ALBANY, N.Y., Oct. 22, 2020 /PRNewswire/ — Hexane is a mix of hydrocarbons with six carbon atoms and is very volatile. It is extremely reactive with oxidization materials such as liquid, chlorine, sodium hypochlorite, and concentrated oxygen. It is used as a solvent in the hydrocarbon polymerization process.
Hexane Market: Current and Future Growth Opportunities
The global hexane market is expected to grow at a rapid rate across the forecast period of 2019-2027 on the grounds of the overwhelming demand for industrial-grade hexane in various regions and the escalating growth throughout the food industry. Also, hexane use in other end-uses such as wastewater treatment, pre-metal treatment chemicals, tea-leaf processing, soaps and detergents, and others may bring notable growth prospects for the hexane market.
Considering all the factors associated with growth, the researchers at Transparency Market Research foresee the global hexane market to expand at a CAGR of ~4 percent during the assessment period of 2019-2027. The global hexane market is expected to reach a value of ~US$ 2.5 bn by 2027.
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A surge in the number of food processing companies and the rising influence of hexane usage in solvents used in the healthcare and pharmaceutical sector adds extra stars of growth to the hexane market. Furthermore, hexane’s widening applications in the petrochemical and rubber industries may further bring great growth opportunities for the hexane market.
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Hexane Market: Transparency Expert Diagnosis
The analysts at Transparency Market Research predict that the domination of countries like India and China will be intact in this forecast period as well. This is because of the escalating demand for diverse grades in North America and Asia Pacific. The analysts further advise the players in the hexane market to invest in research and development activities and pay attention to develop safe and effective products.
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Hexane Market: Major Findings
- On the basis of grade, the oil extraction/food was a major segment and constituted more than 49 percent of the global hexane market in 2018
- Industrial and pharmaceutical grade segments are expected to display significant growth between 2019 and 2027
- On the grounds of application, oil extraction was a highly profitable segment for the hexane market in 2018
- The oil extraction segment in Asia Pacific is expected to expand at a CAGR of 4.5 percent during the assessment period of 2019-2027
- The hexane demand in China is prognosticated to expand at a CAGR of ~5 percent from 2019 to 2027
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Hexane Market: Growth Accelerators
The hexane market may prominently gain extensive growth on the back of the rising applications across various end-uses.
- Hexane’s property to eliminate unfavorable taste from oil and assistance in obtaining a higher yield may bring tremendous growth opportunities
- N-hexane is used to a great extent across diverse industries, and hence, this factor may serve as a prominent growth booster
Hexane Market: Growth Restraints
The advent of alternatives, such as water-based cleaners, may dampen the hexane market’s growth greatly. This is because of the health dangers etched with hexane. The emergence of water-based cleaners as a safer substitute is restricting the growth of the hexane market. Therefore, the availability of safer alternatives could hinder the hexane market’s growth to a great extent.
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Global Hexane Market: Segmentation
- Oil Extraction/Food
- Oil Extraction
- Industrial Cleaning & Degreasing
- Others (including adhesives, solvents, and chemical intermediates)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Dimethyl Carbonate Market – In terms of value, the global dimethyl carbonate market is anticipated to expand at a CAGR of ~5% from 2020 to 2030. Dimethyl carbonate is primarily used as an intermediate in the manufacture of polycarbonates. Moreover, application of dimethyl carbonate lies in its usage in the manufacture of solvents such as paints & coatings, adhesives, and cleaning agents as well as alternative fuel additives. Additionally, the battery segment is estimated to witness lucrative opportunities during the forecast period, owing to growth of the global automotive industry.
Glycolic Acid Market – The global glycolic acid market was valued at ~US$ 285 Mn in 2018 and is anticipated to expand at a CAGR of ~7% during the forecast period. Rising use of skin care and hair care products across the globe is the primary factor projected to drive the global glycolic acid market during the forecast period. Additionally, increase in usage of glycolic acid for industrial and household cleaning purposes, due to rise in awareness about hygiene is anticipated to drive the global glycolic acid market during the forecast period.
Cyclohexane Market – The cyclohexane market was primarily driven by the increasing demand for adipic acid and caprolactum, which are key elements for manufacturing Nylon-6,6 and nylon 6, respectively. These fibers are majorly employed in the automotive and textile industries. Developing countries such as Saudi Arabia, India, and China are witnessing an increased investment and significant rise in demand for nylon-6,6. This, in turn, is likely to offer a considerable opportunity for the cyclohexane market. However, volatile raw material prices are likely to hamper the expansion of the market, as most of these materials are downstream products of petrochemicals. Depletion of non-renewable resources and stringent regulations on VOC-emitting compounds have encouraged various researchers as well as manufacturers to opt for bio-based raw materials for the production of cyclohexane, which is projected to further provide substantial opportunities for manufacturers in the near future.
Methylcyclohexane Market – Methylcyclohexane, saturated hydrocarbon, is an organic compound with the molecular formula CH3C6H11. It is a colorless liquid with a faint petroleum-like odor. Hydrogenation of toluene results in the formation of methylcyclohexane. It is chemically stable, possesses non-toxic characteristic, and is more environmental friendly than toluene. Hazardous solvents such as toluene and tri-chloro ethane are widely being replaced by methylcyclohexane in various applications. Methylcyclohexane is used as a dye solvent in optical disc manufacturing, solvent for adhesives, paints, and inks. It is extensively employed as a green solvent in the adhesive industry. Other industrial applications include laboratory chemicals, machinery manufacturing and repair, rubber manufacturing, and nylon production. Rise in demand for automobiles, consumer electronics, etc., is likely to drive the methylcyclohexane market.
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