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N-Hexane Market is Expected to Display Positive Growth at a CAGR of 5.7% by 2024
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Demand for n-Hexane, especially in developing region such Asia Pacific, is expected to boost the demand of the global n-Hexane market over the forecast period. Excellent properties of n-Hexane to remove odor and unwanted taste are expected to propel the demand of n-Hexane from the edible oil industry. n-Hexane has the ability to remove unwanted taste and odor and this is the precise reason that the demand for n-Hexane has increased in edible oil industry. However, the consumers from developed regions are shifting from refined oil to cold-pressed oil owing to its superior health benefits. Cold pressing is a natural way to produce oil which does not contain solvent residues, no preservatives with natural antioxidants. In addition, Isohexane, a hexane isomer is used as a substitute of n-Hexane in few oilseed extraction applications. Due to toxic nature of n-Hexane, it has been substituted by n-heptane in some pharmaceutical applications. This may retard the growth of the n-Hexane market.
Based on application, oil extraction will continue to lead the market share, representing nearly 57% of total revenues in 2016. High demand for n-Hexane in oil extraction owing to its effectiveness and high yield is expected to propel the global n-Hexane Market. Polymerization is expected to reach more than 200KT in 2016. Oil Extraction, Pharmaceutical, and Polymerization will remain top 3 end-users in global n-Hexane Market.
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Grade wise, oil extraction followed by industrial will dominate the Global n-Hexane Market in 2016 and is anticipated to reach more than US$ 600 Mn in 2016. Demand for industrial grade n-Hexane is expected to reach closed to 560 KT in 2016.
On the basis of the region, APAC has the largest market in n-Hexane market across the world. China recorded a dominant market share of more than 40% in 2015. Asia-Pacific is estimated to lead the market in 2016, followed by Europe and North America. Moderate growth is expected from the mature markets such as North America and Europe. Europe will witness sluggish growth owing to the gradual economic recovery. In addition, important players in the market have been shifting their production bases to Asia Pacific region in order to capitalize on scale economies. Rising environmental concerns in developed regions over the use of n-Hexane and its adverse impact on health and environment may inhibit the growth of the n-Hexane market. APAC is expected to drive the global n-Hexane market and is expected to register closed to 5% of volume CAGR over the forecast period 2016-2024.
Key participant of global n-Hexane market are Hindustan Petroleum Corp. Ltd., Sak Chaisidhi Company Limited, Liangxin petrochemical company, Exxon Mobil Corporation, Chevron Philips Chemicals LLC, Indian Oil Corp. Ltd., , Royal Dutch Shell plc., Rompetrol Rafinare S.A, DHC Solvent Chemie GmbH, Dongying Liaoning Yufeng Chemical Co., Ltd, Bharat Petroleum Corp. Ltd.
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