Hexane Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Hexane Market Insights and Forecast -2027

Hexane is a straight-chain hydrocarbon containing six carbon atoms. It is a solid, odorless liquid with boiling point of about 69 degrees Celsius. Hexane is primarily used as an inert, non-polar organic solvent. Hexane is obtained as a byproduct while refining crude oil. It has superior properties such as low solubility in water, transparency, high miscibility in different organic solvents namely chloroform, alcohol and others. Therefore, hexane is extensively used in different industries such as food and beverage, footwear, rubber, personal care, pharmaceutical and others.

COVID-19 scenario analysis:

The outbreak of the COVID-19 pandemic has severely affected the global hexane market.

• The outbreak of the global pandemic has impacted the oil and gas industry to a great extent. This has resulted in serious complications related to the production of hexane from crude oil.
• The economic slowdown caused by the pandemic resulted in lowering of disposable income among the consumers. As a result, the demand for products such as footwear, textile, and cosmetics also went down and consequently the demand for hexane decreased in the market.
• On the contrary, amidst the pandemic, the demand for hexane in the pharmaceutical industry as solvent and cleaning agent has increased exponentially, which fueled the growth of the market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The growing use of hexane as a solvent during the extraction of edible oils from seeds and vegetable crops has boosted the growth of the global hexane market. Hexane is considered to be an ideal solvent during the extraction of oil from various seeds such as mustard, sunflower, soybeans, corn and others. It easily combines with vegetable oil and washes it out leaving the fibers, proteins, sugars and undesired gum undisturbed. Hexane is also used as a solvent in the cleaning agents, which are further used in different industries such as leather, textile, furniture and printing. It is also utilized in the manufacture of printing inks, paints and coatings, adhesives and cosmetics.  Moreover, normal hexane (n-hexane) produced by catalytic and thermal cracking of crude oil acts as a good anthropogenic agent and is widely used in the chemical industry. On the other hand, the increasing applications of hexane in the pharmaceutical industry during the manufacture of molds for tablets and during the production of low-temperature  thermometers is also expected to fuel the growth of the global hexane market during the forecast period. However, the fluctuating prices of crude oil across the globe might act as a restraining factor for the market. Major companies are adopting several strategies to gain competitive advantage in the market. For instance, BPCL Kochi Refinery introduced food-grade quality hexane in the market in November 2018. Such key developments are expected to fuel the growth of the hexane market in the forecast period. 

The Asia-Pacific regions holds the major share of the global hexane market with the rapid industrialization and escalating demand for hexane especially in the food and beverage and pharmaceutical industries. The market in Europe is also expected to grow at a significant rate owing to rise in rubber and textile industries. Massive developments in footwear and leather industries, especially in countries such as Italy, are expected to boost the demand for hexane in the market.

Key benefits of the report:

• This study presents the analytical depiction of the global hexane industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global hexane market share.
• The current market is quantitatively analyzed to highlight the global hexane market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global hexane market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Hexane Market research report:

• What are the leading market players active in the hexane market?
• What the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Hexane Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights