According to ChemAnalyst report, “Hexane Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, hexane market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 3.21% during the forecast period. Growing demand of edible oil coupled with the increasing demand of industrial solvents from the paints and adhesives industry is expected to drive the demand of hexane during the forecast period. Moreover, Availability of safer alternatives for oil extraction such as cyclohexane is expected to somehow hinder the market growth.
Hexane is a colourless fluid with a relatively low and narrow boiling range. It has low odor and quick drying properties. It is able to dissolve in many organic compounds and evaporate easily which makes it good solvent and diluent for a wide range of industrial applications. Structurally hexane has three isomers including n-hexane, iso hexane and neo hexane. Out of the three, n-hexane is the most sought-after isomer of hexane. Depending upon the concentrations of n-hexane and purity there are two grades of hexane namely polymerization grade and food grade. The polymerization grade is used as a reaction medium for polymerization process. The extraction grade is used to extract edible oils which is the major application of hexane.
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The key application areas for hexane include polymerization process, specialist coatings and adhesives, pharmaceutical and food extraction, industrial cleaning and degreasing, textile, and rubber manufacturing etc. Owing to the impact of COVID-19, hexane demand has declined drastically due to nationwide lockdowns and subsequent disruptions in supply chains. Construction and automotive sectors were the most severely hit sectors during the pandemic which had an impact on paints and adhesives industry which have application of hexane as solvent. However overall good demand growth has been observed in China from the manufacturing sector due to continuation of production activities after the lockdowns.
Hexane is majorly related to crude oil and natural gas hence the price is linked to the variations in the prices of crude oil and natural gas. Prices are linked to the prices of the crude oil as hexane is a by-product of cracking of petroleum into gasoline. In the first half of FY20 sudden outbreak of novel coronavirus followed by a fall in in the demand of crude oil due to nationwide lockdowns rendered a major fall in the global hexane, hence the prices remained low for hexane during the coronavirus pandemic.
Region wise, Asia Pacific region holds the major share of global demand for hexane due to growing demand for edible oils and commercial and residential construction and automotive sector. Increasing population and per capita income in emerging economies is another factor propelling demand growth for hexane in Asia Pacific.
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Key Players:
- Bharat Petroleum Corporation Limited
- HPCL
- Indian Oil Corporation Ltd
- Exxon Mobil Corporation
- Jun Yuan Petroleum Group
- Merck KGaA
- Liaoning Yufeng Chemical Co. Ltd
- Phillips 66 Company
- Royal Dutch Shell Plc
- Rompetrol-Rafinare
- Sumitomo Chemical Co.,Ltd., and Others.
“Having endues application in Food industry, the hexane industry has shown a robust growth alongside growing population and changing consumer preference. China serves as the key growth region with sufficiently installed capacities for hexane. Major players are anticipating that there will be sufficient demand supply gaps in the future given that the global population is on the rise at a steady rate which will rise the demand for edible oils which require hexane for extraction.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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