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Global Hexane Market Size, Share, Trends, Analysis, Report: By Grade: Polymerisation, Extraction, Others; By Application: Edible Oil Extraction, Industrial Solvents, Adhesive Formulation, Leather Treatment, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Hexane Market Outlook
The global hexane market size was around USD 2.33 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 3.6% to reach nearly USD 3.20 billion by 2032.
Hexane is an alkane that is a colourless liquid and is used as a non-polar solvent. It has low toxicity, low boiling point, and is cost-effective and versatile. The favourable properties of hexane make it an ideal solvent for various industrial applications. Thus, it is also extensively deployed in the extraction of edible oils.
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Due to its non-polarity and ability to dissolve oils and fats, hexane is widely used as a solvent in industrial processes, particularly in the extraction of vegetable oils from seeds like soybeans. It effectively extracts the oil while leaving behind the protein-rich meal.
Beyond oil extraction, hexane is used in the formulation of glues for shoes, leather products, and roofing. It is also employed in the textile sector due to its effectiveness in removing oil and grease from fabrics. In scientific settings, hexane is used in various laboratory procedures, particularly those involving the separation of compounds based on their solubility.
Extensive Use of Food-Grade Hexane in the Edible Oils Extraction is Aiding the Market Growth
The extensive use of food-grade hexane in the extraction of edible oils is propelling the hexane market demand. As hexane is utilised as a solvent in the process of solvent extraction to remove impurities from edible oils, such as rapeseed and soybean, among others, its demand is rapidly surging. The cost-effectiveness of hexane makes it an ideal solvent to be deployed in edible oil extraction, which is also escalating its demand.
As the COVID-19 pandemic, along with dire weather conditions in the Latin American region, is leading to an escalation of the international prices for edible oils, such as palm, canola, and soybean oils, the market value for hexane is expected to increase, which is projected to invigorate the hexane market growth. In addition, the increasing production of oilseeds in various countries to stabilise domestic prices and boost the availability of edible oils is projected to increase the demand for hexane in the upcoming years.
Global Hexane Market Segmentation
The major grades of hexane are:
- Polymerisation
- Extraction
- Others
The extraction segment occupies a significant portion of the hexane market share. Hexane is a non-polar solvent, making it highly effective in extracting non-polar compounds like oils and fats from various substances. Its selectivity allows it to dissolve certain desired compounds (like oils) while leaving others (like proteins or carbohydrates) behind.
One of the most prominent uses of hexane is in the extraction of vegetable oils from seeds such as soybeans, sunflower, and canola. The process involves crushing the seeds and then using hexane to dissolve and extract the oil. Apart from oil extraction, hexane is used in producing food ingredients and additives, where specific components need to be isolated without introducing water-soluble substances.
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The market can be broadly categorised on the basis of its applications segment into:
- Edible Oil Extraction
- Industrial Solvents
- Adhesive Formulation
- Leather Treatment
- Others
Growing applications of hexane as an industrial solvent is fuelling the hexane market expansion. Hexane has a relatively low boiling point (about 69°C or 156°F), which makes it easy to evaporate. This characteristic is beneficial in processes where the solvent needs to be removed post-extraction. Hexane is also chemically stable and doesn’t easily react with other substances, reducing the risk of unwanted chemical reactions during its use.
In the chemical sector, hexane is used as a solvent in the formulation of adhesives, varnishes, and inks. It is also used in the production of rubber and plastics as a cleaning agent to remove unwanted materials. Furthermore, in the textile sector, hexane is used to extract oils from cotton and wool, which improves the quality and appearance of the final product.
The EMR report looks into the regional markets of hexane like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Increased End Uses of Hexane Owing to Its Favourable Properties to Bolster the Growth of the Market
The market for hexane is being aided by rapid industrialisation in emerging economies like Brazil and India. As hexane can offer precision cleaning, it is extensively used as an industrial cleaning agent and degreasing agent for machinery in various sectors, such as automotive and printing. This is consequently increasing its demand, hence bolstering the market growth. It is also deployed in various consumer-grade cleaning products, the demand for which is significantly growing, thus, adding to the market growth of hexane. Moreover, hexane is deployed as an additive in various adhesive products, such as spray adhesives, owing to its excellent adhesiveness with non-soluble compounds, therefore further fuelling the growth of the hexane market.
Although the health risks associated with hexane can hinder market growth, the sector is expected to grow robustly owing to its cost-effectiveness, which is increasing its deployment in textile, furniture, and shoemaking sectors In addition, the increasing demand for hexane in the manufacturing process in various sectors is projected to provide further impetus to the growth of the market in the forecast period.
Global Hexane Market Share by Region
The regional market for hexane is influenced by various factors including industrial demand, regulatory environments, and the presence of key sectors that utilise hexane. North America has a strong demand for hexane due to the presence of a large chemical manufacturing sector, particularly in the United States. Utilised in oil extraction, pharmaceuticals, and the rubber and plastics sector.
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Similar to North America, Europe has significant demand due to its advanced industrial and pharmaceutical sectors. Strong regulatory frameworks focusing on environmental protection and worker safety, influencing hexane use and handling. Growing interest in greener and more sustainable solvents may also impact hexane use in the long term.
Global Hexane Market Analysis
The primary demand for hexane comes from its use as a solvent in industrial applications, particularly in the extraction of vegetable oils, in the rubber and adhesives sector, and in pharmaceuticals. The supply of hexane is closely tied to the petroleum sector as it is a byproduct of crude oil refining. Therefore, fluctuations in the oil market can impact hexane availability and pricing. Hexane is extensively used in the extraction of edible oils from seeds and vegetables due to its efficiency in extracting maximum oil content.
In the rubber market, hexane is used as a solvent to shape and mould rubber products. It is also used in producing adhesives. One of the crucial hexane market trends is the growing adaptations in the market in response to environmental and health concerns, including improved containment and recovery processes and the development of less toxic substitutes.
Key Players in the Market
The report presents a detailed analysis of the following key players in the global hexane market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Phillips 66 Company
- Bharat Petroleum Corporation Limited
- Sumitomo Chemical Co., Ltd.
- GFS Chemicals, Inc.
- Sierra Chemical Company
The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Grade |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Hexane Market Analysis
8.1 Key Industry Highlights
8.2 Global Hexane Historical Market (2018-2023)
8.3 Global Hexane Market Forecast (2024-2032)
8.4 Global Hexane Market by Grade
8.4.1 Polymerisation
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Extraction
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Others
8.5 Global Hexane Market by Application
8.5.1 Edible Oil Extraction
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Industrial Solvents
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Adhesive Formulation
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Leather Treatment
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Hexane Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Hexane Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Hexane Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Hexane Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Hexane Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Hexane Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Phillips 66 Company
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Bharat Petroleum Corporation Limited
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Sumitomo Chemical Co., Ltd.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 GFS Chemicals, Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Sierra Chemical Company
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
Additional Customisations Available
1 Manufacturing Process
1.1 Overview
1.2 Detailed Process Flow
1.3 Operations Involved
2 Project Requirements and Cost Analysis
2.1 Land, Location, and Site Development
2.2 Construction
2.3 Plant Machinery
2.4 Cost of Raw Materials
2.5 Packaging
2.6 Transportation
2.7 Utilities
2.8 Manpower
2.9 Other Capital Investments
List of Key Figures and Tables
1. Global Hexane Market: Key Industry Highlights, 2018 and 2032
2. Global Hexane Historical Market: Breakup by Grade (USD Billion), 2018-2023
3. Global Hexane Market Forecast: Breakup by Grade (USD Billion), 2024-2032
4. Global Hexane Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Hexane Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Hexane Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Hexane Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Hexane Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Hexane Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Hexane Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Hexane Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Hexane Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Hexane Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Hexane Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Hexane Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Hexane Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Hexane Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Hexane Market Structure
Key Questions Answered in the Report
In 2023, the market attained a value of approximately USD 2.33 billion.
The market is projected to grow at a CAGR of 3.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 3.20 billion by 2032.
The market is being driven by the growing usage of adhesives and rising demand for edible oils that use hexane as a key solvent in extraction.
The key trends of the market include the extensive end-uses of hexane in various industries, rising use of hexane in industrial and domestic cleaning products, and applications of hexane as an additive in various consumer goods.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading grades of hexane in the market are polymerisation and extraction, among others.
The significant applications of hexane in the market are edible oil extraction, industrial solvents, adhesive formulation, and leather treatment, among others.
The key 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.
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