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

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).

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. '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 Chemical Co., Ltd.', 'PTT 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.', '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.'

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.

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.

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.