N-Hexane Market

N-Hexane Market Size:

The global n-hexane market size reached US$ 2,640.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,493.0 Million by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032. The widespread product adoption as a solvent for industrial and chemical products, significant growth in the pharmaceutical industry, and increasing product demand in the food sector as an oil extraction agent are some of the major factors propelling the market.

N-Hexane Market Analysis:

• Major Market Drivers: The increasing product demand from the rubber industry, the expansion of the petrochemical industry, the rising product use in adhesives and sealants, the widespread application in the pharmaceutical industry, and the escalating product utilization in the agricultural sector are some of the major market drivers.
• Key Market Trends: The rising adoption of green and sustainable solvents, technological advancement in the process of extraction, expansion of bio-based chemicals, coupled with increases in demand from emerging markets, are among the critical trends in the n-hexane market.
• Geographical Trends: Asia Pacific is dominating the majority of the n-hexane market share due to the expansion of the rubber and petrochemical industries, the growing agricultural sector, the increasing pharmaceutical and chemical manufacturing, and the cost-effective production.
• Competitive Landscape: Some of the major market players are Rompetrol, Royal Dutch Shell PLC, Exxon Mobil Corporation, and China Petrochemical Corporation, among others.
• Challenges and Opportunities: The market faces challenges such as strict environmental regulations, increasing health and safety concerns, and fluctuating raw material prices. The opportunities in emerging markets, government support, and green solvent alternatives.
   

N-Hexane Market Trends:

Increasing product demand in the food industry

The rising demand for n-Hexane in the food industry is expected to drive market expansion. As it delivers a high yield from a wide range of seeds, n-hexane is commonly used as an agent for extracting edible oils. Due to this, there is a high demand for n-hexane in the food industry. Besides, the rising product demand in processed and packaged food products is also positively influencing the market. The increased oil usage in the food industry is also expected to foster growth in the n-hexane demand throughout the forecast period. Furthermore, qualities such as the capacity to remove undesired taste, color preservation, and other undesirable food properties are expected to promote its demand in the food sector. Solvents containing n-hexane are mostly used to extract vegetable oil from crops such as soybeans. The oil is derived from cottonseed, mustard seed, rapeseed, peanuts, flax, soybeans, safflower seed, and corn germ, which are subsequently processed into food. Furthermore, the Department for Promotion of Industry and Internal Trade of India reported that around INR 18 billion was spent in the vegetable oil sector, which increased n-hexane use. Edible oils which consist of omega 3, vitamins, oryzanol, natural antioxidants, and other nutrients are becoming increasingly popular, influencing consumer choices in many countries. As a result, edible oil demand is expected to increase in the future, thereby offering numerous n-hexane market recent opportunities.

Rising product usage in various end-use industries

The global n-hexane market is expected to grow at a significant rate due to the widening product application scope and increasing demand from the oil & gas extraction industry. N-hexane offers excellent performance due to its features such as low water solubility, easy miscibility with chloroform and ether, and transparency. Its high volatility allows for quick drying in applications such as printing inks and coatings, improving processing times and efficiency. All these qualities are expected to contribute to the n-hexane market recent developments. Its growing use in the rubber and petrochemical industries is also expected to drive the global market over the next years. Furthermore, properties such as the ability to remove unwanted tastes and other undesirable food properties are anticipated to fuel its demand in the edible oil industry. Additionally, the product is witnessing high demand in the healthcare and pharmaceutical industries as a liquid in the production of tablet molds, as well as a low-temperature thermometer, and is expected to drive market expansion. Its application in the furniture sector comprises veneers made from adhesives, lacquers, and cleaners. This, in turn, is bolstering the n-hexane market growth.

Significant growth in the pharmaceutical industry

The widespread product adoption as a solvent for extracting active pharmaceutical ingredients (APIs) from natural sources, such as plants, is one of the key factors creating a positive outlook for the market. Moreover, n-hexane is widely used for numerous synthesis and separation techniques in the industry and is also employed for creating molds that are further used for shaping pills and tablets. Additionally, the increasing product utilization in cleaning and sterilizing equipment, containers, and manufacturing areas to effectively remove residues, oils, and contaminants in the pharmaceutical industry is contributing to the n-hexane market overview.

N-Hexane Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on application.

Breakup by Application:

• Edible Oil Extraction
• Healthcare
• Industrial Solvent
• Adhesive Formulation
• Others
   

Edible oil extraction dominates the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes edible oil extraction, healthcare, industrial solvent, adhesive formulation, and others. According to the report, edible oil extraction represented the largest segment.

The application category for edible oil extraction accounted for the largest n-hexane market revenue. N-hexane is increasingly used as a seed crop oil extractant in the edible oil sector. It has grown in popularity as a solvent for extracting edible oils from peanuts, soybeans, maize, and other seed and vegetable crops. Increasing consumer awareness of the negative health effects of refined oils is fueling growth in this market sector. Furthermore, as food-related health issues such as high cholesterol and obesity become more prevalent, customers are increasingly willing to pay higher prices for healthier food options. Edible oils with added health benefits, such as those high in omega-3 fatty acids, vitamins, oryzanol, natural antioxidants, and others, are becoming increasingly popular around the world. According to the US Department of Agriculture, global vegetable oil production is expected to reach 222.85 million metric tons between 2023 and 2024. It is estimated that 90% of palm oil is utilized for food, with the remaining 10% going to industrial uses such as cosmetics, fuel, and diesel. Soybean oil was the most widely consumed oil, accounting for 61.68 million tons globally in 2022. Given all of the facts stated above, it is expected that the edible oil extraction application will be the most popular in the market throughout the n-hexane market forecast period.

Breakup by Region:

• Asia-Pacific
• Europe
• North America
• Middle East and Africa
• Latin America
   

Asia Pacific leads the market, accounting for the largest n-hexane market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to the report, Asia Pacific represents the largest regional market for n-hexane.

The Asia-Pacific region is predicted to lead the market according to the n-hexane market report. N-hexane is mostly utilized in edible oil extraction, although it also serves as a solvent in paints, varnishes, and inks. Furthermore, oil and grease pollution from soil and water is extracted for laboratory study. Four of the top seven main vegetable oil producers are located in the region: Indonesia, China, Malaysia, and India. These four countries are among the world's largest producers of vegetable oil, collectively accounting for over half of the global production. Soybean oil is the most popular edible oil in China, followed by rapeseed oil, palm oil, and peanut oil; together, these four major oils account for around 90% of total consumption. In addition to oil extraction, n-hexane is widely used in industrial operations and as an additive fuel. This, in turn, is creating a positive n-hexane market outlook.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Rompetrol
• Royal Dutch Shell PLC
• Exxon Mobil Corporation
• China Petrochemical Corporation
• Junyuan Petroleum Group
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

The n-hexane industry is partially consolidated and consists of a few major players dominating a significant portion of the market. Several companies are focusing on growth strategies such as new launches, product approvals, patents, and events. Market expansion plan actions included acquisitions, partnerships, and collaborations. These activities enabled market participants to grow their clientele and earnings. For instance, in August 2022, Chennai Petroleum Corporation Limited (CPCL) received board clearance to form a joint venture (JV) with Indian Oil Corporation and additional seed equity investors. The goal of this JV is to build a refinery with a capacity of 9 million metric tons per year (MMTPA) in the Cauvery Basin Refinery in Nagapattinam District, Tamil Nadu, India. Under the terms of the JV, Indian Oil and CPCL will each own 25%, for a total of 50%. Other seed investors will hold the remaining 50% ownership in the joint venture. With rising global demand for n-hexane, n-hexane market companies are expected to benefit from promising future growth opportunities. For example, in August 2019, ExxonMobil, a natural gas company based in the United States, collaborated with JL Goor Materials Ltd. As part of this deal, JL Goor Materials will distribute hexane-based rotational molding resins in Ireland and the United Kingdom.

N-Hexane Market News:

• May 8, 2024: Royal Dutch Shell PLC has reached an agreement to sell its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture company between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd. The transaction will transfer all of Shell’s interest in Shell Energy and Chemicals Park Singapore to CAPGC.
• May 3, 2024: Exxon Mobil Corporation announced it has closed its acquisition of Pioneer Natural Resources Company. The merger of ExxonMobil and Pioneer will create an Unconventional business with the largest, high-return development potential in the Permian Basin.
• May 8, 2024: Sinopec's Chairman, Ma Yongsheng, and TotalEnergies' Chairman and CEO, Patrick Pouyanné, signed a strategic collaboration framework agreement in Paris. According to the agreement, the two parties will seek additional partnership potential in a variety of business areas, including oil and gas development, LNG value chain, refining and chemicals, engineering and trading, new energy, and so on.

N-Hexane Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the n-hexane market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global n-hexane market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the n-hexane industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.