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The Asia Pacific region holds a significant share of the hexane industry owing to the rapid industrialisation in the region. As countries such as India and China are some of the leading manufacturing hubs, the demand for hexane in various industries like textile, automotive, and leather is significantly surging, which is propelling the market growth. Moreover, the extensive production of edible oils in various countries in the region is increasing the deployment of hexane in edible oils extraction, which is also positively impacting the industry growth in the Asia Pacific. The increasing demand for food-grade hexane owing to the robust growth of the food and beverage industry is further augmenting the market growth in the region. As countries such as Vietnam and Bangladesh are rapidly emerging as textile hubs in the world, the demand for hexane for end-uses is increasing, which is invigorating the industry growth.
One of the leading companies in the market, Bharat Petroleum Corporation Limited’s (NSE: BPCL) Kochi Refinery launched the speciality product of Food Grade Quality Hexane to promote agro-processing in November 2018. The product is expected to be a boon to the agricultural sector. The product marks the first time that Kochi Refinery is producing a ‘Food Grade Quality’ product, which is mainly used in the solvent extraction units for spices and vegetable oils. The launch of the product was expected to increase the use of hexane in the agricultural and extraction industries. The development of such innovative products by the leading players is significantly contributing to the industry growth.
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The major players in the global hexane market are Phillips 66 Company, Bharat Petroleum Corporation Limited, Sumitomo Chemical Co., Ltd., GFS Chemicals, Inc., and Sierra Chemical Company. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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