As per the latest report by IMARC Group, titled “N-Hexane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global n-hexane market size reached a volume of 2.71 Million Tons in 2018. N-hexane, also known as hexane and hexyl hydride, is an aliphatic hydrocarbon that is procured from natural gas and crude oil. It can also be produced from sugar cane wastes by employing special catalysts. N-hexane is completely colorless with an unpleasant odor that is identical to petroleum. It is also highly flammable, possesses degreasing properties and comprises explosive vapors, owing to which it is mixed along with other solvents before being used in the manufacturing of different products. Furthermore, it is utilized in the form of an industrial chemical and laboratory reagent.
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Global N-Hexane Market Trends:
N-hexane provides several advantages over other solvents, such as recyclability and cost-effectiveness. As a result, it is used as a key solvent in the manufacturing of various industrial and chemical products, which include paints, rubber, leather and polypropylene. The demand for these products is increasing around the world on account of rapid urbanization, growing global population and inflating income levels. In addition to this, n-hexane is widely utilized in vegetable oil extraction as it aids in removing odor and unwanted taste. The vegetable oil industry is mainly driven by the increasing demand for refined oils, which can be attributed to the rising health consciousness among consumers. N-hexane is also utilized in the pharmaceutical industry for several synthesis and separations, as well as for shaping pills and tablets. Looking forward, the market volume is projected to reach 2.98 Million Tons by 2024, expanding at a CAGR of 1.5% during 2019-2024.
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Insights on Market Segmentation:
Market by Application
1. Edible Oil Extraction
3. Industrial Solvent
4. Adhesive Formulation
Based on the application, the market has been classified into edible oil extraction, healthcare, industrial solvent, adhesive formulation and others. At present, edible oil extraction accounts for the majority of the total market share as it offers a high yield from oilseeds. Moreover, another advantage provided by n-hexane in oil extraction is its recyclability as it can be reused after the extraction process.
Market by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
Region-wise, Asia Pacific represents the largest market. Other major segments include Europe, North America, Latin America, and Middle East and Africa.
The competitive landscape of the market has been examined with some of the key players being Rompetrol Rafinare, Royal Dutch Shell Plc, Exxon Mobil Corporation, China Petrochemical Corporation (Sinopec Group) and Junyuan Petroleum Group.
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