North America to Vanguard the Sales in Hexane Market with US$ 724 Mn Opportunity in 2022
The hexane market research report offered by Fact.MR provides in-depth information about key factors influencing sales and demand in the market. In addition, it provides insights into opportunities, challenges, growth drivers and latest trends across key regions and segments, including product and end use over the forecast period (2022-2032).
NEW YORK, June 23, 2022 /PRNewswire/ -- The global hexane market is expected to grow at a CAGR of 3.3% from 2022 to 2032. According to the report, sales of hexane compound are likely to reach US$ 2.21 Bn in 2022 and US$ 3.05 Bn in 2032.
Increasing demand for food products due to rising population is expected to spur growth in the market. Compound n- hexane is extensively used for extraction of edible oil, which is expected to drive sales in the market.
Global industrialization has led to surging demand for solvents. As hexane has accurate solvent formulation, demand is expected to grow over the forecast period. In addition to that, hexane is known for its exceptional properties such as low water solubility, transparency and being easily mixable with alcohol & chloroform.
The extensive use of hexane in healthcare and pharmaceutical sectors is likely to propel the market during the assessment period. Further, hexane is used in liquid form to manufacture table molds and low- temperature thermometers. Based on the aforementioned factors, sales in the market are expected to remain high in the forthcoming years.
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Increasing consumption of hexane in adhesives manufacturing is anticipated to augur well for the market. Hexane is used in the formulation of rubber cement which is an opaque liquid primarily used for gluing various products together. The perfect example of rubber cement is silicon.
Utilization of hexane as a degreaser or special-purpose solvent in shoe and leather and furniture manufacturing industries is another crucial factor accelerating the demand for hexane.
- Sales across MEA are anticipated to grow at a CAGR of 3%, reaching US$ 143.9 Mn by the end of 2032.
- North America is estimated to account for 33.5% of the total market share, with total sales reaching US$ 724 Mn by 2032.
- Demand in the Europe hexane market is set to increase at a CAGR of 3.4% through 2032, and is expected to reach US$ 901.2 Mn by the end of forecast period.
- Asia Pacific is expected to account for 26.1% of the total hexane market share by 2032.
- Increasing consumption of food & beverage in Asia Pacific is likely to create an absolute $ opportunity worth US$ 778.2 Mn by 2032.
- Growing applications of hexane in non-polar carotene derivation is set to fuel the demand in the forthcoming decade.
- Rising usage of hexane in edible oil industry as an oil extractor for seed crops is expected to bode well for the market.
- Increasing environmental concerns regarding harmful emissions are compelling governments to implement stringent norms, which may hinder sales of hexane.
- Due to instability in the variable exchange rates, crude oil prices might fluctuate, thereby limiting demand.
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Leading manufacturers in the global hexane market are investing in research & development for diversity in their product portfolio. Also, some players are entering into strategic collaboration, and partnership with other players to reach a broader consumer base.
In April 2022, EFSA, a leading European food safety authority issued a positive opinion regarding the safety of methyloxolane in food processing. Being a healthy market alternative for food processing industry, it is a refined petrochemical solvent which is likely to create new growth opportunities in the market.
Key Companies Profiled by Fact.MR
- Royal Dutch Shell Plc.
- Sumitomo Chemical Co. Ltd.
- Rompetrol Rafinare
- Petroleo Brasileiro SA
- Hindustan Petroleum Corporation Limited
- Bharat Petroleum Corporation Ltd.
- Exxon Mobil Corporation
- Phillips 66
- Indian Oil Corporation Ltd.
- Thai Oil Public Company Limited
- China Petroleum & Chemical Corporation (SINOPEC)
- Jun Yuan Petroleum Group
- Liaoning Yufeng Chemical Co. Ltd.
- Beijing Yanshan Jilian Petrochemical Co. Ltd.
- Jilin Beihua Fine Chemical Co. Ltd.
More Valuable Insights on Hexane Market
In the latest study, Fact.MR offers a detailed study on global hexane market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of hexane through detailed segmentation as follows:
- Other Grades
- Edible Oil Extraction
- Industrial Solvents
- Adhesive Formulations
- Leather Treatment
- North America
- Latin America
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Key Questions Covered in the Hexane Market Report
- What is the projected value of the hexane market in 2022?
- At what rate will the global hexane market grow until 2032?
- Which are the factors hampering the growth in the hexane market?
- Which region is expected to lead in the global hexane market during 2022-2032?
- Which are the factors driving the hexane market during the forecast period?
- What is the expected market value of the hexane market during the forecast period?
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