Rise in demand for hexane in the edible oil industry for use in oil extraction is primarily ascribed to its property of being a high-efficiency solvent. Key players operating in India, China, and Indonesia are striving to become price competitive in order to maintain their hexane market share.
Surge in emphasis by manufacturers on continuous improvements in production processes by investing resources in technological advancements is expected to create lucrative Asia Pacific hexane market opportunities.
Companies such as BPCL and CPCL are at the forefront of expanding their production capacities and also exploring new business opportunities in various grades of hexane production. Companies can invest in the launch of innovative products, such as polymer-grade hexane, for use in industrial applications to boost sales of their products.
Hexane is a commercial and industrial product that is a mixture of hydrocarbons with six carbon atoms. It has the chemical formula C6H14 and is a significant constituent of gasoline. Hexane is a highly volatile, flammable, and toxic chemical. It is a colorless, odorless, non-polar solvent that is lighter than water and has a gasoline-like odor.
Hexane is used in many industrial applications, including textile manufacturing and food based soybean oil extraction. Hexane must be maintained in fireproof & well-sealed vessels in a ventilated environment, away from significant oxidants. Any leftover chemical must be recovered or sent to the source for its intended purpose. Hexane should not be disposed of with general waste.
| Attribute | Detail |
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| Drivers |
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Hexane is largely used for extraction of safe to eat oils from vegetables and seeds such as mustard seed, cottonseed, rapeseed, flax, groundnut, soybean, corn germ, safflower seed, and palm. It helps to extract the maximum feasible amount of oil and eliminates unwanted scent and flavor from oil.
It is recyclable and it can be reused after oil extraction. Food-grade hexane is employed in oil extraction, because of its performance and protection. It has a low boiling factor and it retains its liquid properties in cold climates.
According to the OECD-FAO Agricultural Outlook 2019-2028, worldwide edible oil production is growing. Growing intake of vegetable oil drives domestic oil manufacturing. According to the OECD-FAO Outlook 2022, China is a worldwide player in vegetable oil consumption, followed by India. Moreover, China is the second largest vegetable oil producer, after Indonesia.
Growth of population, surge in disposable income, and rise in standards of living are key factors fueling the Asia Pacific hexane industry size. Growth in number of retail outlets and increasing food processing trends are also driving market progress.
The emphasis on manufacturing safe to consume oil is boosting the demand for hexane in the oil extraction process, which is likely to drive the Asia Pacific hexane market development during the forecast period.
As a solvent, hexane is used in paints and coatings for dissolving pigments, additives, and binders. Around 50% of solvents are used in the manufacture of paints, coatings, and printing inks.
Solvents dissolve or disperse components including binders, pigments, and extenders used in the formula of paints and coatings. They also assist in speeding up the curing and drying procedure, because of which the demand for solvents is increasing within the worldwide paint industry.
Increase in urban population across the globe is driving the demand for new residential constructions, especially in developing economies of Asia Pacific such as India and in Southeast Asian countries. Paints and coatings are an integral part of the building & construction industry.
The construction industry in Asia Pacific is anticipated to expand at a rate of around 7%-8% in the near future. This will subsequently boost the sales of hexane in various adhesive and polymer industry. Thus, increase in residential construction activities is expected to augment the Asia Pacific hexane industry growth.
The Asia Pacific hexane market segmentation based on grade includes food grade, industrial grade, and pharmaceutical grade. The industrial grade hexane segment is dominant in the Asia Pacific region, currently making up 26.9% of the market. Detailed estimation suggests that this share is likely to expand to 35.4% by 2034.
Surge in demand for polymer-grade and technical-grade hexane in industrial applications such as plastics, rubber, and synthetic fiber production is driving the demand for industrial grade hexane.
The preference for hexane as a solvent is also increasing due to its effectiveness and low environmental impact, which aligns with the focus on sustainable manufacturing. As a result, the industrial grade hexane segment is expected to see substantial expansion in the next few years in Asia Pacific.
| Attribute | Detail |
|---|---|
| Leading Country | China |
According to the latest Asia Pacific hexane market forecast, in 2023, China was one of the major countries in terms of consumption of hexane products in various applications with a total share of 57.4%, followed by ASEAN countries such as Singapore, Thailand, and Malaysia which contributed roughly 17.9% of the total market in Asia Pacific.
India accounted for 8.6% share and is one of the major countries likely to generate value during the forecast years. Japan accounted for 6.5% of the market. All other Asian countries contributed 9.6%.
China’s dominance underscores its strong technological role, while ASEAN’s large share highlights the region’s emerging market role. India and Japan have moderate shares, indicating a stable presence, while the rest of Asia countries contribute to the overall dynamics of the market, thus augmenting the overall Asia Pacific hexane market value.
The Asia Pacific hexane market analysis reveals that overall, the landscape is characterized by a few large players, with a select group of key players driving the industry and influencing market growth through their significant presence and influence.
As per the Asia Pacific hexane market report, several key players, including major refineries and crude oil companies such as Royal Dutch Shell plc, Exxon Mobil Corporation, Phillips 66, and China Petroleum & Chemical Corporation (Sinopec) dominate the competitive landscape.
These industries command large Asia Pacific hexane industry share, and additionally control more than 76.5% of total hexane sales in the region. Their global business footprint is mainly ascribed to large production capacities, customer outreach, and superior products.
According to the Asia Pacific hexane industry report, Bharat Petroleum Nigam Ltd., Hindustan Petroleum Nigam Ltd., Indian Oil Corporation Ltd., and Petroleo Brasileiro SA play important roles in shaping the competitive landscape of the hexane market in the Asia Pacific region. Their strategic investments, new product offerings, and focus on research & development further strengthens their position in the market.
Each of these players has been profiled in the hexane market research report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments
| Attribute | Detail |
|---|---|
| Market Size Value in 2023 | US$ 926.1 Mn |
| Market Forecast Value in 2034 | US$ 1.6 Bn |
| Growth Rate (CAGR) | 4.9% |
| Forecast Period | 2024-2034 |
| Historical Data Available for | 2020-2023 |
| Quantitative Units | US$ Mn/Bn for Value & Tons for Volume |
| Market Analysis | It includes cross-segment analysis at the Asia Pacific as well as regional level. Furthermore, the qualitative analysis includes drivers, restraints, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
| Competition Landscape |
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| Format | Electronic (PDF) + Excel |
| Market Segmentation |
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| Region Covered |
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| Countries Covered |
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| Companies Profiled |
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| Customization Scope | Available upon request |
| Pricing | Available upon request |
It was valued at US$ 926.1 Mn in 2023
The CAGR is projected to be 4.9% from 2024 to 2034
Increase in vegetable oil extraction activities and high demand for use as a solvent in adhesives, paints, and coatings
In terms of grade, food grade was the largest segment in 2023
China was the most lucrative country in 2023
Royal Dutch Shell plc., Exxon Mobil Corporation, Phillips 66, Sumitomo Chemical Co., Ltd., Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Limited, China Petroleum & Chemical Corporation (SINOPEC), Indian Oil Corporation Ltd, Petroleo Brasileiro SA, Rompetrol Rafinare, Jun Yuan Petroleum Group, Beijing Yanshan Jilian Petrochemical Co., Ltd., Jilin Beihua Fine Chemical Co., Ltd., Liaoning Yufeng Chemical Co., Ltd., and Thai Oil Public Company Limited
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Key Facts and Figures
1.4. Trends Impacting Market
1.5. TMR’s Growth Opportunity Wheel
2. Market Overview
2.1. Market Segmentation
2.2. Key Developments
2.3. Market Definitions
2.4. Key Market Trends
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunities
2.6. Asia Pacific Hexane Market Analysis and Forecasts, 2024-2034
2.6.1. Asia Pacific Hexane Market Volume (Tons)
2.6.2. Asia Pacific Hexane Market Revenue (US$ Mn)
2.7. Porter’s Five Forces Analysis
2.8. Regulatory Landscape
2.9. Value Chain Analysis
2.9.1. List of Raw Material Suppliers
2.9.2. List of Key Manufacturers
2.9.3. List of Key Suppliers
2.9.4. List of Potential Customers
2.10. Product Specification Analysis
2.11. Production Overview
2.12. Cost Structure Analysis
3. COVID-19 Impact Analysis
3.1. Impact on Supply Chain of Hexane in Asia Pacific
3.2. Impact on Demand for Hexane in Asia Pacific - Pre & Post Crisis
4. Production Output Analysis (Tons), 2023
4.1. India
4.2. China
4.3. Japan
4.4. ASEAN
4.5. Rest of Asia Pacific
5. Impact of Current Geopolitical Scenario on Market
6. Price Trend Analysis and Forecast (US$/Ton), 2024-2034
6.1. Price Trend Analysis by Grade
6.2. Price Trend Analysis by Region
7. Asia Pacific Hexane Market Analysis and Forecast, by Grade, 2024-2034
7.1. Introduction and Definitions
7.2. Global Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Grade, 2024-2034
7.2.1. Food Grade
7.2.2. Industrial Grade
7.2.3. Pharmaceutical Grade
7.3. Global Asia Pacific Hexane Market Attractiveness, by Grade
8. Asia Pacific Hexane Market Analysis and Forecast, by Application, 2024-2034
8.1. Introduction and Definitions
8.2. Global Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Application, 2024-2034
8.2.1. Vegetable Oil Extraction
8.2.2. Flavors and Fragrances
8.2.3. Industrial Cleaning and Degreasing
8.2.4. Polymerization
8.2.5. Pharmaceutical
8.2.6. Others
8.3. Global Asia Pacific Hexane Market Attractiveness, by Application
9. Asia Pacific Asia Pacific Hexane Market Analysis and Forecast, 2024-2034
9.1. Key Findings
9.2. Asia Pacific Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Grade
9.3. Asia Pacific Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Application, 2024-2034
9.4. Asia Pacific Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Country and Sub-region, 2023-2034
9.4.1. China Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Grade, 2024-2034
9.4.2. China Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, Application, 2024-2034
9.4.3. Japan Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Grade, 2024-2034
9.4.4. Japan Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, Application, 2024-2034
9.4.5. India Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Grade, 2024-2034
9.4.6. India Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, Application, 2024-2034
9.4.7. ASEAN Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Grade, 2024-2034
9.4.8. ASEAN Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, Application, 2024-2034
9.4.9. Rest of Asia Pacific Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, by Grade, 2024-2034
9.4.10. Rest of Asia Pacific Asia Pacific Hexane Market Volume (Tons) and Value (US$ Mn) Forecast, Application, 2024-2034
9.5. Asia Pacific Asia Pacific Hexane Market Attractiveness Analysis
10. Competition Landscape
10.1. Global Asia Pacific Hexane Company Market Share Analysis, 2023
10.2. Company Profiles
10.2.1. Royal Dutch Shell plc.
10.2.1.1. Company Revenue
10.2.1.2. Business Overview
10.2.1.3. Product Segments
10.2.1.4. Geographic Footprint
10.2.1.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.1.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.2. Exxon Mobil Corporation
10.2.2.1. Company Revenue
10.2.2.2. Business Overview
10.2.2.3. Product Segments
10.2.2.4. Geographic Footprint
10.2.2.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.2.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.3. Phillips 66
10.2.3.1. Company Revenue
10.2.3.2. Business Overview
10.2.3.3. Product Segments
10.2.3.4. Geographic Footprint
10.2.3.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.3.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.4. Sumitomo Chemical Co., Ltd.
10.2.4.1. Company Revenue
10.2.4.2. Business Overview
10.2.4.3. Product Segments
10.2.4.4. Geographic Footprint
10.2.4.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.4.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.5. Bharat Petroleum Corporation Ltd
10.2.5.1. Company Revenue
10.2.5.2. Business Overview
10.2.5.3. Product Segments
10.2.5.4. Geographic Footprint
10.2.5.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.5.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.6. Hindustan Petroleum Corporation Limited
10.2.6.1. Company Revenue
10.2.6.2. Business Overview
10.2.6.3. Product Segments
10.2.6.4. Geographic Footprint
10.2.6.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.6.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.7. China Petroleum & Chemical Corporation (SINOPEC)
10.2.7.1. Company Revenue
10.2.7.2. Business Overview
10.2.7.3. Product Segments
10.2.7.4. Geographic Footprint
10.2.7.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.7.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.8. Indian Oil Corporation Ltd
10.2.8.1. Company Revenue
10.2.8.2. Business Overview
10.2.8.3. Product Segments
10.2.8.4. Geographic Footprint
10.2.8.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.8.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.9. Petroleo Brasileiro SA
10.2.9.1. Company Revenue
10.2.9.2. Business Overview
10.2.9.3. Product Segments
10.2.9.4. Geographic Footprint
10.2.9.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.9.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.10. Rompetrol Rafinare
10.2.10.1. Company Revenue
10.2.10.2. Business Overview
10.2.10.3. Product Segments
10.2.10.4. Geographic Footprint
10.2.10.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.10.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.11. Jun Yuan Petroleum Group
10.2.11.1. Company Revenue
10.2.11.2. Business Overview
10.2.11.3. Product Segments
10.2.11.4. Geographic Footprint
10.2.11.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.11.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.12. Beijing Yanshan Jilian Petrochemical Co., Ltd.
10.2.12.1. Company Revenue
10.2.12.2. Business Overview
10.2.12.3. Product Segments
10.2.12.4. Geographic Footprint
10.2.12.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.12.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.13. Jilin Beihua Fine Chemical Co., Ltd.
10.2.13.1. Company Revenue
10.2.13.2. Business Overview
10.2.13.3. Product Segments
10.2.13.4. Geographic Footprint
10.2.13.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.13.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.14. Liaoning Yufeng Chemical Co., Ltd
10.2.14.1. Company Revenue
10.2.14.2. Business Overview
10.2.14.3. Product Segments
10.2.14.4. Geographic Footprint
10.2.14.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.14.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.15. Thai Oil Public Company Limited
10.2.15.1. Company Revenue
10.2.15.2. Business Overview
10.2.15.3. Product Segments
10.2.15.4. Geographic Footprint
10.2.15.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.15.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
11. Primary Research: Key Insights
12. Appendix
List of Tables
Table 01: Asia Pacific Asia Pacific Hexane Market Volume (Tons) Forecast, by Grade, 2024-2034
Table 02: Asia Pacific Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Grade, 2024-2034
Table 03: Asia Pacific Asia Pacific Hexane Market Volume (Tons) Forecast, by Application, 2024-2034
Table 04: Asia Pacific Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Application 2024-2034
Table 05: Asia Pacific Asia Pacific Hexane Market Volume (Tons) Forecast, by Country and Sub-region, 2024-2034
Table 06: Asia Pacific Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Country and Sub-region, 2024-2034
Table 07: China Asia Pacific Hexane Market Volume (Tons) Forecast, by Grade, 2024-2034
Table 08: China Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Grade 2024-2034
Table 09: China Asia Pacific Hexane Market Volume (Tons) Forecast, by Application, 2024-2034
Table 10: China Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Application 2024-2034
Table 11: Japan Asia Pacific Hexane Market Volume (Tons) Forecast, by Grade, 2024-2034
Table 12: Japan Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Grade, 2024-2034
Table 13: Japan Asia Pacific Hexane Market Volume (Tons) Forecast, by Application, 2024-2034
Table 14: Japan Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Application 2024-2034
Table 15: India Asia Pacific Hexane Market Volume (Tons) Forecast, by Grade, 2024-2034
Table 16: India Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Grade, 2024-2034
Table 17: India Asia Pacific Hexane Market Volume (Tons) Forecast, by Application, 2024-2034
Table 18: India Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Application 2024-2034
Table 19: ASEAN Asia Pacific Hexane Market Volume (Tons) Forecast, by Grade, 2024-2034
Table 20: ASEAN Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Grade, 2024-2034
Table 21: ASEAN Asia Pacific Hexane Market Volume (Tons) Forecast, by Application, 2024-2034
Table 22: ASEAN Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Application 2024-2034
Table 23: Rest of Asia Pacific Asia Pacific Hexane Market Volume (Tons) Forecast, by Grade, 2024-2034
Table 24: Rest of Asia Pacific Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Grade, 2024-2034
Table 25: Rest of Asia Pacific Asia Pacific Hexane Market Volume (Tons) Forecast, by Application, 2024-2034
Table 26: Rest of Asia Pacific Asia Pacific Hexane Market Value (US$ Mn) Forecast, by Application 2024-2034
List of Figures
Figure 01: Asia Pacific Asia Pacific Hexane Market Volume Share Analysis, by Grade, 2023, 2027, and 2034
Figure 02: Asia Pacific Asia Pacific Hexane Market Attractiveness, by Grade
Figure 03: Asia Pacific Asia Pacific Hexane Market Volume Share Analysis, by Application, 2023, 2027, and 2034
Figure 04: Asia Pacific Asia Pacific Hexane Market Attractiveness, by Application
Figure 05: Asia Pacific Asia Pacific Hexane Market Volume Share Analysis, by Country and Sub-region, 2023, 2027, and 2034
Figure 06: Asia Pacific Asia Pacific Hexane Market Attractiveness, by Country and Sub-region
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Asia Pacific Hexane Market
