May 25, 2021   SOURCE: BusinessWire

Worldwide Hexane Industry to 2026 - Growing Demand from Petrochemical Industries - ResearchAndMarkets.com

The "Hexane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Global Hexane Market is projected to register a CAGR of over 3.5% during the forecast period (2021-2026).

Companies Mentioned

  • Bharat Petroleum Corporation Limited
  • Exxon Mobil Corporation
  • HPCL
  • Indian Oil Corporation Ltd
  • Jun Yuan Petroleum Group
  • Liaoning Yufeng Chemical Co. Ltd
  • Merck KGaA
  • Phillips 66 Company
  • Rompetrol-Rafinare
  • Royal Dutch Shell Plc
  • Sumitomo Chemical Co., Ltd.

Key Market Trends

Edible Oil Extraction to Dominate the Market

  • Hexane is increasingly being used as a solvent to extract edible oils from seed and vegetable crops, e.g., peanuts, soybeans, corn, etc.
  • Hexane has a greater ability to extract oil, compared to other solvents, like petroleum ether and ethyl acetate. It easily mixes with vegetable oil and washes it out without disturbing fiber, protein, sugar, and undesired gums.
  • Growth in the edible oil segment can be attributed to the rising awareness among consumers about the use of refined oil and the impact it has on health.
  • Global production volume of vegetable oil was accounted for about 207.33 million tons in FY 2019 and increased to 209.58 million tons in FY 2020, with a growth rate of about 1%, thereby stimulating the hexane market demand.
  • According to the United States Department of Agriculture, the consumption of edible oils like soybean oil, in 2019, in the United States, was 10,659 metric ton and canola oil was 2,465 metric ton, and is increasing year-on-year. Moreover, according to the Department for Promotion of Industry & Internal Trade, in India, the investment value in the vegetable oil sector, in 2019, was around INR 18 billion, which has enhanced the consumption of hexane.
  • Additionally, the consumers are inclined to pay higher prices for healthy food products, owing to the increasing food-based health challenges, such as high cholesterol, obesity, etc.
  • The growing popularity of edible oils with added health benefits in many countries is shaping the purchase decisions of edible oils, which are high in omega 3, vitamins, oryzanol, natural antioxidants, and others. Thus, exhibiting the likely demand for edible oils in the forthcoming years.

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is expected to dominate the hexane market during the forecast period. Hexane is used as a solvent for glues, varnishes, and inks, it is also used to extract oil and grease contaminants from soil and water, for analysis in laboratories.
  • The Chinese production volume of vegetable oil accounted for about 27.64 million tons in FY 2019 and increased to 28.86 million tons in FY 2020, with a growth rate of about 4.4%, thus creating demand for the extracting solvent used in the production of vegetable oil, thus enhancing the market demand for hexane in the country.
  • The rapid growth of the food and beverage sector, to meet the demand from the growing population, and the demand for industrial-grade hexane from countries, such as India, China, and Indonesia, are the major components boosting the development of the hexane market in the Asia-Pacific region.
  • In 2020, the food and beverages industry was valued at about USD 152.44 billion in China and is estimated to reach USD 230.96 billion by 2024, with a CAGR of about 11% , which will create demand for the food grade hexane in the coming years.
  • Owing to the rapid urbanization in the region, the demand for various applications of hexane, such as a cleaning agent in the textile, furniture, and printing industries, is expected to grow during the forecast period.
  • India is the world's second-largest exporter of textiles and apparel, with a massive raw material and manufacturing base. Despite its size, the Indian textile industry has struggled in the global market. In recent years, India's share in global textile exports has declined, while countries, like Bangladesh and Vietnam, have been expanding their market shares. However, on the overall scenario, the textile production in the country looks very positive, powered by the burgeoning domestic consumption.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Growing Demand from Petrochemical Industries

4.1.2 Others

4.2 Restraints

4.2.1 Safer Alternatives for Oil Extraction

4.2.2 Impact of COVID-19 Pandemic

4.3 Industry Value Chain Analysis

4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Type

5.2 Grade

5.3 Application

5.4 Geography

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share/Ranking Analysis

6.3 Strategies Adopted by Leading Players

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/e6nx82