Hexane Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Global Hexane Industry is Segmented by type (n-hexane, Isohexane, and Neohexane), grade (polymer grade, food grade, and other grades), application (industrial solvents, edible oil extractants, cleaning and degreasing, and other applications), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The size and growth forecasts for the hexane market are provided in terms of revenue (USD million) for all the above segments.

Hexane Market Size

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Hexane Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 4.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Hexane Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Hexane Market Analysis

During the time frame of the forecast, the global hexane market is expected to register a CAGR of over 4%.

The COVID-19 pandemic negatively impacted the market in 2020. However, rising sales of edible oils have propelled the demand for hexane after the pandemic.

  • Over the short term, the increasing demand for edible oil extraction and growing demand from petrochemical industries are expected to drive the market's growth during the forecast period.
  • The availability of safer alternatives for oil extraction, such as cyclohexane, is expected to spur market growth in the forecast period.
  • The emerging application of hexane in the paint and coatings industry as a solvent is expected to offer new growth opportunities during the coming years.
  • During the forecast period, Asia-Pacific is expected to have the largest market share and the highest CAGR. The surging consumption of edible oils, especially in China, India, and Japan, is projected to drive regional market growth.

Hexane Market Trends

Edible Oil Extraction to Dominate the Market

  • Hexane is used more and more as a solvent to get edible oils out of peanuts, soybeans, corn, and other seed and vegetable crops.
  • Hexane is a better solvent for getting oil out of things than petroleum ether or ethyl acetate.It easily mixes with vegetable oil and washes it out without disturbing fiber, protein, sugar, or undesirable gums.
  • Consumers are becoming more aware of how refined oil affects their health, which has led to growth in the edible oil market.
  • Additionally, consumers are inclined to pay higher prices for healthy food products due to the increasing food-based health challenges, such as high cholesterol, obesity, etc.
  • The growing popularity of edible oils with additional health benefits in many countries is shaping the purchase decisions of edible oils, which are high in omega-3, vitamins, oryzanol, natural antioxidants, and others.
  • As per the U.S. Department of Agriculture, global vegetable oil production amounted to around 208.81 million metric tons in 2021-22. It is estimated that about 90 percent of palm oil is used for food consumption, whereas industrial consumption such as cosmetic products or fuel and diesel claims the remaining 10 percent. Soybean oil is the largest consumed oil, amounting to 59.3 million tons globally in 2022.
  • In the United States, soybean oil had the highest level of consumption of any edible oil in 2022. In that year, Americans consumed about 11.56 million tons of soybean oil, compared to about 1.7 million tons of palm oil. Soybean oil is often found in fried foods, canned fish, salad dressing, and margarine.

Because of this, it is likely that the edible oil extraction application will be the most popular in the market during the time frame of the forecast.

Hexane Market: Consumption of Soybean Oil, in Million Tons, Global, 2017-2022

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region is expected to dominate the hexane market during the forecast period. Hexane is used as a solvent for glues, varnishes, and inks. Moreover, it is used to extract oil and grease contaminants from soil and water for analysis in laboratories.
  • The National Bureau of Statistics of China says that in urban China in 2021, the average amount of edible vegetable oil each person used was about 9.6 kilograms.The fast growth of the Chinese economy and the changes it has made to people's living standards have led to a rise in the use of edible vegetable oils.Soybean oil is the most consumed edible oil, followed by rapeseed oil, palm oil, and peanut oil. These 4 major oils account for approximately 90% of the total consumption in China.
  • The rapid growth of the food and beverage sector to meet demand from the growing population and the demand for industrial-grade hexane from countries such as India, China, and Indonesia are the major factors boosting the development of the hexane market in the Asia-Pacific region.
  • The food and beverage sector in China was estimated to reach USD 230.96 billion by 2024 with a CAGR of about 11%, which is likely to create demand for food-grade hexane over the coming years.
  • India is the second largest exporter of textiles and clothing in the world. It has a huge base of raw materials and factories.Despite its size, the Indian textile industry has struggled globally. In recent years, India's share in global textile exports has declined, while countries like Bangladesh and Vietnam have expanded their market shares.
  • Overall, though, the country's textile production looks very good because domestic consumption is growing.
  • In FY22, India's exports of textiles, clothing, and handicrafts added up to USD 44.4 billion, which was a 41% increase from the previous year.The Indian textile and apparel industry is expected to register a 10% CAGR to reach USD 190 billion by 2025-2026. India has a 4% share of the global trade in textiles and apparel.
  • Because of this, the above factors are likely to have a big effect on the market over the next few years.
Hexane Market - Growth Rate by Region

Hexane Industry Overview

The hexane market is partially consolidated, with a few major players dominating a significant portion of the market. Some of the major companies (in no particular order) are Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, Merck KGaA, Royal Dutch Shell PLC, and Sumitomo Chemical Co. Ltd., among others.

Hexane Market Leaders

  1. Merck KGaA

  2. Exxon Mobil Corporation

  3. Bharat Petroleum Corporation Limited

  4. Royal Dutch Shell PLC

  5. Sumitomo Chemical Co. Ltd

*Disclaimer: Major Players sorted in no particular order

Hexane Market Concentration
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Hexane Market News

  • March 2022: Phillips 66 announced the completion of the previously announced merger between Phillips 66 Partners and Phillips 66. The merger resulted in Phillips 66 acquiring all limited partnership interests in PSXP not already owned by Phillips 66 and its affiliates.

Hexane Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from Petrochemical Industries

      2. 4.1.2 Increasing Demand for Edible Oil Extraction

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Availability of Safer Alternatives for Oil Extraction

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 n-Hexane

      2. 5.1.2 Isohexane

      3. 5.1.3 Neohexane

    2. 5.2 Grade

      1. 5.2.1 Polymer Grade

      2. 5.2.2 Food Grade

      3. 5.2.3 Other Grades

    3. 5.3 Application

      1. 5.3.1 Industrial Solvents

      2. 5.3.2 Edible Oil Extractant

      3. 5.3.3 Cleansing and Degreasing

      4. 5.3.4 Other Applications

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 France

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Bharat Petroleum Corporation Limited

      2. 6.4.2 China Petroleum & Chemical Corporation

      3. 6.4.3 Exxon Mobil Corporation

      4. 6.4.4 GFS Chemicals Inc.

      5. 6.4.5 HPCL

      6. 6.4.6 Indian Oil Corporation Ltd.

      7. 6.4.7 Jun Yuan Petroleum Group

      8. 6.4.8 Liaoning Yufeng Chemical Co. Ltd

      9. 6.4.9 Merck KGaA

      10. 6.4.10 Phillips 66 Company

      11. 6.4.11 Rompetrol-Rafinare

      12. 6.4.12 Royal Dutch Shell PLC

      13. 6.4.13 Shenyang Huifeng Petrochemical Co. Ltd.

      14. 6.4.14 Sumitomo Chemical Co. Ltd

      15. 6.4.15 Thai Oil Group

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Emerging Application of Hexane in the Paints and Coatings as a Solvent

**Subject to Availability
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Hexane Industry Segmentation

Hexane is a volatile organic compound containing six carbon atoms with the formula C6H14, mainly produced from crude oil refining. It finds its major application in the extraction of edible oil. The hexane market is segmented by type, grade, application, and geography. By type, the market is segmented into n-hexane, isohexane, and neohexane. By grade, the market is segmented into polymer grade, food grade, and other grades. By application, the market is segmented into industrial solvents, edible oil extractants, cleansing and degreasing, and other applications (including thermometric fluid, agricultural chemicals, additive fuel, and adhesives and sealants). The report also covers the size and forecasts for the market in 15 countries across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD million).

Type
n-Hexane
Isohexane
Neohexane
Grade
Polymer Grade
Food Grade
Other Grades
Application
Industrial Solvents
Edible Oil Extractant
Cleansing and Degreasing
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Hexane Market Research FAQs

The Hexane Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Merck KGaA, Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, Royal Dutch Shell PLC and Sumitomo Chemical Co. Ltd are the major companies operating in the Hexane Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Hexane Market.

The report covers the Hexane Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hexane Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Hexane Industry Report

Statistics for the 2024 Hexane market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Hexane analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Hexane Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)