The latest report by IMARC Group, titled “N-Hexane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global n-hexane market reached a volume of 2.64 Million Tons in 2017, exhibiting a CAGR of around 3% during 2010-2017. N-hexane is an aliphatic hydrocarbon which is present in petroleum, forming one of the main constituents of petroleum ether and naphtha. Also known as hexane and hexyl hydride, it is a clear colourless liquid with an odour similar to that of petroleum. Majority of n-hexane is obtained from petroleum mixtures through controlled fractional distillation and other refinery-based processes. Owing to its distinct properties, it is used as an organic solvent in the extraction of cooking oils, such as soybean, cottonseed, rapeseed, etc., and other applications such as in the production of rubber, pharmaceutical, perfume, footwear, leather, textiles, furniture and painting.
Highlights of the global n-hexane market:
- Growing demand for refined oils remains the key growth-inducing factor.
- Edible oil extraction is the largest end-use segment.
- Asia-Pacific represents the largest region.
N-hexane is one of the primary solvents used in vegetable oil extraction. The market is largely driven by the rapidly growing demand for refined oils on account of population growth, increasing disposable income and health consciousness, particularly in the developing regions. Additionally, growing population has also resulted in a huge demand for industrial and chemical products made using n-hexane such as leather, paint, polypropylene, rubber, etc. Moreover, aging population, changing lifestyle and rising number of chronic diseases has boosted the pharmaceutical industry, which has further augmented the demand for n-hexane globally. Despite these factors, the market is restrained by the volatile nature of n-hexane which can lead to several problems; fluctuations in the prices of raw materials; and rising environmental concerns. According to the report, the market is expected to reach a volume of 3 Million Tons by 2023.
The global n-hexane market is segmented on the basis on end-use, covering, edible oil extraction, healthcare, industrial solvents, adhesive formulation, etc. Amongst these, edible oil extraction represents the largest segment, as n-hexane offers high yield from oilseeds such as soybean, rapeseed, cotton seed, etc. Region-wise, Asia Pacific is the leading market, holding more than two-fifths of the total share. This can be attributed to growing population and rapid industrialization, which has resulted in amplified demand for edible oil in the region. Other major regions include Europe, North America, Middle East and Africa, and Latin America. On evaluating the competitive analysis of the market, it is found that Junyuan Petroleum, Sinopec, Rompetrol, Royal Dutch Shell, Exxon Mobil Corporation and Chevron Philips Chemicals LLC are the key players operating in it.
The report has examined the global n-hexane market on the basis of:
- Edible oil extraction
- Industrial solvents
- Adhesive formulation
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
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