The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Hexane Global Market Report 2024, the hexane market is expected to show significant growth in the forecast period.

The hexane market has witnessed robust growth in recent years, evolving from $2.26 billion in 2023 to an anticipated $2.41 billion in 2024. This impressive upswing reflects a notable Compound Annual Growth Rate (CAGR) of 6.5%. The historic growth is attributed to increased demand as an industrial solvent, higher food processing activities, escalated chemical manufacturing, a surge in agrochemical usage, and heightened applications in the automotive industry.

A Prognosis of Strong Growth Ahead

The hexane market is poised for sustained and vigorous growth in the upcoming years, set to reach $3.15 billion by 2028, propelled by a projected CAGR of 7.0%. This anticipated growth is fueled by several factors, including the escalating demand for green solvents, a surge in sustainable extraction practices, intensified regulatory compliance, a shift towards alternative solvents, and the global energy transition. Key trends that will shape the landscape include the rise of eco-friendly extraction methods, shale gas as a feedstock, and the increasing influence of the food industry, coupled with global supply chain dynamics.

Hexane’s Vital Role in Edible Oil Production Surge

– Meeting Nutritional Demands

The surge in edible oil production stands out as a pivotal driver of growth in the hexane market. Edible oils, crucial for meeting nutritional demands and promoting growth, leverage hexane for extraction owing to its rapid oil recovery, narrow boiling point (63–69 °C), and robust solubilizing capability. For example, India witnessed a 39.31% YoY increase in edible oil imports in June 2022, reaching 13.11 lakh tons. This surge underscores the integral role of hexane in supporting the edible oil production boom.

– Industry Pioneers

Leading the charge in the hexane market are major companies such as Exxon Mobil Corporation, China Petroleum & Chemical Corporation (Sinopec Corp), Chevron Corporation, and many more. These industry giants play a significant role in meeting the escalating demand for hexane, particularly in edible oil extraction processes.

Strategic Collaborations and Innovations Redefining the Landscape

– Partnerships Driving Innovation

Strategic partnerships and collaborations have emerged as key trends reshaping the hexane market. Notably, SIBUR, a Russian petrochemicals company, collaborated with Technip Energies, a French engineering and technology company. This collaboration aimed to license specialized technology for producing hexene-1 from ethylene, paving the way for advanced polyethylene grades.

– ExxonMobil’s Visionary Partnership

In October 2023, Exxon Mobil Corporation entered a strategic partnership with Pioneer Natural Resources Company. This collaboration focuses on expanding unconventional resource production, aiming to create the industry’s top undeveloped U.S. unconventional inventory. The partnership combines Pioneer’s extensive net acres in the Midland Basin with ExxonMobil’s substantial net acres in the Delaware and Midland Basins.

Market Segmentation Insights

The hexane market is segmented based on:

1. Type:
   • N-Hexane
   • Isohexane
   • Neohexane
2. Grade:
   • Polymer Grade
   • Food Grade
   • Other Grades
3. Application:
   • Industrial Solvents
   • Edible Oil Extractant
   • Adhesives and Sealants
   • Paints and Coatings
   • Other Applications

Regional Dominance

In 2023, Asia-Pacific emerged as the largest region in the hexane market. This regional dominance is indicative of the global significance of hexane applications.

View More On The Hexane Market Report 2024 –
https://www.thebusinessresearchcompany.com/report/hexane-global-market-report

Request A Sample Of The Global Hexane Market Report 2024:
https://www.thebusinessresearchcompany.com/sample_request?id=5174&type=smp

The Hexane Global Market Report 2024  provides an in-depth analysis on the hexane market size, trends and drivers, opportunities, strategies, and companies analysis. 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, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Benzene-Petrochemicals Global Market Report 2024

Ethylene-Petrochemicals Global Market Report 2024

Industrial And Commercial Natural Gas Distribution Global Market Report 2024

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