GVR Report cover Hexane Market Report

Hexane Market Analysis By Grade (Polymerization, Extraction), By Application (Edible Oil Extraction, Industrial Solvent, Adhesive Formulation, Leather Treatment) And Segment Forecasts, 2020 - 2024

  • Report ID: GVR-2-68038-013-2
  • Number of Pages: 90
  • Format: Electronic (PDF)

Report Overview

The global hexane market size was over USD 2.0 billion in 2019 and is expected to witness a compound annual growth rate (CAGR) of 3.4% owing to the widening application scope and increasing demand from the oil & gas extraction industry. It offers exceptional performance owing to the properties such as transparency, low water solubility, and easy miscibility with chloroform, alcohol, and ether. Such characteristics are expected to drive the global hexane market.

Its increasing use in rubber and petrochemical industries is anticipated to boost the global market over the next eight years. Additionally, properties such as the ability to remove unwanted taste, color preservation, and other undesirable food properties are anticipated to drive its demand in the edible oil industry.

U.S. Hexane Market Size, by Grade, 2014-2024, (USD Million)

The primary use of solvents containing hexane is to extract vegetable oil from crops such as soybeans. The oil is extracted for various seed crops including cottonseed, mustard seed, rapeseed, peanuts, flax, soybeans, safflower seed, and corn germ, which are then processed into food. The solvents are increasingly being used as cleaning agents in the textile, shoemaking, furniture, and printing industries

It is increasingly being used in the healthcare and pharmaceutical industry for use as a liquid in the manufacturing of tablet molds along with a low-temperature thermometer and is anticipated to propel market growth. Furniture industry application includes its use as veneers which are manufactured from adhesives, lacquers, and cleaners.

Hexane, also known as n-hexane, is an organic compound derived from crude oil and natural gas by means of various catalytic and thermal cracking processes. It is both, an anthropogenic as well as naturally occurring chemical. Therefore, volatility in crude oil and natural gas prices have a direct influence on its price.

Global crude oil price dynamics is dependent on diverse factors, which primarily include the supply & demand balance, macroeconomic & geopolitical situations across the globe, currency exchange rates, and the existing condition of financial markets.

Hexane Market Trends

Hexane is primarily used in application as a special-purpose solvent and oil extract ant owing to its use in various industries including edible oil, printing, textiles, leather, paints, and rubber. The growing use of hexane in the petrochemical and rubber industries as well as in the laboratories is anticipated to boost the global market over the forecast period.

Hexane is also known as n-hexane is an organic compound derived from natural gas and crude oil through various thermal and catalytic cracking processes. Owing to its properties hexane in its highly purified form finds its application in chemical laboratories as an extractant for a wide range of non-polar organic compounds and hydrocarbons.

Rising environmental concern regarding the disposal of hexane owing to its highly flammable and toxic nature is expected to be a major challenge for the growth of the global hexane market over the forecast period.

Fluctuations in the global crude oil prices have been always been the focus of economic and financial news. Higher crude oil prices provide a positive outlook for oil-exporting countries, in contrast, countries dependent on petroleum imports suffer to varying degrees from higher prices to import bills increase.

Increasing demand from the solvent extraction application segment is expected to remain the key driving factor for the growth of polymerized grades over the forecast period. Expanding application scope in end-use industries such as pharmaceutical & drug delivery is further anticipated to boost demand significantly.

Strong demand from the edible oil treatment industry is anticipated to drive hexane demand significantly over the forecast period. The growth of the edible oil industry in emerging economies is another positive factor shaping industry dynamics in an upward manner.

The leather industry application of hexane includes use in leather dressing preparation particularly in assembling shoes. Hexane is one of the components in leather dressing that is applied as a lubricant on leather, particularly the ones that are in use in order to enhance its aesthetic appeal. Leather dressing is particularly used when the leather has lost its flexibility and is to be protected from humidity variation in the future.

Grade Insights

Extraction grade dominated the global industry and accounted for over half of the global revenue in 2015. The industry is growing at a significant pace owing to the high standard development required by the food and extraction industries.

Polymerization grade has been gaining traction in the industry owing to its purity, accurate composition, longer shelf life, and quality as per the international standards. The grade is primarily used in various end-use industries such as wastewater treatment chemicals, soaps & detergents, tea-leaf processing, pre-metal treatment chemicals, and various other industries.

Application Insights

Edible oil extractant was the dominant application segment accounting for over 35% of the global volume in 2015. Hexane is increasingly being used in the edible oil industry as an oil extractant for seed crops. Growth in this segment can be attributed to the rising awareness among consumers regarding the use of refined oil and the health impact associated with the same.

Industrial solvent is a key application segment and is expected to grow at a CAGR of 3.0% from 2016 to 2024. Properties such as easy miscibility with ether, alcohol, and chloroform; low water solubility, and colorless nature make hexane a widely used solvent in industries such as textiles, footwear, furniture, and printing.

Global Hexane Market Share, by Application, 2019(%)

Use of solvents has significantly changed modern living and is an invaluable solution for industries ranging from applications such as manufacturing printing ink, paints, and coatings, adhesives, pharmaceuticals, and cosmetics, to applications in cleaning and printing products.

Regional Insights

Asia Pacific was the largest and fastest hexane market. Increasing demand from the extraction application is expected to foster the market growth over the forecast period. Rapid industrialization coupled with expanding healthcare facilities is expected to fuel the regional industry.

Europe followed Asia Pacific in terms of production in 2015. Moderately growing rubber and adhesive industries are expected to drive the regional demand. Rising demand in footwear and leather, particularly from Italy and Turkey is anticipated to drive regional demand.

The European economy is overcoming the recent economic slowdown, which had started to positively impact production. However, Brexit is expected to slow down economic growth in the short run, further impacting industry dynamics in the region.

The North American market is witnessing moderate growth on account of dwindling industrial production and high penetration leading to a relatively mature economy. Manufacturers are shifting their production facilities in Asia Pacific owing to the availability of land and skilled labor at a comparatively lower cost.

Hexane Market Trends by Region

The Asia Pacific dominated the global market owing to the rising economies in countries such as India, China, and South Korea. In addition, increasing industry players are venturing into the region on account of factors such as political support and low labor cost.

The North American market is perceiving restrained progress on expenses of deteriorating industrial production and high penetration consequently leading to a comparatively established economy. Middle East and Africa are expected to witness significant growth owing to the growing petrochemical industry in the region.

Key Companies & Market Share Insights

The hexane industry is more towards consolidation than fragmentation with presence the of few industry players. Key players operational in the global hexane industry include Mil-Spec Industries Corp., Environmental Equipment & Supply, GFS Chemicals, Inc., Continental Chemical, City Chemical LLC, AquaPhoenix Scientific, and NOAH Technologies Corporation.

Other players operating in the industry include Scientific Solutions, LLC, Hukill Chemical Corp., GreenChem Industries, LLC, Hydrite Chemical Co., Dawn Scientific, Reagents, Capitol Scientific, Clear Chem Solutions, Haviland Enterprises, Inc., and Del Amo Chemical Co.

Hexane Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 2.08 billion

Revenue forecast in 2024

USD 2.36 billion

Growth Rate

CAGR of 3.4% from 2020 to 2024

Base year for estimation

2019

Historical data

2014 - 2018

Forecast period

2020 - 2024

Quantitative units

Revenue in USD billion and CAGR from 2020 to 2024

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Grade, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S., Germany, China; India, Japan, Brazil, Saudi Arabia, UAE

Key companies profiled

Mil-Spec Industries Corp., Environmental Equipment & Supply, GFS Chemicals, Inc., Continental Chemical, City Chemical LLC, AquaPhoenix Scientific, and NOAH Technologies Corporation.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Hexane Market Segmentation

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2014 to 2024. For the purpose of this study, Grand View Research has segmented the global hexane market report on the basis of grade, application and region:

Global Hexane Market Segmentation

  • Grade Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)

    • Polymerization

    • Extraction

    • Others

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)

    • Edible Oil Extractant

    • Industrial Solvent

    • Adhesive Formulation

    • Leather Treatment

    • Others

  • Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)

    • North America

      • U.S.

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

      • UAE

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