The hexane market is projected to reach USD 3.1 Billion by 2027 from USD 2.4 Billion in 2022, at a CAGR of 4.8%, during the forecast period. Hexane is a widely preferred chemical for oil extraction from the seeds and other oil producing fruits.
Oil extraction/ food grade, by grade, is expected to be the largest segment during the forecast period by value
Food grade hexane is a non-volatile dearomatized fluid with extremely low volume of benzene content.It has petroleum odour and sediment-free characteristics.
Food grade Hexane is majorly used as solvent in the solvent extraction units for vegetable oil.Food grade hexane is an alternate to hydrogenation route preferred globally for removal of benzene and olefins from naphtha fractions.
Thus, such factors are expected to propel growth of this segment.
Oil extraction, by application, is expected to be the largest segment during the forecast period by value
Food grade hexane is majorly used in the extraction of vegetable oil such as soybean oil, sunflower oil, and olive oil.Vegetable oil extraction process involves various stages such as cleaning, pressing, and solvent extraction.
The increasing production of vegetable oil in countries including China and Japan is expected to fuel the growth of oil extraction application.
Asia Pacific region, is expected to be the largest segment during the forecast period by value
China accounted for the largest market share in the region.China’s economy is growing at a significant pace along with the growth in urban population.
The country is among the top consumers of fats and oils in the region, heavily inclined towards soybeans and palm oils. This further creates demand for hexane in the region.
Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
• By Designation: Director Level– 24%, C-level– 22%, and Others – 54%
• By Region: North America – 44%, Europe – 27%, Asia Pacific – 20%, South America – 7%, Middle East & Africa – 2%
China Petroleum & Chemical Corporation (China), Shell plc (UK), Exxon Mobil Corporation (US), Rompetrol-Rafinare (Romania), Junyuan Petroleum Group (China) are some of the key players operating in the hexane market.These players have adopted strategies such as acquisitions, partnerships, and expansions to enhance their business revenue and market share.
Expansion of production units globally is the key strategy adopted by these players to cater to the increasing demand for hexane.
The report defines, segments, and projects the hexane market based on grade, end-use, and region.It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges.
It strategically profiles, hexane manufacturers and comprehensively analyses their market shares and core competencies as well as tracks and analyses competitive developments, such as expansions, and acquisitions, undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the hexane market and its segments.This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies.
It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.