What Has Been the Growth Trajectory for the Hexane Market in Recent Years?
The hexane market has seen considerable growth due to a variety of factors.
• In recent times, the hexane market has experienced significant growth. Its size is predicted to increase from $2.39 billion in 2024 to $2.54 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.2%.
The factors contributing to this growth during the historic period include the legalization of hemp cultivation and usage in certain areas, the rising consumer interest in natural and plant-based products, a growing awareness of the nutritional advantages of hemp, the proliferation of health and wellness trends, and the heightened popularity of hemp seeds and oil in culinary uses.
How Does the Forecast Look for the Hexane Market?
The hexane market is expected to maintain its strong growth trajectory in upcoming years.
• There is a robust growth forecast for the hexane market in the upcoming years. It is anticipated to rise to a value of $3.45 billion in 2029 with an 8.0% CAGR.
A variety of factors are expected to contribute to the expansion during the forecast period, such as regulatory approvals for hemp-oriented food and ingredients, increasing infiltration in emerging markets, rising consumer inclination towards sustainable and eco-friendly products, and expanding usage in functional foods and nutraceuticals. Additionally, consumers' burgeoning awareness of the potential health benefits of hemp also plays a part. Key trends for the forecast period encompass technological progression in hemp processing, product innovation featuring hemp content (like snacks, beverages), products infused with CBD derived from hemp, dairy alternatives based on hemp, and options free from gluten and allergies.
What Main Forces Are Fueling Expansion In The Hexane Market?
The hexane market's expansion in the forthcoming years is anticipated to be fueled by the rising production of edible oil. Essential for fulfilling nutritional needs, fostering growth, and maintaining proper functioning of the brain, nervous, and endocrine systems in the human body are dietary fats known as edible oils. Hexane, due to its quick oil recovery, narrow boiling range (63–69 °C), and remarkable solubilizing power, has often been utilized in the extraction of edible oil. The Economic Times Retail, an Indian newspaper, reported in July 2023 that India's edible oil imports surged by 39.31% YoY in June 2022, reaching 13.11 lakh tons. Consequently, this increase in edible oil production pushes the hexane market's growth forward.
What Are The Primary Segments In The Global Hexane Market?
The 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
Subsegments:
1) By N-Hexane: Industrial Grade N-Hexane, Laboratory Grade N-Hexane
2) By Isohexane: Isomeric Mixture Of Hexanes, Specialty Isohexane Products
3) By Neohexane: Specialty Chemicals Derived From Neohexane, Industrial Applications Of Neohexane
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Which Key Trends Are Driving Changes In The Hexane Market?
Key trends in the hexane market are seeing a shift towards strategic partnerships and collaborations. Players in this market are leveraging alliances and partnerships as a strategy to strengthen their standing. For example, in January 2022, a partnership was established between SIBUR, a petrochemical firm based in Russia, and Technip Energies, a French engineering and technology company. The aim was to license a proprietary technology that enables hexene-1 production from ethylene. It is anticipated that this partnership between SIBUR and Technip Energies will lead to licensing agreements with global polyolefin producers and the integration of SIBUR's technology into complex design solutions for the creation of new manufacturing capacities for advanced polyethylene grades.
Who Are the Key Players in the Hexane Market?
Major companies operating in the hexane market include:
• Exxon Mobil Corporation
• Bharat Petroleum Corporation Limited
• China Petroleum & Chemical Corporation (Sinopec Corp)
• GFS Chemicals
• Hindustan Petroleum Corporation Limited
• Junyuan Petroleum Group
• 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
What Is The Most Dominant Region In The Hexane Market?
Asia-Pacific was the largest region in the hexane market in 2023. North America was 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.
