(PharmaNewsWire.Com, August 11, 2023 ) The hexane industry primarily revolves around the production, distribution, and use of hexane, a hydrocarbon compound with the chemical formula C6H14. Hexane is a colorless liquid with a specific odor, and it is classified as an alkane, which is a type of saturated hydrocarbon. It consists of six carbon atoms and 14 hydrogen atoms arranged in a linear chain. The report "Hexane Market by Grade (Oil Extraction/Food, Pharmaceutical, and Industrial), Application (Oil Extraction, Pharmaceutical, Industrial Cleaning and Degreasing, Polymerization), and Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2027", is projected to reach USD 3.1 billion by 2027 from USD 2.4 billion in 2022, at a CAGR of 4.8%, during the forecast period. Steady demand from the edible oils market is driving the demand for hexane.
Hexane is commonly derived from crude oil during the refining process, and it can also be obtained from natural gas. It has several industrial applications, including:
Solvent: One of the main uses of hexane is as a solvent in various industries. Its low boiling point and ability to dissolve a wide range of substances make it useful for processes such as extracting oils from seeds, degreasing metal parts, and in the formulation of various industrial products.
Extraction of Vegetable Oils: Hexane is extensively used in the extraction of vegetable oils from sources like soybeans, corn, sunflower seeds, and canola. It is an efficient solvent for separating oils from the plant material, and after the extraction process, the hexane is typically removed from the oil through evaporation and distillation.
Rubber Industry: Hexane is utilized in the rubber industry for processes like rubber cement production and vulcanization. It helps in dissolving rubber compounds and facilitating the bonding of different rubber components.
Adhesive Production: Hexane is an important ingredient in the manufacturing of various adhesives, including those used in the production of shoes, leather goods, and certain types of tapes.
Laboratory and Research: In laboratories, hexane is often used as a solvent for experiments and analyses due to its ability to dissolve a wide range of substances and its relatively low toxicity.
Industrial grade is expected to grow at the highest CAGR during the forecast period, by value
Industrial grade hexane is used in industries as a cleaning agent, in the formulation of glues, as an additive in consumer products and to extract oil and grease contaminates from soil and water for analysis in laboratories. Thus, the usage of industrial grade hexane in various industries is expected to drive demand.
Polymerization application is expected to grow at the highest CAGR during the forecast period, by value
Hexane is used as a reaction medium for polymerizations. Growth of major end-use industries of polymer foam such as building & construction, furniture & bedding, and packaging industry is expected to increase demand for polymers. Thus, growth in demand for polymer is expected to create high growth potential for hexane market.
Europe accounted for the second-largest share in 2021, in terms of value
Europe was the second-largest market in 2021 by value. Germany accounted for the largest market share in the region. The food industry in Germany is growing at a high rate, creating significant growth potential for the hexane market in the country. Also, the country has a strong pharmaceutical sector which contributes a significant share to the entire economy. Thus, the growth of the food and pharmaceutical sectors is expected to boost the market for hexane.
Some of the leading players in this market include China Petroleum & Chemical Corporation (China), Shell plc (UK), Exxon Mobil Corporation (US), Rompetrol-Rafinare (Romania), Junyuan Petroleum Group (China), TotalEnergies (France), Phillips 66 Company (US), Indian Oil Corporation Ltd (India), Petróleo Brasileiro S.A. (Brazil), Bharat Petroleum Corporation Limited (India), Hindustan Petroleum Corporation Limited (India), Honeywell International Inc. (US), Sumitomo Chemical (Japan), among others.
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