Hexane Market Is Expected To Reach Revenue Of USD 3,909.9 Mn By 2033, At 5.0% CAGR: Dimension Market Research

(MENAFN- GlobeNewsWire - Nasdaq) Advancements and Projections in the Global Hexane Market: Insights, Trends, Opportunities, and Recent Developments

New York, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Overview

The Global Hexane market is projected to reach USD 2,523,2 million in 2024 which is further anticipated to reach USD 3,909.9 million by 2033 at a CAGR of 5.0% .

The global hexane market is witnessing significant growth on account of its wide application as an industrial solvent in industries such as edible oil extraction, adhesives, sealants, and pharmaceuticals. Hexane has excellent solvency, low boiling point, and non-polarity, which improve the process efficiency and thereby increase the demand for the product.

It plays a vital role in improving the oil yield during the extraction of seeds and vegetables, hence becoming an important ingredient in the food industry. Its increasing applications also find a host in adhesives and industrial cleaning, which provides further impetus to the growth of this solvent.

However, very inhibiting factors in the VOC emission norms are forcing several leading manufacturers to develop efficient versions of hexane that can meet global specifications over sustainability issues.

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The US Hexane Market

The US Hexane Market with an estimated value of USD 702.4 million in 2024 is projected to increase at a compound annual growth rate of 4.7% until reaching USD 1.061.8 million by 2033.

This makes the US hexane market quite strategic in the global market since it is backed by an industrially developed base and a strong focus on high-quality industrial solvents. Hexane employed in adhesives, pharmaceuticals, and chemical synthesis raises its demand both locally and internationally.

Food-grade hexane finds its application in the edible oil industry, thereby giving a further boost to the market. Laced with high production standards, it ensures a supply of high-purity solvents that add to the global competitiveness of the US. The innovations in green production methods address the regulatory challenges linked to VOC emissions.

Despite the environmental constraints, the market will see steady growth on the back of industrial demand and technological advancements, thus contributing considerably to the growth of the global market.

Important Insights

• The Global Hexane Market is valued at USD 2,523.2 million in 2024, expected to reach USD 3,909.9 million by 2033.
• The US Hexane Market will grow from USD 702.4 million in 2024 to USD 1,061.8 million by 2033 at a 4.7% CAGR.
• Asia-Pacific will dominate the Global Hexane Market, holding a 38.1% share in 2024, driven by high edible oil demand and cost-efficient production.
• Industrial-grade hexane will dominate the segment, capturing 44.9% of the market share by 2024, owing to broad industrial applications and cost-effectiveness.
• Edible oil extraction will lead with 31.5% of the application segment share in 2024, driven by strong demand across agricultural and food industries globally.
• Major players include Exxon Mobil, BPCL, Sinopec, Shell, Sumitomo Chemical, and HPCL, actively innovating and expanding their global market presence.
• The Global Hexane Market is projected to grow at a steady CAGR of 5.0% throughout the forecast period, ensuring robust market expansion.

Latest Trends

• Rising Application in Edible Oil Extraction: The application of hexane in edible oil extraction has seen a steady rise, especially in regions such as the Asia-Pacific and Africa, where the consumption of edible oil is on the rise. This makes it indispensable in this industry due to its ability to maximize oil yield efficiently. This trend is expected to continue as dietary shifts and population growth drive the demand for edible oils globally.
• Sustainable Production Innovations: The hexane market is observing the use of sustainable method production. Trend analysis indicates more investment by companies in technologies producing environmentally friendly grades of hexane. These initiatives are quintessential not only for ensuring compliance with regulations but also for creating scope for innovation and the long-term viability of the hexane business.

Hexane Market: Competitive Landscape

• Bharat Petroleum Corporation, Royal Dutch Shell, ExxonMobil Corporation, and Phillips 66 are some of the major leading players in the global hexane market because of their huge production capacity, strong distribution network, and quality innovations.
• Companies strongly focus on R&D to provide high-pure industrial solvents and food-grade hexane to various industries such as edible oil extraction and optic industries. Other strategies opted by the companies to gain significant market share include mergers, acquisitions, and joint ventures to extend their business and enhance their production methodology.
• Cost-efficient infrastructure leads Asia-Pacific to demand leadership, while North America and Europe come into focus. The regulatory challenges that the industry faces for eco-friendly production take up sustainability efforts and sustain the leadership.

Some of the prominent market players:

• Exxon Mobil Corporation
• Bharat Petroleum Corporation Limited (BPCL)
• China Petroleum & Chemical Corporation (Sinopec Corp)
• Shell plc
• Sumitomo Chemical Co., Ltd.
• Hindustan Petroleum Corporation Limited (HPCL)
• Indian Oil Corporation Ltd.
• GFS Chemicals Inc.
• Jun Yuan Petroleum Group
• Liaoning Yufeng Chemical Co., Ltd.
• Phillips 66 Company
• Shenyang Huifeng Petrochemical Co., Ltd.
• Thai Oil Group
• Other Key Players

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Hexane Market Scope

Report Highlights	Details
Market Size (2024)	USD 2,523.2 Mn
Forecast Value (2033)	USD 3,909.9 Mn
CAGR (2024-2033)	5.0%
North America Revenue Share (2024)	33.1%
Asia Pacific Revenue Share (2024)	38.6%
Historical Data	2018 - 2023
Forecast Data	2024 - 2033
Base Year	2023
Estimate Year	2024
Segments Covered	By Grade, By Application
Regional Coverage	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

The product grade will be dominated by the industrial-grade hexane share of 44.9% by 2024 due to its wide applications in adhesives, sealants, pharmaceuticals, and industrial cleaners. As a result of the low-priced and superior solvent property of industrial-grade hexane, most industries prefer this over all others.

It dissolves oils, grease, and resins, and hence becomes crucial for chemical synthesis and pharmaceutical formulation. Due to less regulation in the grade as compared to food-grade hexane and also higher prices, it sees increasing demands in cost-sensitive industries.

The key players focus on production optimization with quality enhancement for performance; thus, it has turned industrial-grade hexane into a staple in the global hexane market.

Hexane Market Segmentation

By Grade

• Industrial Grade
• Oil Extraction/ Food Grade
• Pharmaceutical Grade

By Application

• Edible Oil Extraction
• Adhesives And Sealants
• Pharmaceuticals
• Industrial Cleaning Agents
• Others

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Growth Drivers

• Increasing Demand for Edible Oil: Population growth, rising disposable incomes, and dietary changes have significantly increased the demand for edible oil, especially in Asia-Pacific. Hexane's role as a solvent in oil extraction ensures its demand remains strong, driving the growth of the hexane market size.
• Expanding Industrial Applications: Hexane's versatility in being used as a solvent of adhesives, sealants, and pharmaceuticals makes it an advantage and a must-have ingredient in most industrial processes. Its affordability and effectiveness will make its adoption in industries one of the influential factors driving growth in the hexane market.

Restraints

• Environmental Concerns and Regulations: Stringent VOC emission-related regulations greatly restrain the growth of the hexane market. Many times, such regulations are very costly to meet, and hence tend to eat into the profit margin of the producers.
• Volatility in Raw Material Prices: Price fluctuations in petroleum derivatives, the major raw materials for hexane, directly influence the dynamics of the market. This volatility remains a critical restraint among manufacturers.

Growth Opportunities

• Rising Investments in R&D: Ongoing research on bio-based solvents and sustainable production techniques opens up prospects for market expansion. A company investing in an eco-friendly solution will be able to seize emerging demand in environmentally conscious markets.
• Emerging Markets in Africa: Industrialization in Africa, put together with the growth rate of edible oils on a fast track, results in untapped potential. Consequently, the hexane market in this region is a growth land that the market players can aim for while setting a strong regional presence.

Regional Analysis

It is expected that by the end of 2024, Asia-Pacific will dominate this market with about 38.6% market share due to increased demand for hexane along with its cost-effective production process. The region sees most of its demand originate from hexane due to the majority share of edible oil production globally and also because hexane facilitates the seamless extraction of oils.

Industrialization at a very rapid scale in this part of the world is the reason behind recent growths in adhesives, sealants, pharmaceuticals, and pyrotechnics industries which has also been facilitated by easy accessibility and affordability of raw materials. One major player in the market is Bharat Petroleum Corporation, which is investing in R&D to produce high-quality, sustainable hexane.

Strict environmental regulations are still acting as a growth hindrance for the region, but industrial expansion and a surge in global demand keep Asia-Pacific vital in the hexane market.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Hexane Market

• November 2024: BPCL announced expanded industrial-grade hexane production in India, targeting growing global demand, especially in Asia-Pacific's thriving edible oil sector.
• July 2024: ExxonMobil launched eco-friendly hexane for edible oil extraction and pharmaceuticals, emphasizing sustainable production and reduced environmental impact.
• March 2024: Shell opened a hexane plant in China, addressing escalating Asia-Pacific demand for industrial and edible oil applications.
• December 2023: Phillips 66 acquired a European hexane manufacturer, boosting global market presence and meeting increasing industrial hexane needs.
• September 2023: Royal Dutch Shell partnered with South Korea to develop high-purity hexane for optical components, supporting precise manufacturing demands.
• January 2023: ExxonMobil and Shell advanced sustainability, introducing cleaner technologies to lower hexane production's environmental impact amid stricter global standards.

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