Hexane Market Share | Scope, Business Strategies, Growth Analysis, Regional Demand And Forecast By 2027
Market Overview:
Hexane is an unreactive, colorless, odorless and relatively cost-effective solvent. It is insoluble in water and highly flammable, volatile, and colorless liquid. It is widely used in the manufacturing and extraction of edible oils from nut and vegetable crops, such as soybeans and peanuts. Hexane is used as a solvent for glues and varnishes. Furthermore, it is used as a cleaning agent known as a degreaser in the printing industry. However, some industrially obtained solvents contain methyl cyclopentane compound, which can alter hexane’s properties.
As per our analysis, some of the prominent market factors and trends identified in the global hexane market include rapidly increasing food processing industries owing to food supply to expanding the population, rising demand for leather products, and increasing expenditure on research activities. Hexane formulations play a vital role in the manufacturing leather products. Leather goods are anticipated to observe higher growth rates. Additionally, self-grooming and styling are the major trends, which are predicted to drive the hexane market. Excellent immiscibility, cleaning, and degreasing properties of hexane are anticipated to drive the market growth during the forecast period. Growing demand for refined oils remains the key growth-inducing factor where hexane is utilized as an extraction solvent. However, the presence of toxic contaminants in hexane solvent, which is wholly utilized in the food processing industry, pose a threat to the growth of hexane market in the assessment period.
Market Segmentation
The global Hexane Market Share is categorized on the basis of grade, application, and region. On the basis of the grade, the market is bifurcated into polymer and food. On the basis of the application, the hexane market is categorized into the formulation, oil extraction, cleaning agent, and others. On the basis of the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Regional Analysis
North American hexane market share is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. In the North American region, the U.S. is predicted to be the major contributor to the regional growth of hexane market and is expected to see a significant demand for hexane during the forecast period, 2017-2023 owing to rising demand for decreasing application in many industries. In Europe, the demand for hexane is predicted to grow in various countries such as Italy, Germany, Spain, the U.K, France, and Russia on account of increasing expenditure in the leather industry and growing purchasing power of consumers. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness a substantial growth owing to the abundant presence of palm oil, which is primarily grown in the tropical region of the world. Asia Pacific hexane market is predicted to grow at a moderate CAGR due to increasing population and expanding food processing industries in India and China.
Competitive analysis
Some of the prominent players operating in the global Hexane market share are Royal Dutch Shell plc (the Netherlands), Phillips 66 Company (U.S.), Exxon Mobil Corporation (U.S.), Bharat Petroleum Corporation Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Liaoyang Yufeng Chemical Co., Ltd. (China), China Petroleum & Chemical Corporation (China), Chevron Phillips Chemical Company (U.S.), Rompetrol S.A. (Romania), and Junyuan Petroleum Group (China) among others.
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