Global Hexane market data 2024, Forecast To 2033
1 Feb, 2024
The hexane market has exhibited robust growth, increasing from $2.26 billion in 2023 to $2.41 billion in 2024, with a compound annual growth rate (CAGR) of 6.5%. This growth in the historic period is attributed to heightened demand as an industrial solvent, increased usage in food processing, expanded chemical manufacturing, growing applications in agrochemicals, and its rising use in the automotive industry. Looking ahead to 2028, the market is anticipated to experience strong growth, reaching $3.15 billion, maintaining a 7.0% CAGR. The expected growth in the forecast period can be linked to the increasing demand for green solvents, a surge in sustainable extraction methods, a rise in regulations and compliance, a shift to alternative solvents, and the ongoing energy transition. Major trends in the forecast period include the adoption of eco-friendly extraction methods, the use of shale gas as a feedstock, and the influence of global supply chain dynamics.
Global Hexane Market Key Driver
The hexane market is expected to witness growth with the increase in edible oil production. In June 2022, India's edible oil imports rose by 39.31% YoY to 13.11 lakh tons. Hexane's usage in edible oil extraction, owing to its rapid oil recovery and solubilizing capability, supports market growth. Therefore, the surge in edible oil production drives the growth of the hexane market, projecting market sizes in 2023, 2024, and 2028.
Get A Free Sample Of The Global Hexane Market ReportGlobal Hexane Market Segments
The global hexane market covered in this report is segmented –
1) By Type: N-Hexane, Isohexane, Neohexane
2) By Grade: Polymer Grade, Food Grade, Other Grades
3) By Application: Industrial Solvents, Edible Oil Extractant, Adhesives and Sealants, Paints and Coatings, Other Applications
By Geography: The regions covered in the Hexane market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacificwas the largest region in the hexane market in 2023. North Americawas the second-largest market in the hexane market. The regions covered in the hexane market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Hexane Industry Players
Exxon Mobil Corporation, AquaPhoenix Scientific, Bharat Petroleum Corporation Limited, China Petroleum & Chemical Corporation (Sinopec Corp), GFS Chemicals, Hindustan Petroleum Corporation Limited, Junyuan Petroleum Group, Mil-Spec Industries Corp, Rompetrol S.A., Sumitomo Chemical Co., Chevron Corporation, China National Petroleum Corporation, CPC Corporation, Eni SPA, Formosa Plastics Group, Gazprom promyshlennost, Idemitsu Kosan Co., Ltd., Indian Oil Corporation, Ineos Group, Lotte Chemical Corporation, Langepas, Uray and Kogalym oil, Marathon Petroleum, Mitsubishi Chemical Corporation, Neste Abp in Swedish, and Neste Corporation, Petróleos Mexicanos, Petróleo Brasileiro S.A., Petroliam Nasional Berhad, Phillips 66 Company, Qatar Petroleum, Reliance Industries, Royal Dutch Shell, Sasol Ltd., China Petroleum & Chemical Corporation, Thai Oil Public Company Limited, Total S.A., Yacimientos Petrolíferos Fiscales
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Hexane Market Overview
Hexane is a colorless, flammable liquid that is used as a solvent and is created from the distillation of petroleum. It is commonly used as a non-polar solvent that is very volatile, inexpensive, generally safe, and easily evaporated.
Hexane Global Market Report 2023 provides data on the global hexane market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hexane market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.