portfolio includes inorganic and organic industrial chemicals, alumina products, polymer alloys, hexane, optical materials, thermoplastic elastomers, dyestuffs, polymer additives, agricultural insecticides, and petrochemical products. Its products find applications in rubber, paper, pharmaceuticals, wastewater treatment, automobiles, home electric appliances, paints, and building materials. In December 2021, Sumitomo Chemical decided to build new research facilities in Chiba and Osaka, and reorganize research laboratories in Osaka, Tsukuba, and Chiba, to accelerate the creation of next-generation businesses.

Key Companies in the Hexane market include

  • Royal Dutch Shell plc (the Netherlands)

  • Phillips 66 Company (U.S.)

  • Exxon Mobil Corporation (U.S.),

  • Bharat Petroleum Corporation Limited (India)

  • Sumitomo Chemical Co., Ltd. (Japan),

  • Liaoyang Yufeng Chemical Co., Ltd. (China)

  • China Petroleum & Chemical Corporation (China)

  • Chevron Phillips Chemical Company (U.S.)

  • Rompetrol S.A. (Romania)

  • Junyuan Petroleum Group (China)

Hexane Industry Developments

March 2022: American Securities LLC, a US-based private equity firm, acquired Hexion for $1.9 billion. With the acquisition, Hexion is expected to maintain its momentum and track record of providing customers with innovative, high-quality products and services. Hexion Inc. is a US-based chemical company.

February 2021: GFS Chemicals, Inc. announced its new partnership with Hanna Instruments USA, Inc. With this approach, GFS expanded its customer base by offering Karl Fischer titration solutions and other specialty solvents and reagents for applications like peroxide value, acid number, and more.

Hexane Market Segmentation

Hexane Grade Outlook

  • Food Grade

  • Polymer

  • Others

Hexane Application Outlook

  • Formulation

  • Oil Extraction

  • Cleaning Agent

  • Others

Hexane Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 1.34 billion
Market Size 2024 USD 1.38 billion
Market Size 2032 USD 1.73 billion
Compound Annual Growth Rate (CAGR) 2.84% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Grade, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Phillips 66 Company, Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, India Petroleum Corporation Limited, Merck KGaA, Shell group of companies, and Sumitomo Chemical Co., Ltd.
Key Market Opportunities Growing awareness regarding the benefits of hexane for a wide range of industrial applications
Key Market Dynamics Growth in the demand for vegetable oils drives the market for hexane. Growing expenditure for the development of healthcare infrastructure.

Frequently Asked Questions (FAQ) :

The hexane market size was valued at USD 1.34 Billion in 2023

The market is projected to grow at a CAGR of 2.84% during the forecast period, 2024-2032

North America had the largest share of the market

The key players in the market are Phillips 66 Company, Exxon Mobil Corporation, India Petroleum Corporation Limited, Merck KGaA, Bharat Petroleum Corporation Limited, Shell Group of companies, and Sumitomo Chemical Co., Ltd

The polymer category dominated the market in 2022

Oil extraction had the largest share of the hexane industry

The report summarises the revenue forecast, the key players operating in the market, the growth factors operating in the market as per the hexane market trends.

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