San Francisco, 25 October
2018: According to a report published by Grand View Research,
Inc.; the hexane
market is expected to reach a valuation of around USD 2.36
billion by 2024.
Increasing use of the product
in prominent end-use industries like rubber and petrochemical is expected to
propel the market during the forecast period (2013 to 2024).
Growing oil extraction
industry is the major driving factor for the market over the forecast period.
The product is used as a special purpose solvent and as an oil extraction in
several industries including leather, textiles, and leather. Since, it offers
excellent performance due to properties like low water solubility,
transparency, and easy mixability with ether, alcohol, and chloroform. In
addition, its capabilities to remove unwanted taste, color preservation, and
other unwanted food properties are expected to boost the market in the coming
years. The product is extensively utilized in pharmaceutical and healthcare
industry as a liquid in the production of tablet molds with low-temperature
thermometer. This is projected to propel the market growth in the coming years.
It is increasingly being used in the healthcare and pharmaceutical industry for
use as a liquid in the manufacturing of tablet molds along with low-temperature
thermometer and is anticipated to propel market growth.
Worldwide hexane market can be
segmented on the basis of grade, application, and region.
Based on grade, the market can
be bifurcated into polymerization, extraction, and others.
In 2015, extraction segment
conquered the market and reported for for over half of the overall. The segment
is expanding at a substantial rate due to increasing demand from food and
extraction industries.
The polymerization segment is
likely to display significant growth due increasing demand in end-use
industries such as waste water treatment, tea-leaf processing, pre-metal
treatment chemicals, soaps and detergents, among the others.
As per application, the market
can be split into edible oil extractant, adhesive formulation, industrial
solvent, leather treatment, and others.
In 2015, the edible oil
treatment and industrial solvents were the major segments together accounted
for over 70% of the total volume.
The edible oil extractant was
the largest segment and estimated for over 35% of the overall volume in 2015.
The product is extensively used as oil extractant for seed crops. Growing
awareness among the consumers about the use of refined oil is expected to boost
the segment. The oil can be extracted from several seed crops such as peanuts,
cottonseed, rape seed, mustard seed, soybeans, flax, and corn germ, and
safflower seed.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/organic-chemicals-and-compounds
The industrial solvent is
projected to expand at a CAGR of 3.0% during 2016 to 2024. The product has high
demand as a solvent in industries such as textile, printing, footwear, and
furniture.
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Central and South America,
and Middle East & Africa.
In 2015, Asia Pacific
estimated for the largest market and is expected to exhibit fastest growth
during the forecast period due to increasing demand from extraction
application. Factors such as rapid urbanization and industrialization along
with growing healthcare facilities is likely to fuel regional growth specially
in emerging countries such as India, china, and countries in Southeast Asia.
IN 2015, Europe was the second
largest markets in terms of production. Steady growth of rubber and adhesive
industries are likely to drive the regional market. Increasing demand in
leather and footwear especially from Turkey and Italy is projected to boost the
product demand in this region. The region is positively recovering from the
recent economic slowdown. However, Brexit is likely to slow down the economic
growth in the short run.
North America has been growing
reasonable rate due to decline in industrial production and being a mature
industry. Major manufacturers are increasingly shifting their manufacturing
plants to Asia Pacific dur to availability of skilled labor at relative low
cost and abundant land.
Prominent companies operating
in the market include Datta Hydro-Chem Pvt. Ltd.; Beijing Yanshan Jilian
Petrochemical Co.; Liaoyang Yufeng Chemical; ExxonMobil Chemical; and Shell
Chemicals.
Access
Press Release of Hexane Market@ www.grandviewresearch.com/press-release/global-hexane-market
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Grand View Research
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View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
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