Global Hexane Market Report and Forecast 2024-2032

Global Hexane Market Outlook

The global hexane market size was around USD 2.33 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 3.6% to reach nearly USD 3.20 billion by 2032.

Hexane is an alkane that is a colourless liquid and is used as a non-polar solvent. It has low toxicity, low boiling point, and is cost-effective and versatile. The favourable properties of hexane make it an ideal solvent for various industrial applications. Thus, it is also extensively deployed in the extraction of edible oils.

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Due to its non-polarity and ability to dissolve oils and fats, hexane is widely used as a solvent in industrial processes, particularly in the extraction of vegetable oils from seeds like soybeans. It effectively extracts the oil while leaving behind the protein-rich meal.

Beyond oil extraction, hexane is used in the formulation of glues for shoes, leather products, and roofing. It is also employed in the textile sector due to its effectiveness in removing oil and grease from fabrics. In scientific settings, hexane is used in various laboratory procedures, particularly those involving the separation of compounds based on their solubility.

Extensive Use of Food-Grade Hexane in the Edible Oils Extraction is Aiding the Market Growth

The extensive use of food-grade hexane in the extraction of edible oils is propelling the hexane market demand. As hexane is utilised as a solvent in the process of solvent extraction to remove impurities from edible oils, such as rapeseed and soybean, among others, its demand is rapidly surging. The cost-effectiveness of hexane makes it an ideal solvent to be deployed in edible oil extraction, which is also escalating its demand.

As the COVID-19 pandemic, along with dire weather conditions in the Latin American region, is leading to an escalation of the international prices for edible oils, such as palm, canola, and soybean oils, the market value for hexane is expected to increase, which is projected to invigorate the hexane market growth. In addition, the increasing production of oilseeds in various countries to stabilise domestic prices and boost the availability of edible oils is projected to increase the demand for hexane in the upcoming years.

Global Hexane Market Segmentation

The major grades of hexane are:

• Polymerisation

• Extraction

• Others

The extraction segment occupies a significant portion of the hexane market share. Hexane is a non-polar solvent, making it highly effective in extracting non-polar compounds like oils and fats from various substances. Its selectivity allows it to dissolve certain desired compounds (like oils) while leaving others (like proteins or carbohydrates) behind.

One of the most prominent uses of hexane is in the extraction of vegetable oils from seeds such as soybeans, sunflower, and canola. The process involves crushing the seeds and then using hexane to dissolve and extract the oil. Apart from oil extraction, hexane is used in producing food ingredients and additives, where specific components need to be isolated without introducing water-soluble substances.

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The market can be broadly categorised on the basis of its applications segment into:

• Edible Oil Extraction

• Industrial Solvents

• Adhesive Formulation

• Leather Treatment 

• Others

Growing applications of hexane as an industrial solvent is fuelling the hexane market expansion. Hexane has a relatively low boiling point (about 69°C or 156°F), which makes it easy to evaporate. This characteristic is beneficial in processes where the solvent needs to be removed post-extraction. Hexane is also chemically stable and doesn’t easily react with other substances, reducing the risk of unwanted chemical reactions during its use.

In the chemical sector, hexane is used as a solvent in the formulation of adhesives, varnishes, and inks. It is also used in the production of rubber and plastics as a cleaning agent to remove unwanted materials. Furthermore, in the textile sector, hexane is used to extract oils from cotton and wool, which improves the quality and appearance of the final product.

The EMR report looks into the regional markets of hexane like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Increased End Uses of Hexane Owing to Its Favourable Properties to Bolster the Growth of the Market

The market for hexane is being aided by rapid industrialisation in emerging economies like Brazil and India. As hexane can offer precision cleaning, it is extensively used as an industrial cleaning agent and degreasing agent for machinery in various sectors, such as automotive and printing. This is consequently increasing its demand, hence bolstering the market growth. It is also deployed in various consumer-grade cleaning products, the demand for which is significantly growing, thus, adding to the market growth of hexane. Moreover, hexane is deployed as an additive in various adhesive products, such as spray adhesives, owing to its excellent adhesiveness with non-soluble compounds, therefore further fuelling the growth of the hexane market.

Although the health risks associated with hexane can hinder market growth, the sector is expected to grow robustly owing to its cost-effectiveness, which is increasing its deployment in textile, furniture, and shoemaking sectors In addition, the increasing demand for hexane in the manufacturing process in various sectors is projected to provide further impetus to the growth of the market in the forecast period.

Global Hexane Market Share by Region

The regional market for hexane is influenced by various factors including industrial demand, regulatory environments, and the presence of key sectors that utilise hexane. North America has a strong demand for hexane due to the presence of a large chemical manufacturing sector, particularly in the United States. Utilised in oil extraction, pharmaceuticals, and the rubber and plastics sector.

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Similar to North America, Europe has significant demand due to its advanced industrial and pharmaceutical sectors. Strong regulatory frameworks focusing on environmental protection and worker safety, influencing hexane use and handling. Growing interest in greener and more sustainable solvents may also impact hexane use in the long term.

Global Hexane Market Analysis

The primary demand for hexane comes from its use as a solvent in industrial applications, particularly in the extraction of vegetable oils, in the rubber and adhesives sector, and in pharmaceuticals. The supply of hexane is closely tied to the petroleum sector as it is a byproduct of crude oil refining. Therefore, fluctuations in the oil market can impact hexane availability and pricing. Hexane is extensively used in the extraction of edible oils from seeds and vegetables due to its efficiency in extracting maximum oil content.

In the rubber market, hexane is used as a solvent to shape and mould rubber products. It is also used in producing adhesives. One of the crucial hexane market trends is the growing adaptations in the market in response to environmental and health concerns, including improved containment and recovery processes and the development of less toxic substitutes.

Key Players in the Market

The report presents a detailed analysis of the following key players in the global hexane market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Phillips 66 Company

• Bharat Petroleum Corporation Limited

• Sumitomo Chemical Co., Ltd.

• GFS Chemicals, Inc.

• Sierra Chemical Company

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report