Hexane Market (Grade: Oil Extraction/Food, Pharmaceutical, and Industrial; and Application: Oil Extraction, Industrial Cleaning & Degreasing, Polymerization, Pharmaceuticals, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
High Demand for Food Grade Hexane across Asia Pacific Likely to Aid Market Growth
Hexane is primarily used to extract edible oil from seeds and vegetables. The colorless and flavorless nature coupled with favorable properties, such as low viscosity and volatility has made hexane an ideal choice of solvent for a range of applications, including chemical organic synthesis, oil extraction, polymerization, pharmaceutical, and industrial cleaning & degreasing, among others. N-hexane, which is also known as an oil solvent is used across a range of industries, including printing, rubber, leather, cosmetics, ink, etc. In recent times, n-hexane is increasingly being used in the medical field and integrated circuit (IC) electronic unit cleaning.
Asia Pacific is expected to account for over 50% share of the hexane market by the end of 2027. The hexane market in Asia Pacific is projected to grow at a CAGR of ~4% during the forecast period (2019-2027). The rapid growth of the food & beverages sector and staggering demand for industrial-grade hexane in countries, including India, China, Indonesia, and Thailand are some of the primary factors that are strengthening the growth of the hexane market in the Asia Pacific region. At present, governments across the world are enforcing stringent regulations on the use of hexane to improve workforce safety and minimize casualties in industrial facilities.
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Adoption of Hexane for Carotenoid Extraction to Drive Hexane Market
Traditionally, non-polar organic solvents such as petroleum ether, tetrahydrofuran (THF), and hexane are used to extract non-polar carotenes. The choice of the solvent is one of the most crucial factors that determine the efficiency of the extraction process. Despite the growing adoption of hexane to extract non-polar carotenes, a mixture of ethanol/acetone/hexane is increasingly being used to simultaneously extract non-polar and polar carotenoids. A high carotenoid yield is obtained when ~45% hexane is used in the solvent mixture, wherein the solvent to waste ratio is 9:1:1. Despite the increasing adoption of hexane in carotenoid extraction, chloroform and methanol (2:1) mixture has exhibited greater efficiency during the extraction of carotenoids. However, applications of chloroform are largely restricted due to health and environmental safety concerns.
Efficient and Safer Alternatives to Hinder Hexane Market Growth
The Toxin Substances Control Act (TSCA) was formulated in 1976 to ensure that the safety of the chemicals throughout their lifecycle - manufacturing stage to its use and disposal. However, due to the loopholes in this law, the Environmental Protection Agency (EPA) could not provide the required solutions pertaining to the potential health dangers of hexane. Directions or instructions from the EPA are required to minimize exposure from different toxic chemicals, including hexane that is commonly used in a range of industrial applications and household products, such as paints, adhesives, stain removers, etc.
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Despite the growing demand for hexane as an industrial cleaner, health dangers that come along with it, including nerve damage to arms, hands, legs, and feet have compelled end users to adopt other alternatives such as water-based cleaners. For instance, end users are exploring the possibilities of using water-based cleaners as a substitute for hexane in the auto repair sector and various other industries wherein precision cleaning is critical. Water-based cleaners are gradually emerging as one of the safest alternatives in a range of consumer products. Within the printing industry, hexane could be replaced by plant and vegetable-based cleaners. The advent of these safer and effective alternatives could hamper the growth of the hexane market during the forecast period.
Hexane Market Players to Focus on Product Development
Companies operating in the global hexane market are expected to focus on expanding their product portfolio to gain a competitive edge in the highly competitive hexane market landscape. For instance, in November 2018, BPCL Kochi Refinery launched the food-grade quality hexane that is expected to boost the prospects of the food processing industry in India. Further, the company announced that the newly developed product will be primarily used for the extraction application. Moreover, active players in the hexane market are likely to gain market share by leaning toward research and development activities and diversifying their product range.
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The hexane market is projected to grow at a CAGR of ~4% during the forecast period. Industrial and food grades will collectively account for over 87% share of the hexane market by the end of 2027, owing to high demand for different grades in Asia Pacific and North America. In 2018, China and the U.S. dominated the hexane market, in terms of value and share, and a similar trend can be expected during the forecast period. Companies operating in the hexane market landscape should invest in research and development and focus on the production of safer and effective products. Product launches, mergers & acquisitions, and formulation of impactful strategic alliances will be a common trend, as companies are seeking different ways to improve their position in the hexane market.
Hexane Market: Overview
- Hexane contains a mixture of hydrocarbons with six carbon atoms. It is a highly volatile and colorless liquid hydrocarbon. Hexane is highly reactive with oxidizing materials such as concentrated oxygen, liquid chlorine, and sodium hypochlorite. It is used as a solvent in the hydrocarbon polymerization process.
- Hexane is employed as a solvent in the extraction of edible oil from seeds and vegetable crops such as soybean, groundnut, corn, palm, and rapeseed. Hexane removes unfavorable taste from oil and helps obtain higher yield.
- Hexane is primarily employed as a cleaning and degreasing agent. It is also employed in various industrial chemicals across the globe. Exposure to high level of hexane is toxic for humans.
Hexane Market: Highlights
- In terms of value, the global hexane market is anticipated to expand at a CAGR of more than 3.5% during the forecast period to reach a value of ~US$ 2.5 Bn by 2027
- Asia Pacific was the leading region of the global hexane market in 2018. In terms of value, the market in the region is anticipated to expand at a CAGR at more than 4% between 2019 and 2027.
- The U.S. is one of the prominent producers of hexane across the globe, owing to the large production and supply of hexane to various end-use industries in the country. It is a key supplier of hexane, due to the presence of prominent players in the country. Increase in demand for hexane in the edible oil industry is a major factor anticipated to drive the demand for hexane during the forecast period.
Rise in Demand for Oil Extraction/Food Grade Hexane to Drive Hexane Market
- Based on grade, oil extraction/food was the prominent grade segment with more than 49% share of the global hexane market in 2018. It is expected to maintain its dominance between 2019 and 2027. Rise in demand for edible oil across the globe is a key factor anticipated to drive the demand for hexane during the forecast period.
- After the oil extraction/food segment, industrial was the key grade segment of the global hexane market in 2018. Industrial and pharmaceutical grade segments are projected to exhibit significant growth rate during the forecast period.
Increase in Demand for Hexane in Oil Extraction and Industrial Cleaning & Degreasing Applications
- Based on application, oil extraction was a highly lucrative segment of the global hexane market in 2018. Significant usage of hexane as a solvent in oil extraction is a major factor anticipated to drive the demand for hexane during the forecast period. In terms of value, the global hexane market is expected to expand at a CAGR of more than 3% between 2019 and 2027.
- The industrial cleaning & degreasing segment is likely to expand moderately during the forecast period, owing to the increase in demand for clearing and degreasing solvents in various industries
- The polymerization segment is projected to expand significantly during the forecast period, led by the rise in demand for hexane in the polymerization process
Key Regional Highlights
- In terms of value and volume, Asia Pacific constituted a significant share of the global hexane market in 2018. China, India, and ASEAN held major share of the hexane market in Asia Pacific in 2018. This dominance is projected to continue over the next few years, owing to the increase in demand for hexane in the edible oil industry for oil extraction. China is the key manufacturer of hexane in Asia Pacific, due to the presence of prominent hexane manufacturers in the country. The hexane market in China is anticipated to expand at a rapid pace during the forecast period.
- North America constituted a moderate share of the global hexane market in 2018. The market in the region is expected to expand at a moderate pace during the forecast period. The U.S. held a prominent share of the hexane market in North America in 2018, due to the high demand for hexane across the country. The hexane market in Middle East & Africa is estimated to expand at a sluggish pace during the forecast period.
Global Hexane Market: Competition Landscape
- Major players operating in the hexane market are
- Royal Dutch Shell plc.
- Exxon Mobil Corporation
- Phillips 66
- Sumitomo Chemical Co. Ltd.
- Rompetrol Rafinare
- Petroleo Brasileiro SA
- Hindustan Petroleum Corporation Limited
- Bharat Petroleum Corporation Ltd
- China Petroleum & Chemical Corporation (SINOPEC)
- Indian Oil Corporation Ltd
- Thai Oil Public Company Limited
- Jun Yuan Petroleum Group
- Beijing Yanshan Jilian Petrochemical Co., Ltd.
- Jilin Beihua Fine Chemical Co., Ltd.
- Liaoning Yufeng Chemical Co., Ltd.
- Manufacturers are focusing on increasing their production capacities of hexane to meet the demand for hexane from several end users. Manufacturers of hexane across the world have been focusing on various growth strategies such as expansions, joint ventures, and development of new products.
Hexane Market – Scope of the Report
A new study on the global hexane market was published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as structure of the hexane market. TMR’s study offers valuable information on the hexane market to illustrate how market growth would discern during the forecast period, i.e. 2019–2027.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the hexane market during the forecast period.
This TMR study on the hexane market also provides data on the developments made by major players and stakeholders in the market, along with competitive analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with trends and restraints in the market landscape.
This study also discusses the underlying trends and the impact of various factors that are driving the hexane market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Forces analysis, value chain analysis, pricing analysis, and regulatory scenario of the hexane market in order to elaborate the crucial growth tactics and opportunities for market players operating in the market.
Key Questions Answered in TMR’s Study on Hexane Market
- How much revenue is the hexane market expected to generate by the end of the forecast period?
- Which region currently accounts for the maximum share of the hexane market?
- Which factors are expected to drive the hexane market during the forecast period?
- Which regional market is likely to be lucrative during the forecast period?
- What are the essential strategies incorporated by key stakeholders in the hexane market to expand their geographical presence?
- What are major advancements in the hexane market?
This report answers these questions about the hexane market, aiding major stakeholders and key players in making correct decisions and strategizing for growth of their business.
Hexane Market: Research Methodology
This TMR report on the hexane market is based on a complete and comprehensive evaluation of the market, supported by secondary and primary sources. The competition scenario of the hexane market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the market have arrived at predictions and estimations and calculated the market forecast.
This report uses an analytical triangulation method to estimate the numbers of the hexane market with both bottom-up and top-down approaches.
This detailed assessment of the hexane market, along with an overview of the competition landscape, has been provided based on a careful examination of growth avenues related to the market. Analysts’ conclusions on how the hexane market is expected to expand are based on carefully vetted primary and secondary sources.
Segmentation of Hexane Market
TMR’s study on hexane market segments the market based on grade, application, and region. Changing market trends and other crucial market dynamics associated with these segments of the hexane market have been discussed in detail.
Industrial Cleaning & Degreasing
Others (including adhesives, solvents, and chemical intermediates)
Middle East & Africa