Hexane, with the molecular formula C6H14, is a chemical compound. It is a white liquid with an unpleasant odour. Hexane is an alkane, a type of hydrocarbon composed of carbon and hydrogen atoms organized in a straight chain. Hexane is typically produced through the refining of crude oil. Because it is a highly flammable solvent with low boiling and melting points, it can be used in a variety of industrial applications. Hexane is also used as a degreaser and cleaning agent in sectors such as printing, textiles, and electronics. It is capable of effectively removing oils, greases, and residues from surfaces and equipment.
The report “Hexane Market by Grade (Oil Extraction/Food, Pharmaceutical, and Industrial), Application (Oil Extraction, Pharmaceutical, Industrial Cleaning and Degreasing, Polymerization), and Region (North America, APAC, Europe, MEA, South America) – Global Forecast to 2027″, 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. Steady demand from the edible oils market is driving the demand for hexane.
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Industrial grade is expected to grow at the highest CAGR during the forecast period, by value
The hexane market is likely to increase significantly during the forecast period, with the industrial grade segment expected to grow at the fastest compound annual growth rate (CAGR). Several factors contribute to this developing trend. Chemicals, medicines, paints and coatings, and textiles all need industrial-grade hexane. It is commonly employed as a solvent in a variety of procedures, including extraction, cleaning, degreasing, and product formation. The expansion of end-use industries, particularly in emerging nations, is boosting demand for industrial-grade hexane. Rapid industrialization, infrastructure development, and increased manufacturing operations all lead to rising hexane consumption in these industries.
Polymerization application is expected to grow at the highest CAGR during the forecast period, by value
During the forecast period, the hexane market is likely to develop significantly, with the polymerization application sector expected to increase at the fastest compound annual growth rate (CAGR). This expansion can be ascribed to a variety of sources. Hexane is widely used in polymerization, particularly in the creation of synthetic polymers and resins. Hexane is utilized in polymerization operations as a solvent and diluent, enabling polymer production and processing. The growing need for polymers in a variety of industries, including automotive, packaging, construction, and textiles, is propelling the polymerization application segment forward. Polymers’ versatility and wide range of uses lead to the increasing use of hexane in polymerization processes.
Asia Pacific is expected to be the largest hexane market during the forecast period, in terms of volume
Asia Pacific is accounted for as the fastest-growing market share in the hexane market, it signifies the region’s strong growth potential and increasing demand for hexane. The major economies of the Asia Pacific region contributing significantly to the growth of the hexane market are China, India, Japan, and South Korea.
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Several factors contribute to the rapid growth of the hexane market in the Asia Pacific region. These include:
- Rapid industrialization: Asia Pacific is seeing rapid industrial growth, particularly in areas such as chemicals, automotive, construction, and textiles. This increases the need for hexane in a variety of applications, including solvents, adhesives, and polymerization.
- Increasing manufacturing activities:The region is well-known for its manufacturing capabilities, with countries such as China, India, Japan, and South Korea dominating output. As these sectors grow, so will the demand for hexane as a solvent and processing aid.
- Growing consumer base:The Asia Pacific region has a large population, coupled with rising disposable incomes. This leads to increased consumption of products that utilize hexane, such as paints, coatings, and adhesives.
- Infrastructure development:Ongoing infrastructure development projects, such as construction of residential and commercial buildings, roads, and bridges, further drive the demand for hexane-based products.
- Shift towards eco-friendly solutions:There is a growing emphasis on sustainability and environmental regulations in the region. This drives the adoption of hexane in eco-friendly products and processes.
Some of the leading players in this market include China Petroleum & Chemical Corporation (China), Shell plc (UK), Exxon Mobil Corporation (US), Rompetrol-Rafinare (Romania), Junyuan Petroleum Group (China), TotalEnergies (France), Phillips 66 Company (US), Indian Oil Corporation Ltd (India), Petróleo Brasileiro S.A. (Brazil), Bharat Petroleum Corporation Limited (India), Hindustan Petroleum Corporation Limited (India), Honeywell International Inc. (US), Sumitomo Chemical (Japan), among others.
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