N-Hexane Market Overview, Trends, Opportunities, Growth and Forecast by 2024

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The global n-hexane market has witnessed a steady growth over the past several years. This can be attributed to its diverse applications, growing population, rapid industrialization and growth in the end-use industries.

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The latest report by IMARC Group, titled "N-Hexane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023", finds that the global n-hexane market reached a volume of 2.64 Million Tons in 2017, exhibiting a CAGR of around 3% during 2010-2017. N-hexane is an aliphatic hydrocarbon which is present in petroleum, forming one of the main constituents of petroleum ether and naphtha. Also known as hexane and hexyl hydride, it is a clear colourless liquid with an odour similar to that of petroleum. Majority of n-hexane is obtained from petroleum mixtures through controlled fractional distillation and other refinery-based processes. Owing to its distinct properties, it is used as an organic solvent in the extraction of cooking oils, such as soybean, cottonseed, rapeseed, etc., and other applications such as in the production of rubber, pharmaceutical, perfume, footwear, leather, textiles, furniture and painting.

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Highlights of the global n-hexane market:

Growing demand for refined oils remains the key growth-inducing factor.

Edible oil extraction is the largest end-use segment.

Asia-Pacific represents the largest region.

N-hexane is one of the primary solvents used in vegetable oil extraction. The market is largely driven by the rapidly growing demand for refined oils on account of population growth, increasing disposable income and health consciousness, particularly in the developing regions. Additionally, growing population has also resulted in a huge demand for industrial and chemical products made using n-hexane such as leather, paint, polypropylene, rubber, etc. Moreover, aging population, changing lifestyle and rising number of chronic diseases has boosted the pharmaceutical industry, which has further augmented the demand for n-hexane globally. Despite these factors, the market is restrained by the volatile nature of n-hexane which can lead to several problems; fluctuations in the prices of raw materials; and rising environmental concerns. According to the report, the market is expected to reach a volume of 3 Million Tons by 2023.

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Insights on Market Segmentation:

End-use:


1. Edible oil extraction

2. Healthcare

3. Industrial solvents

4. Adhesive formulation

Region:

1. Asia Pacific

2. Europe

3. North America

4. Middle East and Africa

5. Latin Americastats
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