According to a report published by Grand View Research, Inc.; the hexane market is expected to reach a valuation of around USD 2.36 billion by 2024.
Increasing use of the product in prominent end-use industries like rubber and petrochemical is expected to propel the market during the forecast period (2013 to 2024).
Growing oil extraction industry is the major driving factor for the market over the forecast period. The product is used as a special purpose solvent and as an oil extraction in several industries including leather, textiles, and leather. Since, it offers excellent performance due to properties like low water solubility, transparency, and easy mixability with ether, alcohol, and chloroform. In addition, its capabilities to remove unwanted taste, color preservation, and other unwanted food properties are expected to boost the market in the coming years. The product is extensively utilized in pharmaceutical and healthcare industry as a liquid in the production of tablet molds with low-temperature thermometer. This is projected to propel the market growth in the coming years. It is increasingly being used in the healthcare and pharmaceutical industry for use as a liquid in the manufacturing of tablet molds along with low-temperature thermometer and is anticipated to propel market growth.
Full Research Report On Hexane Market Analysis:
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U.S. hexane market revenue by grade, 2014 – 2024 (USD Million)
Worldwide hexane market can be segmented on the basis of grade, application, and region.
Based on grade, the market can be bifurcated into polymerization, extraction, and others.
In 2015, extraction segment conquered the market and reported for for over half of the overall. The segment is expanding at a substantial rate due to increasing demand from food and extraction industries.
The polymerization segment is likely to display significant growth due increasing demand in end-use industries such as waste water treatment, tea-leaf processing, pre-metal treatment chemicals, soaps and detergents, among the others.
As per application, the market can be split into edible oil extractant, adhesive formulation, industrial solvent, leather treatment, and others.
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In 2015, the edible oil treatment and industrial solvents were the major segments together accounted for over 70% of the total volume.
The edible oil extractant was the largest segment and estimated for over 35% of the overall volume in 2015. The product is extensively used as oil extractant for seed crops. Growing awareness among the consumers about the use of refined oil is expected to boost the segment. The oil can be extracted from several seed crops such as peanuts, cottonseed, rape seed, mustard seed, soybeans, flax, and corn germ, and safflower seed.
The industrial solvent is projected to expand at a CAGR of 3.0% during 2016 to 2024. The product has high demand as a solvent in industries such as textile, printing, footwear, and furniture.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central and South America, and Middle East & Africa.
In 2015, Asia Pacific estimated for the largest market and is expected to exhibit fastest growth during the forecast period due to increasing demand from extraction application. Factors such as rapid urbanization and industrialization along with growing healthcare facilities is likely to fuel regional growth specially in emerging countries such as India, china, and countries in Southeast Asia.
IN 2015, Europe was the second largest markets in terms of production. Steady growth of rubber and adhesive industries are likely to drive the regional market. Increasing demand in leather and footwear especially from Turkey and Italy is projected to boost the product demand in this region. The region is positively recovering from the recent economic slowdown. However, Brexit is likely to slow down the economic growth in the short run.
North America has been growing reasonable rate due to decline in industrial production and being a mature industry. Major manufacturers are increasingly shifting their manufacturing plants to Asia Pacific dur to availability of skilled labor at relative low cost and abundant land.
Prominent companies operating in the market include Datta Hydro-Chem Pvt. Ltd.; Beijing Yanshan Jilian Petrochemical Co.; Liaoyang Yufeng Chemical; ExxonMobil Chemical; and Shell Chemicals.
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