Press release
Hexane Market Size Expected to Reach USD 1.73 Billion by 2032, Growing at a CAGR of 2.84%
The global hexane market was valued at USD 1.34 billion in 2023 and is projected to grow to USD 1.73 billion by 2032, with a CAGR of 2.84% from 2024 to 2032.
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Drivers
Rising Demand in Edible Oil Extraction:
Hexane is widely used as a solvent in the extraction of vegetable oils such as soybean, canola, and sunflower oil due to its high efficiency and cost-effectiveness.
Growth in Industrial Applications:
Extensive use in industrial cleaning, rubber manufacturing, and as a formulation solvent in adhesives and paints fuels demand.
Expanding Chemical Industry:
The increasing demand for chemical intermediates and solvents supports hexane consumption in various downstream processes.
Leading Companies Operating in the Hexane Market Are:
Phillips 66 Company, Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, India Petroleum Corporation Limited, Merck KGaA, Shell group of companies, and Sumitomo Chemical Co., Ltd.
Restraints
Environmental and Health Concerns:
Hexane is classified as a volatile organic compound (VOC) and poses health hazards with prolonged exposure, leading to tighter environmental and occupational safety regulations.
Availability of Alternatives:
Rising preference for eco-friendly or safer extraction and cleaning solvents can restrict hexane usage.
Fluctuating Raw Material Prices:
Dependence on crude oil derivatives makes hexane prices volatile, impacting manufacturers' cost structures.
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Detailed Segmentation Analysis of the Hexane Market
Hexane Grade Outlook
• Food Grade
• Polymer
• Others
Hexane Application Outlook
• Formulation
• Oil Extraction
• Cleaning Agent
• Others
Opportunities
Technological Advancements:
Innovations in solvent recovery and recycling technologies can help reduce environmental impacts and operating costs.
Emerging Economies:
Growing edible oil consumption and expanding industrial base in developing regions offer new growth avenues.
Bio-based Solvents:
Development of greener alternatives and hybrid solutions may help companies transition gradually while catering to sustainability demands.
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Challenges
Stringent Regulations:
Compliance with tightening emission norms and restrictions on VOCs can challenge producers and end-users.
Waste Management:
Safe handling, recovery, and disposal of hexane to minimize emissions and contamination require advanced systems and skilled manpower.
Worker Safety:
Ensuring safe working conditions and adequate training to handle hexane exposure remains an ongoing challenge in some regions.
Table of Contents
SECTION I: EXECUTIVE SUMMARY AND KEY HIGHLIGHTS
EXECUTIVE SUMMARY
• Market Overview
• Key Findings
• Market Segmentation
• Competitive Landscape
• Challenges and Opportunities
• Future Outlook
SECTION II: SCOPING, METHODOLOGY AND MARKET STRUCTURE
SECTION III: QUALITATIVE ANALYSIS
SECTION IV: QUANTITATIVE ANALYSIS
SECTION V: COMPETITIVE ANALYSIS
LIST Of tables
LIST Of figures
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