Hexane Market Research Report - Forecast to 2023
Global Hexane Market Information by Grade (Polymer, Food Grade, and Others), Application (Formulation, Oil Extraction, Cleaning Agent and Others), and Region- Forecast Till 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. Furthermore, it acts as a solvent extraction agent due to its immiscible properties in many industries. Moreover, demand for hexane is predicted to witness a significant growth over the assessment period due to surging oil & gas industry. Rising crude oil production across the globe is anticipated to be an important driver on the basis of gap reduction of hexane raw material requirement during the review period. Hexane is used as a formulation in leather goods manufacturing and which is likely to witness a faster growth. 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. 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.
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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). The Global Hexane Market is categorized on the basis of grade, application, and region. On the basis of the grade, the market is bifurcated into polymer and food. On the basis of the application, the hexane market is categorized into the formulation, oil extraction, cleaning agent, and others. On the basis of the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. 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. Moreover, the presence of tremendous oil & gas reserves in this region is predicted to reduce the demand gap for hexane raw materials. 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.
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