The hexane market is projected to reach USD 3.1 Billion by 2027 from USD 2.4 Billion in 2022, at a CAGR of 4.8%, during the forecast period. The market is witnessing growth majorly due to the growing demand for edible oils. Also, high demand from the pharmaceutical industry is expected to drive the market for hexane.
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Based on grade, the hexane market is segmented into oil extraction/food grade, industrial grade, and pharmaceutical grade. Among the grades, Oil extraction/food grade accounted for the largest share in 2021, in terms of value. Oil extraction/food grade hexane is widely for the extraction of edible oils. It helps extract the maximum possible quantity of oil from seeds and vegetables, without disturbing their nutritional content. Thus, the usage of hexane as an extraction solvent, fuels the growth of this segment.
Based on application, the hexane market is segmented into oil extraction, industrial cleaning & degreasing, pharmaceutical, polymerization, and others. The oil extraction segment accounted for the largest share in 2021, in terms of value. The growth can be attributed to increasing population, and improvement in standards of living, which are leading to an increase in demand for edible oil. Thus, the increased consumption from food processing sector is expected to drive the market for hexane.
Based on region, the hexane market is segmented into Asia Pacific, North America, Europe, Middle East & Africa, and South America. Asia Pacific is the largest and fastest growing market for hexane, in terms of value, in 2021. The rising demand for hexane in edible oils, pharmaceutical products, adhesives, and paints & coatings in China, India, US, Japan, and South Korea is driving the market in Asia Pacific.
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The key players operating in the hexane market are China Petroleum & Chemical Corporation (China), Shell plc (UK), Exxon Mobil Corporation (US), Rompetrol-Rafinare (Romania), Junyuan Petroleum Group (China), and others.
