Hexane has gained popularity over the past few years, particularly as an industrial solvent owing to its exceptional performance characteristics such as easy miscibility, low solubility, low impurities and colorless nature. Qualities such as color preservation of original material along with the ability to remove unwanted taste provide a competitive edge to the market growth.
Hexane finds wide application scope in various end-use industries such as edible oil extraction, industrial solvent, adhesive formulation, leather treatment and various others such as furniture, textile, printing, footwear, and perfumes. Rising demand from the aforementioned industries which are witnessing significant growth is expected to positively influence market dynamics over the forecast period.
The market is bound by stringent regulations ranging from the product’s use to its disposal. For instance, under the Clean Air Act, Congress specifically identified hexane as a hazardous air pollutant and therefore is regulated by the Environmental Protection Agency. Moreover, The California Air Resources Board has designated the product to be a toxic air contaminant.
Safer and cleaner substitutes are being made available commercially for particular applications. For instance, water based cleaners are touted to substitute hexane and other related solvents in the auto repair and other industries requiring precision cleaning.
Additionally, vegetable and plant based cleaners are also expected to serve as an alternative in the printing industry. However, even though hexane is known to be the most toxic substance causing severe heath impacts, it can be found in almost all the consumer products
Companies are adapting diverse strategies to remain competent in the market while simultaneously meeting the continuously rising demand. For instance, last year, PTT Global Chemical, a Thailand-based company received the board of director approval to invest USD 288.2 million in a project to add a new hexene-1 plant. It will also help the company in increasing their capacity for linear low-density polyethylene (LLDPE).
More and more companies are willing to enter hexane market owing to the wide application scope of the product with room for development. Companies have been investing in R&D to explore innovative applications in response to the steadily increasing demand. Hexane is extensively being used in diverse applications, and if such trend is to continue, the demand, as well as production, will rise exponentially over the forecast period.
In-depth report on global hexane market by Grand View Research: