Key Market Overview:
Hexane Market size was valued at USD 2.15 Billion in 2022, registering a CAGR of 3.5% during the forecast period (2023-2030), and the market is projected to be worth USD 2.93 Billion by 2030.
Hexane is a hydrocarbon with the chemical formula C6H14. It is a colorless, highly flammable liquid that is derived from crude oil. Hexane has a boiling point of approximately 69 degrees celsius and a density of around 0.659 grams per milliliter. Hexane is a common solvent that is used in a variety of industrial applications, including the extraction of vegetable oils from crops such as soybeans and corn. Additionally, they are used in the production of rubber, leather, and other materials. In addition, hexane is used as a cleaning agent in the printing, textile, and electronics industries.
Moreover, the utilization of hexane in the process of extracting oil has become increasingly popular due to its ability to eliminate unpleasant flavors and aromas, as well as its capacity to increase the overall output, resulting in a higher demand for hexane in this application. Furthermore, the rising population and growing global incomes are resulting in the increasing demand for food products that use vegetable oils as a key ingredient. This has led to a corresponding increase in demand for hexane as a solvent for vegetable oil extraction.
The increasing demand for solvent extraction is boosting the demand for hexane in various industries, including food, pharmaceuticals, and cosmetics. Hexane is commonly used as a solvent in the extraction of vegetable oils, such as soybean oil, sunflower oil, and palm oil, due to its effectiveness in removing unwanted flavors and aromas. Moreover, the rising demand for rubber processing in the automotive industry is also accelerating the hexane market as it widely used as a solvent in the production of synthetic rubber, used in various automotive parts, including tires, belts, and hoses.
Hexane is a highly volatile compound and poses health and safety risks if not handled properly. Moreover, inhalation of hexane vapor raises concerns in terms of symptoms such as dizziness, nausea, headaches, and other symptoms which are expected to result in neurological damage due to prolonged exposure. Therefore, due to the rising awareness regarding human health as well as the environment the consumers and manufacturers both are leaning towards the green solvents that are likely to hamper the hexane market.
Hexane Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||2.93 billion|
|By Type||n-Hexane, Isohexane, Neohexane and Others|
|By Grade||Food Grade, Pharmaceutical Grade, Industrial Grade, and Others|
|By Application||Vegetable Oil Extraction Solvent, Edible, Oil Extraction, Adhesive Manufacturing, Industrial Cleaning and Degreasing, Pharmaceutical Manufacturing, Textile & Rubber Manufacturing, Cleaning Agent, and Others|
|By End Use Industry||Food Industry, Pharmaceutical Industry, Paints & Coatings Industry, Adhesives Industry, Textile Industry, Rubber Industry, Printing Industry, and Others|
|By Geography||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Players||Merck KGaA, Bharat Petroleum Corporation Limited, Royal Dutch Shell PLC, Sumitomo Chemical Co. Ltd, Liaoning Yufeng Chemical Co. Ltd., SABIC, BASF SE, Jun Yuan Petroleum Group, Hydrite Chemical, and Indian Oil Corporation|
Based on the type segment, the market is divided into n-hexane, isohexane, neohexane, and others. The n-hexane segment holds the highest market share in terms of revenue in 2022. The increasing demand for n-hexane as a solvent in the extraction of vegetable oils from crops such as soybeans, corn, and canola is driving the demand in the oil extraction application. They are preferred for their high extraction efficiency and low cost, making them an essential component in the vegetable oil extraction process. Additionally, the isohexane type is anticipated to witness a significant growth rate in terms of CAGR in the hexane market over the forecast period. This is attributed to the increasing demand for isohexane as a solvent in the production of rubber, leather, and other materials. They are favored for their high solvency power and low boiling point, which makes them an efficient and effective solvent in industrial processes.
On the basis of grade segment, the market is categorized into food grade, pharmaceutical grade, industrial grade, and others. Industrial grade dominated the market in 2022 in terms of value due to the high demand for hexane in various end-use industries such as printing, furniture, oil & grease, and textiles. For instance shell, global offers hexane that finds a wide range of applications including polymerization processes, specialist coatings and adhesives, industrial cleaning, and degreasing, textile and rubber manufacturing, and catalyst preparation.
Moreover, the food grade segment is expected to register the fastest-growing CAGR over the forecast period. This is attributed to the fact that food-grade hexane is used primarily for the extraction of edible oils from crops such as soybeans, corn, and canola. It is preferred for its high extraction efficiency and low cost, making it an essential component in the vegetable oil extraction process. For instance, Bharat Petroleum Corporation Limited provides food-grade hexane that is further used in edible and essential oil extraction units.
Based on the application segment, the market is segmented into vegetable oil extraction solvent, edible, oil extraction, adhesive manufacturing, industrial cleaning and degreasing, pharmaceutical manufacturing, textile & rubber manufacturing, cleaning agent, and others. The vegetable oil extraction application accounted for the major share in the hexane market in terms of revenue owing to their ability to extract vegetable oil better than any other petroleum-based solvents. Additionally, their volatility helps in easy removal from solids and oil, using low energy.
Furthermore, the pharmaceutical manufacturing segment is projected to witness the fastest growing CAGR over the forecast period. Many manufacturers offer pharmaceutical-grade hexane that is used both as a carrier & a solvent in the manufacture of API pharma Intermediates and bulk drugs. For instance, Bharat Petroleum Corporation Limited provides pharma grade hexane that is likely to be used either as a solvent or as a carrier.
By End Use Industry
On the basis of end user segment market is classified into food industry, pharmaceutical industry, paints & coatings industry, adhesives industry, textile industry, rubber industry, printing industry, and others. The food & beverages industry accounted for the highest market share in terms of revenue. Hexane is widely used as a solvent in the extraction of vegetable oils from crops such as soybeans, corn, and canola. The extracted oils are then used in a range of food products such as cooking oils, margarine, and salad dressings that is driving the market in food & beverage industry. Moreover, the paints & coating industry is anticipated to register the fastest growing CAGR over the forecast period due to the increasing demand for hexane as a solvent in the production of paints and coatings, where it helps to dissolve and disperse the various components of the product. Due to their low boiling point and high solvency power, they serve as an efficient and effective solvent in these applications and as a result, boost the hexane market in the paints & coating industry.
Based on the region, the hexane market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America dominates the market with the highest market share in 2022 owing to the presence of a large number of end-use industries, such as paints and coatings, pharmaceuticals, and food and beverages. Additionally, the increasing demand for adhesives and coatings in industries such as construction and automotive is also fueling the growth of the hexane market in the region. Furthermore, North America is expected to witness significant growth over the forecast period. The region has a well-established food and beverage industry that is the major end user of hexane as a solvent in the extraction of vegetable oils. Additionally, the region also has a significant pharmaceutical industry that is another major end user of hexane.
Hexane Market Competitive Landscape:
The hexane market is highly competitive comprising numerous players operating in the industry. The players are focusing on strategic initiatives, such as mergers and acquisitions, partnerships, collaborations, new product launches, and capacity expansions to strengthen their market position and expand their global presence. The following are the major key players operating in the hexane market:
- Merck KGaA
- Bharat Petroleum Corporation Limited
- Royal Dutch Shell PLC
- Sumitomo Chemical Co. Ltd
- Liaoning Yufeng Chemical Co. Ltd.
- BASF SE
- Jun Yuan Petroleum Group
- Hydrite Chemical
- Indian Oil Corporation
- In December 2021, Sumitomo Chemical announced plans to construct new research facilities in Chiba and Osaka and restructure existing research laboratories in Tsukuba, Osaka, and Chiba to expedite the development of new businesses for the future.
- In March 2022, Hexion Holdings Corporation has completed its acquisition by American Securities LLC affiliates at a cost of $30.00 per share in cash,
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