Hexane Market Overview to 2023
Hexane is an unreactive, colorless, odorless and relatively cost-effective solvent. It is insoluble in water and highly flammable, volatile, and colorless liquid. It is widely used in the manufacturing and extraction of edible oils from nut and vegetable crops, such as soybeans and peanuts. Hexane is used as a solvent for glues and varnishes. Furthermore, it is used as a cleaning agent known as a degreaser in the printing industry. However, some industrially obtained solvents contain methyl cyclopentane compound, which can alter hexane’s properties.
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Global top Key Players
Some of the prominent players operating in the global hexane market are Royal Dutch Shell plc (the Netherlands), Phillips 66 Company (U.S.), Exxon Mobil Corporation (U.S.), Bharat Petroleum Corporation Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Liaoyang Yufeng Chemical Co., Ltd. (China), China Petroleum & Chemical Corporation (China), Chevron Phillips Chemical Company (U.S.), Rompetrol S.A. (Romania), and Junyuan Petroleum Group (China) among others.
- Hexane manufacturers
- Traders and Distributors of hexane
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
As per our analysis, some of the prominent market factors and trends identified in the global hexane market include rapidly increasing food processing industries owing to increasing food supply, demand for leather products, and increasing expenditure on research activities. Moreover, demand for hexane is predicted to witness a significant growth over the assessment period due to surging oil & gas industry. Rising crude oil production across the globe is anticipated to be an important driver on the basis of gap reduction of hexane raw material requirement during the review period. Hexane is used as a formulation in leather goods manufacturing and which is likely to witness a faster growth.
It is anticipated to drive the hexane market and this can be attributed to the rising aspirations of young consumers across the globe and their strong interest in self-grooming and be trendy. Hexane use is anticipated to increase owing to demand cleaning and degreasing solvent during the forecast period. Furthermore, Rapid Urbanization coupled with increasing disposable income in emerging economies is predicted to propel the growth of the market during the assessment period 2017-2023. However, implementation of strict regulations by various government bodies has restricted the use of toxic contaminants used in the extraction of cooking oils, which is expected to hamper market growth.
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The global hexane market is categorized on the basis of grade, application, and region. On the basis of the grade, the market is bifurcated into polymer and food. On the basis of the application, the hexane market is categorized into the formulation, oil extraction, cleaning agent, and others. On the basis of the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.