Hexane Market Size (2024 - 2029)

The hexane market is anticipated to experience growth over the forecast period, driven by increasing demand in edible oil extraction and petrochemical industries. Despite the negative impact of the COVID-19 pandemic on industrial activities and supply chains, the market has rebounded due to rising sales of edible oils. The availability of safer alternatives like cyclohexane and the emerging use of hexane in the paint and coatings industry are expected to further contribute to market expansion. The Asia-Pacific region is projected to dominate the market share, fueled by the growing consumption of edible oils in countries such as China, India, and Japan.

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Market Size of Hexane Industry

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Hexane Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 2.24 Billion
Market Size (2029) USD 2.80 Billion
CAGR (2024 - 2029) 4.57 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Hexane Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Hexane Market Analysis

The Hexane Market size is estimated at USD 2.24 billion in 2024, and is expected to reach USD 2.80 billion by 2029, growing at a CAGR of 4.57% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted the market in 2020, primarily due to reduced industrial activities and disruptions in the supply chain. However, since 2021, rising sales of edible oils have propelled the demand for hexane after the pandemic.

• Over the short term, the increasing demand for edible oil extraction and growing demand from petrochemical industries is expected to drive the market's growth during the forecast period.

• The availability of safer alternatives for oil extraction, such as cyclohexane, is expected to spur market growth during the forecast period.

• The emerging application of hexane in the paint and coatings industry as a solvent is expected to offer new growth opportunities during the coming years.

• During the forecast period, Asia-Pacific is expected to have the largest market share and the highest CAGR. The surging consumption of edible oils, especially in China, India, and Japan, is projected to drive regional market growth.

Hexane Industry Segmentation

Hexane is a volatile organic compound containing six carbon atoms with the formula C6H14, mainly produced from crude oil refining. It is found to have a major application in the extraction of edible oil.

The hexane market is segmented by type, grade, application, and geography. In terms of type, it is segmented into n-hexane, isohexane, and neohexane. By grade, the market is segmented into polymer grade, food grade, and other grades. In terms of application, the hexane market is segmented into industrial solvents, edible oil extractants, cleansing and degreasing, and other applications (including thermometric fluid, agricultural chemicals, additive fuel, and adhesives and sealants). The report also covers the market size and forecasts in 27 countries across major regions. For each segment, market sizing and forecasts were made on the basis of revenue (USD).

By Type
n-Hexane
Isohexane
Neohexane
By Grade
Polymer Grade
Food Grade
Other Grades
By Application
Industrial Solvents
Edible Oil Extractant
Cleansing and Degreasing
Other Applications ( Thermometric Fluid, Agricultural Chemicals, Additive Fuel, and Adhesives and Sealants)
By Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
NORDIC
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle East and Africa
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Hexane Market Size Summary

The hexane market is poised for steady growth over the forecast period, driven by its increasing application in edible oil extraction and the petrochemical industry. The market experienced a downturn during the COVID-19 pandemic due to reduced industrial activities and supply chain disruptions. However, the demand for hexane has rebounded, particularly in the edible oil sector, where it is favored for its efficiency in extracting oil from various seeds and vegetable crops. The market is also witnessing new opportunities in the paint and coatings industry, where hexane is used as a solvent. Despite the availability of safer alternatives like cyclohexane, hexane remains a critical component in these industries, contributing to its sustained demand.

The Asia-Pacific region is expected to dominate the hexane market, supported by its status as a major producer and consumer of vegetable oils. Countries such as China, India, and Japan are significant players in the edible oil market, which bolsters the demand for hexane. The region's robust manufacturing base, particularly in the automotive sector, further enhances the market's growth prospects. The hexane market is partially consolidated, with major companies like Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, and China Petrochemical Corporation playing pivotal roles. These factors, combined with strategic mergers and acquisitions, are likely to shape the market dynamics in the coming years.

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Hexane Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from Petrochemical Industries

      2. 1.1.2 Increasing Demand for Edible Oil Extraction

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Availability of Safer Alternatives for Oil Extraction

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 By Type

      1. 2.1.1 n-Hexane

      2. 2.1.2 Isohexane

      3. 2.1.3 Neohexane

    2. 2.2 By Grade

      1. 2.2.1 Polymer Grade

      2. 2.2.2 Food Grade

      3. 2.2.3 Other Grades

    3. 2.3 By Application

      1. 2.3.1 Industrial Solvents

      2. 2.3.2 Edible Oil Extractant

      3. 2.3.3 Cleansing and Degreasing

      4. 2.3.4 Other Applications ( Thermometric Fluid, Agricultural Chemicals, Additive Fuel, and Adhesives and Sealants)

    4. 2.4 By Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Malaysia

        6. 2.4.1.6 Thailand

        7. 2.4.1.7 Indonesia

        8. 2.4.1.8 Vietnam

        9. 2.4.1.9 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 Italy

        4. 2.4.3.4 France

        5. 2.4.3.5 Spain

        6. 2.4.3.6 NORDIC

        7. 2.4.3.7 Turkey

        8. 2.4.3.8 Russia

        9. 2.4.3.9 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Colombia

        4. 2.4.4.4 Rest of South America

      5. 2.4.5 Middle East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Nigeria

        4. 2.4.5.4 Qatar

        5. 2.4.5.5 Egypt

        6. 2.4.5.6 United Arab Emirates

        7. 2.4.5.7 Rest of Middle East and Africa

Hexane Market Size FAQs

The Hexane Market size is expected to reach USD 2.24 billion in 2024 and grow at a CAGR of 4.57% to reach USD 2.80 billion by 2029.

In 2024, the Hexane Market size is expected to reach USD 2.24 billion.

Hexane Market Report Snapshots

Hexane Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)