Hexane Market Potential, Growth, Future Trends, Share Analysis And Forecast 2033

The hexane market size has grown strongly in recent years. It will grow from $2.26 billion in 2023 to $2.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increased demand as industrial solvent, increased food processing, increased chemical manufacturing, rising use in agrochemicals, rising use in the automotive industry.

The hexane market size is expected to see strong growth in the next few years. It will grow to $3.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing demand for green solvents, increasing sustainable extraction, rise in regulations and compliance, shift to alternative solvents, rising energy transition. Major trends in the forecast period include eco-friendly extraction, shale gas as a feedstock, food industry applications, food industry applications, global supply chain dynamics.

Market Overview -
Hexane is a colorless, flammable liquid that is used as a solvent and is created from the distillation of petroleum. It is commonly used as a non-polar solvent that is very volatile, inexpensive, generally safe, and easily evaporated.

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The Surging Demand For Hexane Is Fueling Growth Amidst Rising Edible Oil Production
The increase in production of edible oil is expected to drive the growth of the hexane market in the coming years. Edible oils are dietary fats that play an important role in the body by meeting nutritional demands, promoting growth, and ensuring the appropriate functioning of the brain and nervous system, as well as the endocrine system. Hexane has been frequently employed for edible oil extraction due to its rapid oil recovery, narrow boiling point (63-69 °C), and strong solubilizing capability. For instance, in July 2023, according to the Economic Times Retail, an India-based newspaper, India's edible oil imports rose by 39.31% YoY in June 2022 to 13.11 lakh tons. Therefore, the increase in production of edible oil propels the growth of the hexane market .

Competitive Landscape -
Major companies operating in the hexane market include Exxon Mobil Corporation, AquaPhoenix Scientific, Bharat Petroleum Corporation Limited, China Petroleum & Chemical Corporation (Sinopec Corp), GFS Chemicals, Hindustan Petroleum Corporation Limited, Junyuan Petroleum Group, Mil-Spec Industries Corp, Rompetrol S.A., Sumitomo Chemical Co., Chevron Corporation, China National Petroleum Corporation, CPC Corporation, Eni SPA, Formosa Plastics Group, Gazprom promyshlennost, Idemitsu Kosan Co., Ltd., Indian Oil Corporation, Ineos Group, Lotte Chemical Corporation, Langepas, Uray and Kogalym oil, Marathon Petroleum, Mitsubishi Chemical Corporation, Neste Abp in Swedish, and Neste Corporation, Petróleos Mexicanos, Petróleo Brasileiro S.A., Petroliam Nasional Berhad, Phillips 66 Company, Qatar Petroleum, Reliance Industries, Royal Dutch Shell, Sasol Ltd., China Petroleum & Chemical Corporation, Thai Oil Public Company Limited, Total S.A., Yacimientos Petrolíferos Fiscales

Strategic Collaborations And Technological Advancements Propel Innovation In The Hexane Market
Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the hexane market. Key players operating in the hexane sector are focused on partnerships and collaborations to reinforce their position. For instance, in January 2022, SIBUR, a Russia-based petrochemicals company, collaborated with Technip Energies, a France-based engineering and technology company. With this collaboration, the companies intended to license a specialized technology for producing hexene-1 from ethylene. The collaboration between SIBUR and Technip Energies is expected to result in license agreements with international polyolefin manufacturers as well as the integration of the former's technology into complex design solutions to build new manufacturing capacities for advanced polyethylene grades.

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Key Segments -
The hexane market covered in this report is segmented -
1) By Type: N-Hexane, Isohexane, Neohexane
2) By Grade: Polymer Grade, Food Grade, Other Grades
3) By Application: Industrial Solvents, Edible Oil Extractant, Adhesives and Sealants, Paints and Coatings, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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