Hexane Market

Hexane Market Outlook (2024 to 2034)

The global hexane market has been valued at US$ 2.36 billion in 2024, as revealed in the recently updated research study published by Fact.MR. Revenue from the sales of hexane is projected to increase at a CAGR of 3.3% and reach US$ 3.26 billion by the end of 2034. Increasing requirements for hexane for the extraction process in the edible oil industry are attributed to the rising demand for highly efficient solvents.

Rising population and improvement in standard of living are forecasted to generate more demand for edible oil in potentially high growth countries, including India, Brazil, etc. A growing count of retail outlets along with the expanding food processing sector is set to drive requirements for edible oil, which is subsequently generating demand for hexane in product extraction procedures.

Hexane is utilized as a solvent in paints & coatings due to its use in dissolving additives, binders, and pigments. Solvents disperse or dissolve various components, including pigments, additives, extenders, and binders used in paints & coatings formulation. They are also estimated to assist in speeding up the drying and curing procedure, leading to the growing demand for solvents in the paints & coatings. The increasing use of hexane as a solvent, which is used as a cleaning agent in various industries, including printing, furniture, shoemaking, textile, etc., is creating remunerative opportunities for market players.

In the healthcare and pharmaceutical industries, hexane is consumed as a liquid in the production of tablet molds and low-temperature thermometers. In the furniture industry, it finds application as a veneer, which is produced from cleaners, lacquers, and adhesives. Moreover, hexane is utilized for the preparation of leather dressing, especially in assembling shoes. It is applied on leather as a lubricant, particularly the ones utilized for enhancing its aesthetic appeal.

• Global demand for hexane for leather treatment is forecasted to increase at a CAGR of 4.6% from 2024 to 2034.
• North America is approximated to account for 27.6% of the global hexane market share by the end of 2034.
• Sales of hexane in South Korea are projected to rise at 5.2% CAGR from 2024 to 2034.

Report Attribute	Detail
Hexane Market Size (2024E)	US$ 2.36 Billion
Forecasted Market Value (2034F)	US$ 3.26 Billion
Global Market Growth Rate (2024 to 2034)	3.3% CAGR
Market Share of Extraction Segment (2034F)	28.4%
East Asia Market Share (2034F)	28.5%
Japan Market Growth Rate (2024 to 2034)	2.6% CAGR
Key Companies Profiled	Bharat Petroleum Corporation Ltd.; Jun Yuan Petroleum Group; Royal Dutch Shell Plc.; Exxon Mobil Corporation; Sumitomo Chemical Co. Ltd.; Phillips 66; Rompetrol Rafinare; China Petroleum & Chemical Corporation (SINOPEC); Petroleo Brasileiro SA; Indian Oil Corporation Ltd.; Hindustan Petroleum Corporation Limited; Thai Oil Public Company Limited.

Why Responsible for Increasing Sales of Hexane?

“Growing Consumption of Hexane for Extraction of Non-polar Carotenes”

Extraction of non-polar carotenes is possible with the utilization of solvents, including petroleum, ether, hexane, etc. Hexane is used in solvent mixture utilized for extracting non-polar carotenes. This is anticipated to result in a growing yield of hexane, making it a more preferred substance in the derivation of non-polar carotene.

Despite the higher efficiency of methane and chloroform-based formulation, their utilization is restricted to some extent due to the hazards caused to the environment and human health. This is forecasted to favor requirements for hexane solvents utilized in non-polar carotene extraction for their comparatively less toxic nature.

“Increasing Demand for Hexane as a Solvent for Edible Oils”

Hexane comes with an improved ability for oil extraction compared to other solvents, including ethyl acetate, petroleum ether, etc. It finds extensive application in extracting edible oils from seeds and vegetables, such as mustard seed, cottonseed, soybean, flax, rape seed, corn germ, groundnut, safflower, palm, and corn germ. It assists in extracting significant oil quantity while eliminating undesirable oil odor. Further, the recyclability of this solvent is contributing to the hexane market growth.

Which Challenges are Encountered by Hexane Manufacturers?

“Stringent Laws Regarding Environment Conservation”

Growing use of toxic chemicals is estimated to adversely impact the environment, which is expected to lead to a climate emergency. Governments in various countries are implementing stringent regulations for controlling the harmful impacts of chemicals on the environment and protecting it from deterioration. These norms are limiting demand for hexane due to its contribution to environmental pollution. The toxic and highly flammable nature of hexane is anticipated to increase concerns about its disposal as it is forecasted to adverse impact environment.

What is the Contribution of Startups in Expanding Hexane Market Size?

“Focusing on R&D Activities for Developing Safer Hexane”

Startups are anticipated to invest more in R&D activities conducted to develop recyclable hexane, which is comparatively more environmentally friendly. This is estimated to help them attract new customers and generate leads.

Country-wise Insights

A recently updated report by Fact.MR, a market research and competitive intelligence provider, asserts that East Asia is projected to hold 28.5% share of global market revenue by the end of 2034. Favorable government policies in some of the regional countries contribute to increased industrial activities, which are expected to open up remunerative opportunities for hexane manufacturers.

What are the Growth Prospects in the United States Market?

“High Consumption of Packaged Food Products and Cooking Oil Driving Demand for Hexane as Solvent”

Attribute	United States
Market Value (2024E)	US$ 462.9 Million
Growth Rate (2024 to 2034)	3.6% CAGR
Projected Value (2034F)	US$ 661.4 Million

The United States is approximated to account for 73.5% share of the North American market revenue by the end of 2034. Growing consumption of hexane in multiple industries, including pharmaceuticals, cosmetics, etc., and rising industrial production are driving lucrative opportunities for market players. Growing consumption of packaged food products along with the rising use of cooking oil is anticipated to generate demand for leather, which subsequently stimulates sales of hexane as a solvent.

What Opportunities Await Hexane Manufacturers in China?

“Presence of Well-established Agriculture Industry Forming Ground for Increased Hexane Production”

Attribute	China
Market Value (2024E)	US$ 376.7 Million
Growth Rate (2024 to 2034)	3.5% CAGR
Projected Value (2034F)	US$ 532.4 Million

China is evaluated to capture 57.3% of the East Asian market share by 2034. The presence of a highly lucrative agriculture industry in the county plays a pivotal role in edible oil extraction. An expansion of the food service industry with evolving consumer trends is estimated to generate requirements for food-grade hexane. Moreover, the presence of various end-use industries, such as cosmetics, food & beverages, pharmaceuticals, etc., is anticipated to contribute to the rising consumption of hexane in China.

Category-wise Insights

The growing consumption of hexane as an industrial solvent is attributed to its various properties. Low water solubility, easy miscibility with alcohol, chloroform, and ether, and the colorless nature of hexane are estimated to result in generating remunerative opportunities for market players.

Which Grade of Hexane is Set to Exhibit Higher Demand?

“Increasing Use of Extraction Grade Hexane in Several Industries”

Attribute	Extraction
Segment Value (2024E)	US$ 699.8 Million
Growth Rate (2024 to 2034)	2.8% CAGR
Projected Value (2034F)	US$ 925.9 Million

Based on grade, hexane for extraction purposes is anticipated to possess 28.4% share of the global market by the end of 2034. It is used extensively for extraction purposes. Increasing requirements for packaged food products and edible oil are estimated to generate demand for hexane. Growing emphasis on high development standards by the extraction and food industries is expected to positively influence hexane market trends.

Why is Consumption of Hexane Increasing as an Industrial Solvent?

“Easy Miscibility and Low Water Solubility of Hexane”

Attribute	Industrial Solvents
Segment Value (2024E)	US$ 676.3 Million
Growth Rate (2024 to 2034)	3% CAGR
Projected Value (2034F)	US$ 909.6 Million

Industrial solvents are forecasted to occupy 27.9% share of the global market revenue by 2034-end. Various properties of hexane, including easy miscibility with alcohol, chloroform, and ether, colorless nature, and low water solubility are estimated to lead to its rising consumption in various industries, such as furniture, footwear, textiles, and printing. Solvents are used as invaluable solutions for multiple industries, ranging from applications in printing and cleaning products to manufacturing paints, inks, adhesives, coatings, cosmetics, and pharmaceuticals.

Competitive Landscape

Leading market players are investing in R&D activities to diversify their offerings and advance their product portfolio to get a competitive edge over their competitors. In addition, the active involvement of hexane manufacturers in the supply of quality products, new product development, and efficient management of their supply chain systems is estimated to help them secure a position for themselves.

Fact.MR provides detailed information about the price points of key manufacturers of hexane positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Segmentation of Hexane Market Research

• By Grade :

  • Extraction
  • Polymerization
  • Other Grades

• By Application :

  • Edible Oil Extraction
  • Industrial Solvents
  • Adhesive Formulations
  • Leather Treatment

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • MEA