Global Hexane Market Size Insights Forecasts to 2032

• The Hexane Market Size was valued at USD 2.6 Billion in 2022.
• The Market Size is Growing at a CAGR of 3.9% from 2022 to 2032
• The Global Hexane Market Size is expected to reach USD 3.1 Billion by 2032
• North America is expected to Grow the fastest during the forecast period

The Global Hexane Market Size is expected to reach USD 3.1 Billion by 2032, at a CAGR of 3.9% during the forecast period 2022 to 2032.

Hexane has the chemical formula C6H14 and is an alkane hydrocarbon with a straight chain. It is a colourless, flammable liquid that is frequently used as a solvent in a variety of industrial applications, such as the extraction of vegetable oils, as a cleaning agent, and as a part of the manufacturing process for petrol. One of the most basic hydrocarbon molecules, hexane is produced from crude oil. Due to how the carbon atoms are arranged in its chain, hexane can exist in various isomeric states. The most prevalent type, n-hexane, is linear in structure. Branched isomers like 2-methylpentane, 3-methylpentane, and others are among the other isomers. These isomers are employed for particular applications and have somewhat different chemical characteristics.

Impact of COVID 19 On Global Hexane Market

Lockdowns, travel restrictions, and the closing of manufacturing sites caused supply chain disruptions in a number of industries, including chemicals. Hexane and other chemical manufacture and distribution could have been halted as a result. Changes in consumer behaviour and industrial demand were brought on by the pandemic. Lockdowns resulted in decreased activity in some hexane-dependent industries, including as the automotive and construction industries, which may have affected the market for associated goods. Because hexane is made from crude oil, changes in the price of oil may have an impact on the price of hexane production. The economics of hexane manufacturing may have been impacted by the large reduction in oil prices that occurred early in the pandemic. The general unpredictability brought on by the pandemic may have had an impact on consumer behaviour, market planning, and investment decisions, which could have produced variations in the demand for hexane.

Key Market Drivers

Food processing, pharmaceuticals, textiles, and manufacturing are just a few of the industries that employ hexane as a solvent. The expansion of these sectors may increase demand for hexane as a solvent. In the automotive and construction industries, hexane is utilised in a variety of products, including adhesives, sealants, and coatings. The expansion of these sectors may increase consumer demand for goods containing hexane. Different regions' economic development and stability may have an impact on industrial activity and, as a result, the demand for chemicals like hexane. Due to the fact that hexane is made from crude oil, changes in the price of oil on the world market may have an impact on the price at which it is sold.

Key Market Challenges

Hexane is a recognised volatile organic compound (VOC) that can harm people's health, especially their respiratory system and nervous system. Additionally, using it can worsen the environment and add to air pollution. Companies that use hexane may feel pressure to switch to more ecologically friendly practises as regulations tighten and public knowledge of environmental issues rises. Demand for greener and more sustainable substitutes for conventional chemicals is rising as the globe moves towards sustainable practises. The desire for bio-based solvents or other environmentally friendly alternatives may be fueled by the effects of hexane on the environment and human health. Due to the fact that hexane is made from crude oil, the price of crude oil on a worldwide scale affects how much it costs to produce. Oil price swings can have an impact on the pricing of hexane on the market and the profitability of producers.

Market Segmentation

Grade Insights

Extraction segment is dominating the market over the forecast period

On the basis of grade, the global hexane market is segmented into Polymerization and Extraction. Among these, the extraction segment is dominating the market over the forecast period. Population growth, shifting dietary preferences, and requirements of the food sector all have an impact on the demand for edible oils. The need for various kinds of edible oils extracted with hexane may rise as the world's population expands and dietary tastes change. Edible oils are frequently utilised in the food processing industry for a variety of products. Oil extraction grade hexane may become more in demand as the food business develops to satisfy customer demand. Demand for specific types of oils, such as those with high omega-3 fatty acid content or those with purported health benefits, has increased as a result of consumer awareness of health and nutrition. This may have an impact on the kinds of crops raised and the requirement for effective techniques for extracting oil.

Application Insights

Edible Oil Extractant holds the highest market share over the forecast period

Based on application, the global hexane market is segmented into Edible Oil Extraction, Industrial Solvent, Adhesive Formulation, Leather Treatment. Among these, the edible oil extractant segment holds the highest market share over the forecast period. Factors including population increase, shifting dietary choices, and rising consumption of processed foods all contribute to the demand for edible oils. The demand for effective oil extraction techniques like hexane extraction may increase as more people throughout the world include edible oils in their diets. Edible oils are crucial to the food processing sector since they are used in a variety of goods, from cooking oils to prepared dishes. Hexane and other edible oil extractants may see a rise in demand as the food sector expands. Demand for particular types of edible oils, such as those rich in good fats like omega-3 fatty acids, has increased as a result of consumer knowledge of health and nutrition. 

Regional Insights

Asia Pacific is dominating the market over the forecast period

Asia Pacific is dominating the market with the largest market share over the forecast period. Hexane is needed as a solvent and extractant in a variety of manufacturing processes due to the region's growing middle class and increased consumer demand for goods such processed foods, textiles, and vehicles. A sizable, diverse population with a range of food preferences resides in the Asia-Pacific area. Hexane could be in high demand for oil extraction due to the food and beverage industry's desire for processed foods and edible oils. Oilseeds like soybeans and palm oil are widely produced in a few nations in the Asia-Pacific area. Hexane is frequently employed in the extraction process for these oilseeds, which is a common step in the production of edible oils.

North America is witnessing the fastest market growth over the forecast period. Hexane is utilised as a solvent in many different industries, including textiles, industrial, automotive, and construction. The wide range of industries in North America support the need for goods containing hexane. In North America, hexane-based products like adhesives, coatings, and sealants are frequently employed in production procedures and infrastructure improvement initiatives. The chemical industry in North America is well-established and generates a wide range of goods, including solvents like hexane. The expansion of linked sectors may have an impact on the demand for hexane.

Recent Market Developments

• In January 2022, Shell Oil Company, a division of Royal Dutch Shell plc, has sold P.M.I. Norteamerica, S.A. De C.V. its 50% interest in Deer Park Refining Limited Partnership.

List of Key Companies

• Exxon Mobil Corporation
• Royal Dutch Shell plc.
• Phillips 66
• Rompetrol Rafinare
• Sumitomo Chemical Co. Ltd.
• Petroleo Brasileiro SA
• Bharat Petroleum Corporation Ltd
• Hindustan Petroleum Corporation Limited
• China Petroleum & Chemical Corporation
• Indian Oil Corporation Ltd.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Hexane Market based on the below-mentioned segments:

Hexane Market, Grade Analysis

• Polymerization
• Extraction

Hexane Market, Application Analysis

• Edible Oil Extraction
• Industrial Solvent
• Adhesive Formulation
• Leather Treatment

Hexane Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa