Report ID: UCMIG15A2003 | Region: Global | Published Date: August, 2022 | Pages: 165Specialty Chemicals Market
Report ID: SQSG15A2027 | Region: Global | Published Date: August, 2022 | Pages: 165
Global hexane market size was valued at USD 2.46 billion in 2021, and it is expected to reach a value of USD 3.41 billion by 2028, at a CAGR of 5.8 % over the forecast period (2022 - 2028).
The global pharmaceutical market increased from USD 100 billion to USD1.2 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 2016. 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.
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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.
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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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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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
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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.
|Market size value in 2021||USD 2.46 billion|
|Market size value in 2028||USD 3.41 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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