Global Hexane Market was valued at US$ 1.88 Bn in 2019 and is expected to reach US$ 2.46 Bn by 2027, at a CAGR of 3.5% during the forecast period.
Global Hexane Market
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Definition:
Hexane, with molecular formula C6H14, is a colorless liquid. It is odorless in pure form having boiling points nearly 69 °C.
Market Overview:
Hexane is used in various applications including chemical, organic, synthesis, oil extraction, polymerization, medicinal, and industrial cleaning. Hexane is used as a solvent to extract edible oils from seed and vegetable crops. It is used as a cleaning agent in the printing industry and in commercial sector it is use as one of the components for glues, varnishes and ink. In last few years, n-hexane is used as computer device cleaner in the medical sector and integrated circuit. Also, hexane has good demand in oil extraction and industrial cleaning & degreasing applications which helped to boost the market growth
The fast development of the food & beverage industry in countries like India, Indonesia, Thailand, and China are strengthening the hexane market due to the growing demand of hexane in the Asia Pacific region. Governments of various countries now form strict rule on the usage of hexane to improve the workers’ health issues and to avoid the accidents of chemical installations.
Some factors hinder the market growth like lack of skilled labor and accidental injuries caused by hexane in laboratories. Also, factors like breathing activities of human in high levels of hexane causes minor CNS depression. CNS effects include dizziness and headache. Hexane vapors can cause irritation in the eyes and throat as well.
Market Segmentation:
Edible Oil Extraction dominate the Market
On the basis of application segment, the Edible Oil Extraction dominate the market during the upcoming years due to the rising awareness of consumers about the use of refined oil and its impact on health.
In 2019, in the United States the consumption of edible oils like soybean oil was 10,659 metric ton and canola oil was 2,465 metric ton. Besides, in India the investment value in the vegetable oil sector, in 2019, was nearby INR 18 billion according to the Department for Promotion of Industry & Internal Trade.
Regional Analysis:
Region-wise, Asia Pacific has emerged as the leading market for hexane followed by North America and Europe. The Asia Pacific is expected to grow at the highest CAGR due to expanding food processing industry. The demand for hexane increases in the Asia Pacific region like China, India and Japan, South Korea, Australia, Indonesia, Malaysia, Vietnam, and rest of Asia due to an increased supplement of cooking oils. In North American region, the U.S. is predicted to the major contributor to the regional growth of the hexane market. In Europe, the demand for hexane is predicted to grow in various countries like Italy, Germany, Sweden, Spain, The U.K, France, and Russia.
Key Development:
• Recently, ExxonMobil partnered with JL Goor Materials Ltd in August 2019, an Ireland based supplier of polymers, machines and equipment. The company will supply hexane-based rotational moulding resins of ExxonMobil in Ireland and Britain region.
• In November 2018, BPCL Kochi Refinery launched a product of hexane of food grade quality that can be used as a solvent or spices and vegetable oils.
The objective of the report is to present a comprehensive analysis of the Global Hexane Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Hexane Market dynamics, structure by analyzing the market segments and project the Global Hexane Market size. Clear representation of competitive analysis of key players by type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Hexane Market make the report investor’s guide.
Scope of the Global Hexane Market
Global Hexane Market, By Type
• N-hexane
• Iso-hexane
• Neo-hexane
Global Hexane Market, By Grade
• Polymer Grade
• Food Grade
• Others
Global Hexane Market, By Application
• Edible oil extraction
• Industrial Solvent
• Adhesive Formulation
• Leather Treatment
• Furniture
• Paints and Coatings
• Others
Global Hexane Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Hexane Market
• Exxon Mobil Corporation
• Royal Dutch Shell plc.
• Phillips 66
• Rompetrol Rafinare
• Sumitomo Chemical Co. Ltd.
• Petroleo Brasileiro SA
• Bharat Petroleum Corporation Ltd
• Hindustan Petroleum Corporation Limited
• China Petroleum & Chemical Corporation
• Indian Oil Corporation Ltd.
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