Hexane Market: Key Highlights
· Globaldemand for hexane has increased considerably over the last few years. Thistrend is expected to continue during the forecast period owing to the rise indemand for edible oil. Hexane is used as solvent in the extraction of edibleoil from seeds and vegetable crops such as soybean, groundnut, corn, palm, andrapeseed. It helps remove unfavorable taste from oil and obtain higher yield.
· India isthe second-largest consumer of vegetable oil in the world. The per capitavegetable oil consumption in India has been rising at a rate of ~3% p.a.and is expected to reach up to 15 kilo grams by 2028.Growth in the consumption of vegetable oil is driving oil production in thecountry.
· In termsof demand, Asia Pacific led the global hexane market in 2018. Thistrend is anticipated to continue between 2019 and 2027. Theoil extraction application segment in Asia Pacific is projected to expand at aCAGR of 4.5% during the forecast period.
· Theindustrial cleaning & degreasing application segment has been expandingsince the last few years, due to the increase in demand for industrial cleaning& degreasing products. Hexane is increasing being used as a solvent in variousindustries.
· Demandfor hexane in China is projected to rise at a CAGR of ~5% between 2019 and 2027.China is a leading manufacturer and consumer of hexane in Asia Pacific, due tothe easy availability of raw materials such as crude oil, natural gas, andpetroleum at low prices. Demand for oil extraction/food grade hexane isestimated to rise significantly in the country in the near future.
Hexane Market: Key Drivers and Opportunities
· Hexane islargely used for the extraction of edible oils from vegetables and seeds suchas mustard seed, cottonseed, rapeseed, flax, groundnut, soybean, corn germ,safflower seed, and palm
· Growth inpopulation, rise in disposable income, and improvement in standard of livingare key factors driving the demand for edible oil in developing countries suchas China, Brazil, and India. Increase in the number of retail outlets andexpansion of the food processing sector are also boosting the demand for edibleoil across the globe. This, in turn, is projected to drive the production ofedible oil across the world in the near future. Thus, increase in demand forhexane in the oil extraction process is likely to augment the global hexanemarket during the forecast period.
· Hexane isused as a solvent in paints and coatings for dissolving of pigments, additives,and binders. Solvents control paint viscosity and enhance film quality.Around 50% of solvents are employed in the manufacturing ofpaints, coatings, and printing inks. Rise in demand for printing inks, paints,and coatings is expected to propel the demand for solvents in the near future.This, in turn, is projected to drive the global hexane market during theforecast period.
· Majorplayers operating in the global hexane market include Royal Dutch Shellplc., Exxon Mobil Corporation, Phillips 66, Sumitomo Chemical Co. Ltd.,Rompetrol Rafinare, and Petroleo Brasileiro SA. These companiesare expanding their presence in Asia Pacific in order to tap immenseopportunities in the region.
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Asia Pacific to be Highly Lucrative Region ofHexane Market
· In termsof value, Asia Pacific constituted a major share of more than 49% ofthe global hexane market in 2018
· Expansionin the edible oil industry and rise in demand for industrial solvents are majorfactors anticipated to drive the hexane market in Asia Pacific during theforecast period
· Increasein awareness about the environment and implementation of stringent governmentregulations regarding workplace safety and discharge of industrial effluentsare key factors hampering the global hexane market
· Themarket in Asia Pacific is anticipated to expand at a rapid CAGR during theforecast period. The hexane market in the region is driven by the rise indemand from China, India, and ASEAN, owing to the increase in consumption ofedible oil and rapid industrialization in these regions
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Hexane Market: Key Developments
· In July2019, Romania's Rompetrol Rafinare announced plans to invest US$1.9 Mn to upgrade its steam plant in the Vega oil refinery, Ploiesti.The company aims to increase the energy efficiency of the refinery and boostthe yield from 91% to 96% through theupgrade. The upgrade includes installation of a new steam boiler.
· In November2018, BPCL’s Kochi refinery in Kerala, India, started the productionof food grade quality hexane (FGQH) with annual capacity of 5,000 tons. Themove was intended to cater to domestic customers and become self-sufficient inhexane production. The company also started the production of polymer gradehexane in 2018.
· In 2018,Bharat Petroleum Corporation Ltd signed an agreement with M/s. GTC Technology,U.S., to jointly produce and patent hexane products
· In 2018, IndianOil Corporation Ltd announced plans to invest around US$ 3.3 Bn toexpand its crude oil processing plant to increase the production capacity ofits Koyali refinery at Vadodara, India, by 2022. The expansionis expected to improve the energy performance of the refinery. It is alsolikely to help meet the rising domestic demand for finished products.
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Competition Landscape
· Majormanufacturers in the hexane market include Royal Dutch Shell plc., Exxon Mobil Corporation, Phillips 66, SumitomoChemical Co. Ltd., Rompetrol Rafinare, Petroleo Brasileiro SA, HindustanPetroleum Corporation Limited, Bharat Petroleum Corporation Ltd, ChinaPetroleum & Chemical Corporation (SINOPEC), Indian Oil Corporation Ltd,Thai Oil Public Company Limited, Jun Yuan Petroleum Group, Beijing YanshanJilian Petrochemical Co., Ltd., Jilin Beihua Fine Chemical Co., Ltd., andLiaoning Yufeng Chemical Co., Ltd.
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