Hexane Global Market Report 2024

Hexane is a colorless and flammable liquid commonly utilized as a solvent, primarily derived from the distillation of petroleum. It is a non-polar solvent known for its high volatility, cost-effectiveness, general safety, and easy evaporation, making it a popular choice in various industrial applications.

The main types of hexane include n-hexane, isohexane, and neohexene. N-hexane, derived from crude oil, is a highly combustible colorless liquid with a mildly unpleasant odor. Isohexane, obtained through the fractional distillation of petroleum, is a highly flammable and colorless liquid with no discernible odor. Neohexene, on the other hand, is a colorless liquid organic compound characterized by a mild sweet odor. Hexane is available in different grades, including polymer grade, food grade, and other grades. Its diverse applications encompass industrial solvents, edible oil extraction, adhesives and sealants, paints and coatings, and various other industrial processes.

The hexane market research report is one of a series of new reports that provides hexane market statistics, including hexane industry global market size, regional shares, competitors with a hexane market share, detailed hexane market segments, market trends and opportunities, and any further data you may need to thrive in the hexane industry. This hexane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hexane market size has grown strongly in recent years. It will grow from $2.26 billion in 2023 to $2.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed during the historic period can be attributed to several factors, including increased demand for hexane as an industrial solvent, heightened usage in food processing, increased activity in chemical manufacturing, rising use in agrochemicals, and growing applications in the automotive industry. These factors collectively contributed to the expansion and demand for hexane across various industrial sectors during the historical period.

The hexane market size is expected to see strong growth in the next few years. It will grow to $3.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing demand for green solvents, a rising focus on sustainable extraction methods, a growth in regulations and compliance emphasizing environmental considerations, a shift towards alternative solvents, and a broader trend of transitioning to more sustainable energy sources. Major trends expected during this period include the adoption of eco-friendly extraction processes, the use of shale gas as a feedstock, expanding applications in the food industry, and shifts in global supply chain dynamics.

The hexane market is anticipated to witness growth driven by an increase in the production of edible oil. Edible oils, crucial for meeting nutritional needs and supporting bodily functions, are often extracted using hexane due to its rapid oil recovery, narrow boiling point (63–69 °C), and strong solubilizing capability. In June 2022, India experienced a notable surge of 39.31% YoY in edible oil imports, reaching 13.11 lakh tons, as reported by the Economic Times Retail, an India-based newspaper. This increase in edible oil production contributes to the expansion of the hexane market.

The hexane market is expected to be fueled by growing demand from the rubber industry. Hexane plays a vital role in rubber vulcanization processes, aiding in the dispersion of rubber-compounding ingredients, enhancing processability, and contributing to the formulation of rubber-based adhesives and sealants. The global demand for rubber is projected to rise by 2.8% in 2023 and continue to grow by an average of 2.4% annually from 2023 to 2031, as stated by Apple Rubber Products Inc., a US-based custom rubber seals manufacturer. This escalating demand from the rubber industry is a key driver for the hexane market.

Strategic partnerships and collaborations have emerged as prominent trends in the hexane market. Notably, in January 2022, SIBUR, a Russia-based petrochemicals company, collaborated with Technip Energies, a France-based engineering and technology company, to license specialized technology for hexene-1 production from ethylene. This strategic collaboration aims to result in license agreements with global polyolefin manufacturers and integrate innovative technology into comprehensive design solutions for establishing advanced polyethylene production capacities.

In March 2022, American Securities LLC, a US-based private equity firm, completed the acquisition of Hexion for $1.9 billion. This strategic move is anticipated to reinforce Hexion's commitment to delivering innovative and high-quality products and services to its customers. Hexion Inc., a US-based chemical company, is expected to leverage this acquisition to sustain its momentum and continue its track record of excellence in the chemical industry.

In October 2023, Exxon Mobil Corporation, a prominent US-based company specializing in the manufacture of petrochemical products, including hydrocarbon solvents such as hexane, entered into a partnership with Pioneer Natural Resources Company. The primary objective of this partnership is to enhance ExxonMobil's focus on fossil fuel production and gain access to additional acreage for resource extraction. By combining Pioneer's extensive 850,000 net acres in the Midland Basin with ExxonMobil's 570,000 net acres in the Delaware and Midland Basins, the collaboration aims to establish the industry's leading undeveloped U.S. unconventional inventory position. Pioneer Natural Resources Company, a US-based energy company, is a key player in this strategic partnership.

Major companies operating in the hexane market include Exxon Mobil Corporation, AquaPhoenix Scientific, Bharat Petroleum Corporation Limited, China Petroleum & Chemical Corporation (Sinopec Corp), GFS Chemicals, Hindustan Petroleum Corporation Limited, Junyuan Petroleum Group, Mil-Spec Industries Corp, Rompetrol S.A., Sumitomo Chemical Co., Chevron Corporation, China National Petroleum Corporation, CPC Corporation, Eni SPA, Formosa Plastics Group, Gazprom promyshlennost, Idemitsu Kosan Co., Ltd., Indian Oil Corporation, Ineos Group, Lotte Chemical Corporation, Langepas, Uray and Kogalym oil, Marathon Petroleum, Mitsubishi Chemical Corporation, Neste Abp in Swedish, and Neste Corporation, Petróleos Mexicanos, Petróleo Brasileiro S.A., Petroliam Nasional Berhad, Phillips 66 Company, Qatar Petroleum, Reliance Industries, Royal Dutch Shell, Sasol Ltd., China Petroleum & Chemical Corporation, Thai Oil Public Company Limited, Total S.A., Yacimientos Petrolíferos Fiscales

Asia-Pacific was the largest region in the hexane market in 2023. North America was the second-largest market in the hexane market. The regions covered in the hexane market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the hexane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The hexane market consists of sales of 2-methylpentane and 2,2-dimethylbutane. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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