The global hexane market size was USD 2.22 Bn in 2022 and is likely to reach USD 3.02 Bn by 2031, expanding at a CAGR of 3.5% during 2023–2031. The market growth is attributed to the wide applications of hexane in numerous industries.
Hexane is an organic volatile compound and consists of six carbon atoms with the chemical formula C6H14. It is also known as n-hexane and is derived from natural gas and crude oil by various thermal and catalytic cracking processes. It is both a naturally occurring and an anthropogenic chemical.
The main types of hexanes are n-hexane, neo hexane, and isohexane. N-hexane is derived from crude oil and is highly combustible with a mild colorless liquid and unpleasant odor. Isohexane is derived by fractional petroleum distillation. It is a flammable, odorless, and colorless chemical. Neohexene is an organic compound with a colorless appearance and is mildly sweet in odor.
It is produced from refining crude oil and is mainly applied in edible oil extraction. Hexane is widely used for industrial applications. Its production depends on the availability of crude oil. Mostly, hexane is available in two forms which include solvent-based hexane and pure-based hexane.
Solvent-based hexane is used in industrial applications, whereas pure-based hexane is utilized in laboratories for R&D proficiencies.The basic use of hexane solvents is in the extraction of vegetable oil from crops such as peanuts, soybean, flax, mustard, cottonseed, and rapeseed. These are later processed into producing food.
These solvents are widely used in cleaning agents in the shoemaking, textile, printing, and furniture industries. Crude oil price dynamics across the globe is dependent on various factors such as the global macroeconomic and geopolitical situations, supply and demand balance, currency exchange rates, and the existing financial conditions.
The market report finds that the COVID-19 pandemic emergency caused an economic slowdown. It impacted various industries including the hexane market. The volatility of currency exchange rates and the pricing of crude oil during the pandemic plummeted the market during the pandemic emergency. However, increasing edible oil sales is influencing the high demand for hexane post-pandemic, which results in market recovery.
Hexane Market Dynamics
Major Drivers
Growing demand for hexane from the petrochemical and solvent extraction industries is expected to drive the market during the projection period.N-hexane is widely used as an edible oil extractant for different seed crops such as cotton seed, soybean, safflower seed, corn germ, and many more. n-Hexane is widely used for the extraction process as it helps to preserve desirable colors and eliminate the unwanted bitter taste.
The demand for edible oil is rapidly growing as it helps to reduce the risk of cardio vascular diseases which results in drives the hexane market. Hexane is used in the form of liquid in manufacturing tablet molds and producing low-temperature thermometers in the evolving healthcare industry.Hexane offers features such as easy miscibility with chloroform, transparency, and low water solubility.
Existing Restraints
Environmental and health concerns associated with hexane disposal are expected to affect the market growth as it is toxic and highly flammable. Fluctuations in global natural gas and crude oil prices and volatility in their availabilityare anticipated to hamper market growth.
Emerging Opportunities
The growing edible oil industry in numerouscountries is projected to create lucrative opportunities in the market. The rising use of hexane as a solvent in the paints & coatings and leather industry is expected to create market expansion opportunities. Solvent-based hexane assists in the paint viscosity regulation, improving film quality, avoiding clumps, and providing proper consistency.
Rising construction activities in emerging economies such as China, India, and Japan lead to the growing use of paints and coatings. Hexane is commonly used in the manufacturing of coating, paints, binders, and off-set oil, and with the growing paint and coating activities, the market is expected to grow at a rapid rate in the coming years.
Scope of Hexane Market Report
The report on the global hexane market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Hexane Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (N-Hexane, Neo Hexane, and Isohexane), Grade (Food Grade, Polymer Grade, Industrial Grade, Pharmaceutical Grade, and Others),and Application (Edible Oil Extraction, Adhesives & Coatings, Industrial Solvents, Polymerization, Pharmaceutical, Textile & Rubber, Leather Treatment, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, MarketTrends, and Revenue Forecast
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Key Players Covered in the Report
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Bharat Petroleum Corporation; Phillips 66 Company; SABIC; Shell; Rompetrol; BASF SE; GreenChem Industries; Noah Chemicals; Merck KGaA; and Exxon Mobil Corporation
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Market Segment Insights
Type Segment Analysis
Based on type, the hexane market is divided into n-hexane, neo hexane, and isohexane. The isohexane segment is expected to expand at a significant growth rate during the projection period. The alternative chemical name of isohexane is 2-methyl pentane. It is used in adhesives, brake cleaners, and as a solvent in polymerization. It is majorly used in food preservatives,pharmaceuticals, cosmetics, beverages, and in enhancing flavor. Isohexane is used as an alternative to n-hexane in numerous applications.
The n-hexane segment is one of the key segments in the market, attributed to its usage as a component in petroleum and fuel products. The n-hexane segment is expected to register a considerable CAGR in the coming years as It is extensively used in food processing as a solvent in extracting vegetable oil from different crops and seeds. It is also applied in producing defatted products including food-grade silicone and defatted soy flour. It is also used in leather, furniture, and other industries. This is likely expected to fuel the segment.
Grade Segment Analysis
On the basis of grade, the market is segregated into food grade, polymer grade, industrial grade, pharmaceutical grade, and others. The polymer grade segment is projected to register a considerable CAGR during the forecast period, as it is pure, has the right composition, long shelf life, and fits with international standards.
Hexane is widely used in numerous end-uses including wastewater treatment, pre-metal treatment chemicals, and tea-leaf processing. Numerous companies are investing to produce polymer-grade hexane for industrial applications and boosting their product sales.
The food grade segment is projected to grow rapidly during the projection period, as it is used in edible oil extraction. Increasing edible oil consumption across various regions is expected to rise the demand for food-grade hexane. The food-grade hexane has less than 100 ppm wt of aromatic compounds. Additionally, increasing sales of packaged food products is expected to boost the segment.
Application Segment Analysis
On the basis of application, the hexane market is segmented into edible oil extraction, adhesives& coatings, industrial solvents, polymerization, pharmaceutical, textile & rubber, leather treatment, and others. The edible oil extraction segment is expected to register a robust growth rate during the projection period, as hexane is highly used as an oil extractant for crop seeds.
Rising awareness among customers about using refined oil and its health impacts results in segment growth. The growing food & beverage industry has a high demand for food products, which directly helps in the segment growth.
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For instance, according to the U.S. Department of Agriculture, vegetable oil production across the world accounted for about 208.81 Mnmetric tons from 2021-22. It is projected that about 90% of palm oil is used for food applications. Soybean oil is the largest consumed oil globally with around 59.3 Mn tons in 2022.
The industrial solvents segment is projected to contribute significantly to the market revenue share, as hexane is used in numerous industries as a solvent. Some of the industries where solvent-based hexane is used are printing, footwear, textiles, and furniture. Hexane solvents are highly used in the manufacturing processes of products such as paints, print inks, cosmetics, and adhesives. Thus, the growing use of hexane solvents across industriesboosts the segment.
Regional Analysis
In terms of region, the global hexane market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period, due to the increasing product demand from the extraction industries.
Rising industrialization and growing healthcare facilities in the region are expected to give rise to the industrial use of hexane, thus propelling the regional market. The market in the region is further likely to grow due to the rising demand for degreasing agents and industrial solvents for manufacturing industrial chemical agents.With rising industrial activities in emerging countries such as China, Japan, South Korea, and India, the market has the potential to grow at a significant rate in the coming years.
Europe is projected to contribute to revenue generation during the forecast period, due to the growing adhesive and rubberindustries in the region. Rising demand for footwear and leather in countries such as Turkey and Italy is driving the regional market.
Segments
The hexane market has been segmented on the basis of
Type
- N-Hexane
- Neo Hexane
- Isohexane
Grade
- Food Grade
- Polymer Grade
- Industrial Grade
- Pharmaceutical Grade
- Others
Application
- Edible Oil Extraction
- Adhesives & Coatings
- Industrial Solvents
- Polymerization
- Pharmaceutical
- Textile & Rubber
- Leather Treatment
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players operating in the global hexane market include Bharat Petroleum Corporation; Phillips 66 Company; SABIC; Shell; Rompetrol; BASF SE; GreenChem Industries; Noah Chemicals; Merck KGaA; and Exxon Mobil Corporation
These companies adopt strategies such as acquisitions, partnerships, mergers, collaboration, product launches, and R&D investments to boost their market share. For instance,
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On April 18,2023, Shell restarted the operations at the Pierce field, UK Central North Sea, with an upgrade to allow gas production after the field producing only oil for years.
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On March 9, 2022,Phillips 66 Company announced the completion of itsalready announced merger between Phillips 66 Partners (PSXP) and Phillips 66. In this merger, Phillips 66 acquired all the limited partnerships in Phillips 66 Partners (PSXP), which were not already owned.
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