Hexane Market Key Trends, Analysis, Segmentation and Forecast to 2023
Hexane Market is an unreactive, colorless, odorless, and relatively cost-effective solvent. It is insoluble in water and highly flammable. Hexane production is entirely dependent on crude oil availability. Since it is majorly produced by refining and reforming the crude oil. It has major applications in the formulation of glues and adhesives.
Hexane use is anticipated to increase owing to demand cleaning and degreasing solvent during the forecast period. Furthermore, Rapid Urbanization coupled with increasing disposable income in emerging economies is predicted to propel the growth of the market during the assessment period 2017-2023.
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Hexane Market is used as a formulation in leather goods manufacturing and which is likely to witness a faster growth. It is anticipated to drive the hexane market, and this can be attributed to the rising aspirations of young consumers across the globe and their strong interest in self-grooming and be trendy. However, implementation of strict regulations by various government bodies has restricted the use of toxic contaminants used in the extraction of cooking oils, which is expected to hamper market growth.
some of the prominent market factors and trends identified in the global hexane market include rapidly increasing food processing industries owing to increasing food supply, demand for leather products, and increasing expenditure on research activities. Moreover, demand for hexane is predicted to witness a significant growth over the assessment period due to surging oil & gas industry.
Key Players and Competition Analysis
Some of the prominent players operating in the global hexane market are Royal Dutch Shell plc (the Netherlands), Phillips 66 Company (U.S.), Exxon Mobil Corporation (U.S.), Bharat Petroleum Corporation Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Liaoyang Yufeng Chemical Co., Ltd. (China), China Petroleum & Chemical Corporation (China), Chevron Phillips Chemical Company (U.S.), Rompetrol S.A. (Romania), and Junyuan Petroleum Group (China) among others.
Segmentation Analysis
The Global Hexane Market is categorized based on grade, application, and region. Based on the grade, the market is bifurcated into polymer and food. Based on the application, the hexane market is categorized into the formulation, oil extraction, cleaning agent, and others. Based on the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
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Regional Analysis
The global hexane market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. As of 2016, the U.S accounted for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow at a moderate CAGR due to growing production of crude oil.
Asia Pacific is predicted to grow at the highest CAGR during the review period on account of expanding food processing industry. The demand for hexane is predicted to surge in numerous countries of the Asia Pacific region such as China, India, Indonesia, and Thailand due to an increased supplement of cooking oils.
Browse the market data and information spread across 137 pages with 33 data tables and 12 figures of the report “Hexane Market Research Report - Forecast to 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/hexane-market-1057