The global hexane market is expected to reach USD 2.36 billion by 2024, according to a new report by Grand View Research, Inc. The growth of oil extraction industry is expected to remain a key factor driving the global hexane market over the forecast period.
Growing use of hexane across key end-use industries such as rubber and petrochemical is anticipated to boost the global market over the next eight years. It is extensively used as a special purpose solvent and as an oil extractant in industries such as printing, textiles, and leather.
Extraction emerged as the dominant grade owing to its wider applicability and demand from growing edible oil industry. The grade accounted for over 55% of the overall consumption in 2015. Edible oil demand has been witnessing significant growth for the past few years owing to increasing consumption of fried food.
Factors such as rising purchasing power of consumers along with evolving dietary habits have led to a shift in consumer preference towards consuming healthy edible oils. This is expected to drive the growth of the global edible oils market during the forecast period making edible oil extractant the dominant hexane application.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/hexane-market
Further key findings from the report suggest:
·
Polymerization grade is expected to witness
growth owing to the superior chemical and physical properties required in key
end-use industries such as waste water treatment
·
Edible oil treatment and industrial solvents
were the major applications of hexane and these segments collectively accounted
for over 70% of the overall volume in 2015.
·
Adhesive formulation application is expected to
be among the fastest growing segment owing to the increasing opportunities for
the market to expand as manufacturers seek enhanced performance requirements
for bonding application
·
Asia Pacific is expected to be the fastest
growing market for over the forecast period. Rapid industrialization and
urbanization, particularly in China, India, and South East Asian countries are
expected to drive the regional growth
·
Safer and cleaner substitutes are being made
available commercially for particular applications. For instance, water based
cleaners are expected to replace hexane and other related solvents in the auto
repair industry and other industries where precision cleaning is of utmost
importance
·
Industry competition is characterized by
production capacities of the companies. Forward integration along the value
chain provides companies with opportunities to increase their reach to customers
·
Key players operational in the global hexane
industry include Mil-Spec Industries Corp., Environmental Equipment &
Supply, GFS Chemicals, Inc. and Continental Chemical, City Chemical LLC.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/organic-chemicals-and-compounds
Grand View Research has segmented the hexane market on the basis grade,
application and region:Global Hexane Grade Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Polymerization
·
Extraction
·
Others
Global Hexane Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2014 - 2024)
·
Edible Oil Extractant
·
Industrial Solvent
·
Adhesive Formulation
·
Leather Treatment
·
Others
Global Hexane Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2014 - 2024)
·
North America
o
U.S.
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
India
o
Japan
·
Central & South America
o
Brazil
·
Middle East & Africa
o
Saudi Arabia
o
UAE
For press release of this report - http://www.grandviewresearch.com/press-release/global-hexane-market
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