Hexane Market
Report ID: SQSG15A2027
Hexane Market Size, Share, Growth Analysis, By Grade(Polymerization, Extraction, Others), By Application(Edible Oil Extractant, Industrial Solvent, Adhesive Formulation, Leather Treatment), By Region - 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 Segmental Analysis
The global hexane market has been segmented based on grade, application, and region. Based on grade, the market is segmented into polymerization, extraction, and others. Based on the application, the market is segmented into edible oil extractant, industrial solvent, adhesive formulation, leather treatment, and others. Based on region, the hexane market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Hexane Market Analysis by Application
The application category for edible oil extractants accounted for over 35% of the total market volume. Hexane is increasingly employed as a seed crop oil extractant in the edible oil sector. The increased consumer knowledge of the negative health effects of using refined oil and its use might be related to the growth of this market sector.
A crucial application area, an industrial solvent, is anticipated to expand at a CAGR of 3.0 percent. Hexane is a commonly used solvent in industries including textiles, footwear, furniture, and printing due to qualities like easy miscibility with ether, alcohol, and chloroform, low water solubility, and colorlessness.
The use of solvents has profoundly altered contemporary life and is a priceless industry-wide solution for everything from the production of cleaning and printing products to paint and coatings, adhesives, pharmaceuticals, and cosmetics.
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Hexane Market Regional Insights
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.
In terms of production, Europe came in second to Asia-Pacific in 2015. Demand in the region is anticipated to be driven by the moderately expanding rubber and adhesive sectors. The region's demand for leather and shoes is expected to increase, especially in Turkey and Italy.
The recent economic downturn, which had begun to adversely affect output, is being overcome by the European economy. Brexit is anticipated to hamper economic development in the short term, which will have an additional influence on regional industrial dynamics.
Due to a relatively mature economy and declining industrial production, the North American market is expanding at a slow rate. Due to the affordability of trained labor and land in the Asia Pacific region, manufacturers are moving their production facilities there.
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Hexane Market Dynamics
Hexane Market Driver
- 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.
- It is anticipated that rising pharmaceutical industry demand for n-Hexane will hasten market expansion. The expanding pharmaceutical business is another factor that contributes to the expansion. In 2018, the global market for medicines hit US$1.2 trillion, an increase of US$100 billion over the previous year. the increasing pharmaceutical industry is expected to propel the market growth
Hexane Market Restraint
- Growing consumer demand for environmentally friendly goods and stringent laws prohibiting the use of n-Hexane because of its harmful effects on human health are predicted to restrain market expansion. Further restrictions on the use of n-Hexane are anticipated as a result of the growing negative effects of VOC (Volatile Organic Compounds) from n-Hexane-based goods, which will ultimately hinder the market growth.
- The profitability of n-Hexane producers may suffer due to the fluctuating price of crude oil and the slowing economy, which is anticipated to limit market expansion. Other issues limiting the market growth of n-Hexane include the geopolitical conditions in Middle Eastern nations and unstable exchange rates.
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Hexane Market Competitive Landscape
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.
Top Players in the Global Hexane Market
- 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 Global Chemical Co., Ltd.
- PTT Global 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.
Hexane Market Recent Development
- 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.
Hexane Key Market Trends
- 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.
- Over the projected period, rising demand for n-Hexane as an industrial solvent across the cosmetic and personal care industries is anticipated to drive market expansion. Due to their great solubility in alcohol, ether, and chloroform as well as their colorlessness, they are also utilized in the making of footwear. This is anticipated to stimulate market expansion.
Hexane Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, of application, the edible oil extractant segment dominated the global hexane market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global hexane market owing to the region's rising demand from the extraction application along with rapid industrialization and rising healthcare facilities.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.29 billion |
| Market size value in 2031 | USD 3.56 billion |
| Growth Rate | 4.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Hexane Market Recent Development
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hexane Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hexane Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hexane Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hexane Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hexane Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hexane Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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