Market Overview:
Hexane is an unreactive, colorless, odorless and relatively cost-effective solvent. It is insoluble in water and highly flammable, volatile, and colorless liquid. It is widely used in the manufacturing and extraction of edible oils from nut and vegetable crops, such as soybeans and peanuts. Hexane is used as a solvent for glues and varnishes. Furthermore, it is used as a cleaning agent known as a degreaser in the printing industry. However, some industrially obtained solvents contain methyl cyclopentane compound, which can alter hexane’s properties.
As per our analysis, some of the prominent market factors and trends identified in the global hexane market include rapidly increasing food processing industries owing to food supply to expanding the population, rising demand for leather products, and increasing expenditure on research activities. Hexane formulations play a vital role in the manufacturing leather products. Leather goods are anticipated to observe higher growth rates. Additionally, self-grooming and styling are the major trends, which are predicted to drive the hexane market. Excellent immiscibility, cleaning, and degreasing properties of hexane are anticipated to drive the market growth during the forecast period. Growing demand for refined oils remains the key growth-inducing factor where hexane is utilized as an extraction solvent. However, the presence of toxic contaminants in hexane solvent, which is wholly utilized in the food processing industry, pose a threat to the growth of hexane market in the assessment period.
Market Segmentation
The global Hexane Market Type is categorized on the basis of grade, application, and region. On the basis of the grade, the market is bifurcated into polymer and food. On the basis of the application, the hexane market is categorized into the formulation, oil extraction, cleaning agent, and others. On the basis of the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Regional Analysis
North American hexane market share is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. In the North American region, the U.S. is predicted to be the major contributor to the regional growth of hexane market and is expected to see a significant demand for hexane during the forecast period, 2017-2023 owing to rising demand for decreasing application in many industries. In Europe, the demand for hexane is predicted to grow in various countries such as Italy, Germany, Spain, the U.K, France, and Russia on account of increasing expenditure in the leather industry and growing purchasing power of consumers. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness a substantial growth owing to the abundant presence of palm oil, which is primarily grown in the tropical region of the world. Asia Pacific hexane market is predicted to grow at a moderate CAGR due to increasing population and expanding food processing industries in India and China.
Competitive analysis
Some of the prominent players operating in the global Hexane market type are 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), and Junyuan Petroleum Group (China) among others.
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Related Report:
Global Hexane Market was valued at US$ 1.88 Bn in 2019 and is expected to reach US$ 2.46 Bn by 2027, at a CAGR of 3.5% during the forecast period.Global Hexane MarketThe report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.Definition:Hexane, with molecular formula C6H14, is a colorless liquid.
Governments of various countries now form strict rule on the usage of hexane to improve the workers’ health issues and to avoid the accidents of chemical installations.Some factors hinder the market growth like lack of skilled labor and accidental injuries caused by hexane in laboratories.
Also, factors like breathing activities of human in high levels of hexane causes minor CNS depression.
CNS effects include dizziness and headache.
Besides, in India the investment value in the vegetable oil sector, in 2019, was nearby INR 18 billion according to the Department for Promotion of Industry & Internal Trade.Regional Analysis:Region-wise, Asia Pacific has emerged as the leading market for hexane followed by North America and Europe.
The demand for hexane increases in the Asia Pacific region like China, India and Japan, South Korea, Australia, Indonesia, Malaysia, Vietnam, and rest of Asia due to an increased supplement of cooking oils.
