N-Hexane Market Progress & Contribution Highlighted until 2024
In addition to growing prevailing demand for n-Hexane in the edible oil sector, towering consumer preference for refined oil will also play a key role in driving the market for n-Hexane over the next few years. A wide range of end-use applications are anticipated to continue supporting the market throughout the forecast period.
Iso-hexane is a chemical isomer of hexane, which is often used in oilseed extraction applications, replacing n-Hexane. Moreover, n-heptane is also used on a large scale in pharmaceuticals in order to eliminate the toxicity of n-Hexane. Rising adoption of such substitutes can hold a pretty negative influence over the growth of global n-Hexane market. Growing popularity of cold pressing technique for oil extraction is also identified to be one of the key challenges to market growth. Moreover, developed markets are increasingly encouraging hexane-free industrial products, which is a critical restraint to growth of the market.
Although polymerization, oil extraction, and pharmaceuticals are projected to remain among the top consumers of n-Hexane, oil extraction is estimated to be the largest application. This segment will capture more than 75% market value share in 2016. This growth is attributed to high effectiveness and high-yielding capacity. Polymerization will also remain a major revenue contributor over the assessment period. Global consumption of n-Hexane by the polymerization segment will possibly cross 200 KT in 2016.
By grade of n-Hexane, oil extraction grade will remain dominant over industrial grade. While oil extraction grade is likely to reach the revenue sales of over US$ 600 Mn in 2016, that of industrial grade n-Hexane will possibly exceed a value of 560 KT by the end of 2016.
By region, North America will be a mature market for n-Hexane and see steady growth through 2024. The growth of this region may continue to be affected by growing popularity of hexane-free products in the North American market. Europe, another key region, is expected to witness sluggish growth, primarily attributed to the recent economic slowdown.
However, demand for n-Hexane from emerging Asian countries will account for substantial revenue sales. APAC will continue to record the maximum consumption of n-Hexane during the forecast period. This region will observe a volume CAGR of 5% and value CAGR of over 6% between 2016 and 2024. China, followed by India, are expected to lead the market in APAC. Latin America is anticipated to register a higher CAGR of 6.2%.
Key players are concentrating on scale economies i.e. emerging Asian markets. Developing countries will remain at the center stage owing to widespread availability of cost-effective labor and relatively lower costs of production. A few leading companies are Hindustan Petroleum Corp. Ltd., Chevron Philips Chemicals LLC, Liangxin petrochemical company, Exxon Mobil Corporation, and Sak Chaisidhi Company Limited. Some other prominent players competing in the market, include DHC Solvent Chemie GmbH, Bharat Petroleum Corp. Ltd., Indian Oil Corp. Ltd., Rompetrol Rafinare S.A., Dongying Liaoning Yufeng Chemical Co., Ltd., and Royal Dutch Shell PLC.
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