According to the latest report by IMARC Group, titled "N-Hexane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global n-hexane market size reached US$ 2,461 Million in 2021. N-hexane is an organic solvent that is procured from natural gas and crude oil. It is an aliphatic hydrocarbon that can also be obtained by synthesizing sugar cane wastes in the presence of special catalysts. Characterized by an unpleasant odor, it is completely colorless in its purest form. It is highly flammable in nature and consists of explosive vapors. As a result, it is required to be mixed with different solvents to be utilized as an industrial chemical and laboratory reagent for various applications across diverse industries, including textile, food and pharmaceuticals. For instance, it can be employed for the production of glues, paints and lacquers and for extracting vegetable oil from crops and seeds.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global N-Hexane Market Trends:
The market is primarily driven by growing applications of n-hexane in edible oil extraction. It is widely used in the food industry as an oil extraction agent that offers high yield from a variety of seeds. Its usage also assists in removing odor and unwanted taste from the oil, thereby making it a preferred agent for extraction. The escalating demand for refined oil across the globe on account of the growing health consciousness among the masses is also providing a thrust to the market growth. Apart from this, it is also extensively utilized as a key solvent and cleaning agent in the manufacturing of multiple industrial and chemical products, such as paint, leather, rubber and polypropylene. The market is further driven by the rising applications of n-hexane in the pharmaceutical industry. Pharmaceutical grade n-hexane is increasingly being used for numerous synthesis and separations in the industry. It is also employed for creating molds that are further used for shaping pills and tablets. Some of the other factors contributing to the market growth include the cost-effectiveness of the solvent and the recyclable nature of the hydrocarbon with a high efficiency. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.5% during 2022-2027
- On the basis of the application, the market has been divided into edible oil extraction, healthcare, industrial solvent, adhesive formulation and others. Currently, edible oil accounts for the majority of the total market share.
- On the geographical front, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Among these, Asia Pacific holds the leading market position, exhibiting a clear dominance in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Rompetrol, Royal Dutch Shell plc, Exxon Mobil Corporation, China Petrochemical Corporation, and Junyuan Petroleum Group.
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