Global Hexane Market Size, Share & Industry Trends Analysis Report By Grade, By Application (Industrial Solvent, Edible Oil Treatment, Adhesives Formulation, Leather Treatment, and Others), By Regional Outlook and Forecast, 2023 - 2030

Global Hexane Market Size, Share & Industry Trends Analysis Report By Grade, By Application (Industrial Solvent, Edible Oil Treatment, Adhesives Formulation, Leather Treatment, and Others), By Regional Outlook and Forecast, 2023 - 2030

The Global Hexane Market size is expected to reach $2.6 billion by 2030, rising at a market growth of 3.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 1142.04 Kilo Tonnes, experiencing a growth of 2.2% (2019-2022).

Hexane is extensively used to extract vegetable oils from oilseeds such as soybeans, canola, sunflower, and palm. Thus, the Edible Oil Treatment segment acquired $593.57 million in 2022. It serves as a solvent in extraction, effectively separating oil from the raw material. Hexane's selective solubility allows it to dissolve non-polar compounds, facilitating the efficient extraction of oils from oilseeds. This selective property contributes to achieving a high oil yield with a relatively pure composition. Hexane's role in the extraction and refining processes contributes to producing healthier cooking oils. Removing impurities and undesirable components enhances the nutritional profile of the oils, meeting the growing demand for healthier food choices. Some of the factors impacting the market are advancements in textile and leather industries, increasing infrastructure development projects, and increasing environmental and regulatory challenges.

Hexane is used in the spinning and extrusion processes to degrease and clean fibers. It helps remove impurities, oils, and waxes from natural and synthetic fibers, ensuring the production of high-quality yarns. In producing specialty fibers, such as acrylic and nylon, hexane is a solvent in various stages. Its ability to dissolve certain substances contributes to creating specialized textile materials. Hexane is employed in the degreasing and cleaning processes of raw hides. It effectively removes fats, oils, and other impurities from the hides, preparing them for further treatment. Hexane is utilized in the tanning process to dissolve tanning agents, allowing for their effective penetration into the leather structure. This is crucial for transforming raw hides into durable and usable leather. Additionally, Hexane is a crucial component in the formulation of adhesives and sealants used in construction. These materials are essential for bonding various construction elements, including flooring, tiles, and insulation. As infrastructure development projects, including residential, commercial, and industrial construction, increase globally, the demand for adhesives and sealants formulated with hexane grows correspondingly. Hexane is used as a blowing agent in the production of polyurethane foam. This foam is widely used in construction for insulation, contributing to building energy efficiency. These products protect structures from water damage and enhance their longevity. Increasing infrastructure development projects have been a pivotal factor in driving the growth of the hexane market.

However, hexane is traditionally derived from petroleum, raising environmental concerns due to its association with fossil fuels. This has led to increased scrutiny from environmental regulators and a push for sustainable alternatives. Hexane can release volatile organic compounds during use, contributing to air pollution and significant health hazards. This aspect raises environmental and regulatory challenges for industries using hexane. Hexane releases volatile organic compounds (VOCs) during use, contributing to air pollution. Increased awareness of air quality and its impact on health can lead to stricter emissions standards and controls. VOC emissions from hexane may pose health risks to workers and nearby communities. This concern may lead to regulatory actions and public scrutiny, affecting the social license to operate for industries using hexane. Consumer activism and social media can amplify these concerns, damaging brands. Increasing environmental and regulatory challenges is a significant challenge that hampers the growth of market.

Grade Outlook

By grade, the market is categorized into polymerization, extraction, and others. The polymerization segment covered a considerable revenue share in the market in 2022. One of the prominent uses of hexane in the polymer industry is in producing polyethylene, a widely used plastic. Ethylene monomers are polymerized to create polyethylene. Hexane is often used as a solvent in the polymerization process, aiding in the separation and purification of polyethylene. The production of synthetic rubber involves the polymerization of monomers like butadiene or styrene-butadiene mixtures. Hexane is also involved in formulating adhesives and coatings, where polymers play a crucial role. Polymerization processes create polymers used in various adhesive and coating applications.

Application Outlook

Based on application, the market is classified into edible oil treatment, industrial solvent, adhesives formulation, leather treatment, and others. The edible oil treatment segment acquired a substantial revenue share in the market in 2022. Hexane is extensively used to extract vegetable oils from oilseeds such as soybeans, canola, sunflower, and palm. It serves as a solvent in extraction, effectively separating oil from the raw material. Hexane's selective solubility allows it to dissolve non-polar compounds, facilitating the efficient extraction of oils from oilseeds. This selective property contributes to achieving a high oil yield with a relatively pure composition. Hexane's role in the extraction and refining processes contributes to producing healthier cooking oils. Removing impurities and undesirable components enhances the nutritional profile of the oils, meeting the growing demand for healthier food choices.

Regional Outlook

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. The chemical and petrochemical industries in Asia Pacific have experienced substantial growth. Hexane is crucial in these sectors, particularly in aromatics extraction and as a solvent in various chemical processes in the Asia Pacific region. Using hexane in chemical processes results in intermediates and end products utilized in plastics, resins, and other manufacturing applications. Asia Pacific has become a major hub for manufacturing.

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Exxon Mobil Corporation, Shell plc, Chevron Phillips Chemical Company LLC, Sumitomo Electric Industries, Ltd., China Petrochemical Corporation (Sinopec Group), Total Energies SE, Indian Oil Corporation Ltd., Honeywell International, Inc., Arham Petrochem Private Limited, and Spectrum Chemical Mfg. Corp (Spectrum Laboratory Products, Inc.)

Scope of the Study

Market Segments covered in the Report:

By Grade (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• Extraction
• Polymerization
• Others

By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• Industrial Solvent
• Edible Oil Treatment
• Adhesives Formulation
• Leather Treatment
• Others

By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Exxon Mobil Corporation
• Shell plc
• Chevron Phillips Chemical Company LLC
• Sumitomo Electric Industries, Ltd.
• China Petrochemical Corporation (Sinopec Group)
• TotalEnergies SE
• Indian Oil Corporation Ltd.
• Honeywell International, Inc.
• Arham Petrochem Private Limited
• Spectrum Chemical Mfg. Corp (Spectrum Laboratory Products, Inc.)

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