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Global Hexane Market to Reach USD 2.6 Billion by 2026, Aided by the Extensive End Uses of Hexane in Various Industries

According to a new report by EMR titled, ‘Global Hexane Market Report and Forecast 2021-2026’, the global market for hexane attained a value of about USD 2.1 billion in 2020. The industry is further expected to grow at a CAGR of 3.5% in the forecast period of 2021-2026 to reach a value of approximately USD 2.6 billion by 2026.

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.

Market Analysis by Grade, Application, and Region:

  • The market, on the basis of grade, can be divided into polymerisation and extraction, among others.
  • Based on application, the industry can be divided into edible oil extraction, industrial solvents, adhesive formulation, and leather treatment, among others.
  • The regional markets for hexane include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The extensive use of food-grade hexane to remove impurities from edible oils during the extraction of edible oils is augmenting the market growth.
  • The market is being driven by the increasing production of oilseeds in various countries such as India to meet the rising demand for cost-effective edible oils.
  • The rising deployment of hexane in precision cleaning in various industries such as automotive and printing is propelling the market growth.
  • The increasing use of hexane in adhesive and paint products owing to its excellent adhesiveness with non-soluble compounds is further augmenting the growth of the industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for hexane for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the grades, applications, and regions of hexane.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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