Categories: Market Research

Hexane Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Hexane is a colorless, flammable liquid that is used as a solvent and is created from the distillation of petroleum. It is commonly used as a non-polar solvent that is very volatile, inexpensive, generally safe, and easily evaporated.

Sizing and Forecast
The hexane market size has grown strongly in recent years. It will grow from $2.26 billion in 2023 to $2.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increased demand as industrial solvent, increased food processing, increased chemical manufacturing, rising use in agrochemicals, rising use in the automotive industry.

The hexane market size is expected to see strong growth in the next few years. It will grow to $3.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing demand for green solvents, increasing sustainable extraction, rise in regulations and compliance, shift to alternative solvents, rising energy transition. Major trends in the forecast period include eco-friendly extraction, shale gas as a feedstock, food industry applications, food industry applications, global supply chain dynamics.

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Segmentation & Regional Insights
The hexane market covered in this report is segmented –

1) By Type: N-Hexane, Isohexane, Neohexane
2) By Grade: Polymer Grade, Food Grade, Other Grades
3) By Application: Industrial Solvents, Edible Oil Extractant, Adhesives and Sealants, Paints and Coatings, Other Applications

Asia-Pacific was the largest region in the hexane market in 2023. North America was the second-largest market in the hexane market. The regions covered in the hexane market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The increase in production of edible oil is expected to drive the growth of the hexane market in the coming years. Edible oils are dietary fats that play an important role in the body by meeting nutritional demands, promoting growth, and ensuring the appropriate functioning of the brain and nervous system, as well as the endocrine system. Hexane has been frequently employed for edible oil extraction due to its rapid oil recovery, narrow boiling point (63–69 °C), and strong solubilizing capability. For instance, in July 2023, according to the Economic Times Retail, an India-based newspaper, India’s edible oil imports rose by 39.31% YoY in June 2022 to 13.11 lakh tons. Therefore, the increase in production of edible oil propels the growth of the hexane market .

Key Industry Players
Major companies operating in the hexane market include Exxon Mobil Corporation, AquaPhoenix Scientific, Bharat Petroleum Corporation Limited, China Petroleum & Chemical Corporation (Sinopec Corp), GFS Chemicals, Hindustan Petroleum Corporation Limited, Junyuan Petroleum Group, Mil-Spec Industries Corp, Rompetrol S.A., Sumitomo Chemical Co., Chevron Corporation, China National Petroleum Corporation, CPC Corporation, Eni SPA, Formosa Plastics Group, Gazprom promyshlennost, Idemitsu Kosan Co., Ltd., Indian Oil Corporation, Ineos Group, Lotte Chemical Corporation, Langepas, Uray and Kogalym oil, Marathon Petroleum, Mitsubishi Chemical Corporation, Neste Abp in Swedish, and Neste Corporation, Petróleos Mexicanos, Petróleo Brasileiro S.A., Petroliam Nasional Berhad, Phillips 66 Company, Qatar Petroleum, Reliance Industries, Royal Dutch Shell, Sasol Ltd., China Petroleum & Chemical Corporation, Thai Oil Public Company Limited, Total S.A., Yacimientos Petrolíferos Fiscales

The hexane market report table of contents includes:

1. Executive Summary

2. Hexane Market Characteristics

3. Hexane Market Trends And Strategies

4. Hexane Market – Macro Economic Scenario

5. Global Hexane Market Size and Growth
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31. Global Hexane Market Competitive Benchmarking

32. Global Hexane Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Hexane Market

34. Hexane Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players: