Major players in the hexane market are Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, Sumitomo Chemical Co, Mil-Spec Industries Corp, GFS Chemicals, China Petroleum & Chemical Corporation (Sinopec Corp), Rompetrol S.
New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hexane Global Market Report 2021: COVID-19 Impact and Recovery" - https://www.reportlinker.com/p06130529/?utm_source=GNW
A., Junyuan Petroleum Group, AquaPhoenix Scientific, and Hindustan Petroleum Corporation Limited.
The global hexane market is expected to grow from $1.68 billion in 2020 to $1.73 billion in 2021 at a compound annual growth rate (CAGR) of 2.7%. The growth is mainly due to the increasing production of edible oil, prevailing use in rubber and petrochemical industry, rising demand for hexanes for various consumer products including glues, gasoline, rising purchasing power of consumers and favourable government initiatives. The market is expected to reach $2.18 billion in 2025 at a CAGR of 6%.
The hexane market consists of sales of hexane by entities (organizations, sole traders, and partnerships) that are engaged in the production of hexane.Hexane is a colorless, flammable liquid that is used as a solvent and is created from the distillation of petroleum.
It is commonly used as a non-polar solvent that is very volatile, inexpensive, generally safe, and easily evaporated.
The main types of hexane are n-hexane, isohexane, and neohexene.N-hexane is a highly combustible chemical derived from crude oil and it is a colorless liquid with a mildly unpleasant odor.
Isohexane is a highly flammable chemical derived from the fractional distillation of petroleum and it is colourless and odourless liquid.Neohexene is the colorless liquid organic compound with mild sweet odor.
The different grades include polymer grade, food grade, other grades and are used in industrial solvents, edible oil extractant, adhesives and sealants, paints and coatings, others.
Asia Pacific was the largest region in the hexane market in 2020.North America was the second-largest market in the hexane market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increasing investments are shaping the hexane market in recent times.Major companies operating in the hexane sector are focused on investments to improve energy efficiency and minimize the environmental effect.
For instance, in July 2019, Rompetrol Rafinare, a Romania-based company primarily engaged in the operation of refineries invested roughly $2 million in the refurbishment of its smaller refinery Vega in Ploiesti.The company will spend an additional $10 million to lessen the refinery’s impact on the surrounding area.
The refinery upgrades include the installation of a new steam boiler which was purchased at the end of 2018. Simultaneously, an estimated $10 million will be devoted to environmental compliance initiatives, which will have a direct influence on decreasing the refinery’s effect on its neighbors and the environment.
In August 2019, ExxonMobil, a US-based natural gas company collaborated with JL Goor Materials Ltd for an undisclosed amount.Through this collaboration, JL Goor materials distribute hexane-based rotational molding resins in Ireland and Great Britain.
JL Goor Materials Ltd is an Ireland-based company that distributes polymer products throughout Ireland.
The increasing production of edible oil is expected to drive the growth of the hexane market in the coming years.Edible oils are dietary fats that play an important role in the body by meeting nutritional demands, promoting growth, and ensuring the appropriate functioning of the brain and nervous system, as well as the endocrine system.
Hexane has been frequently employed for edible oil extraction due to its rapid oil recovery, narrow boiling point (63–69 °C), and strong solubilizing capability. For instance, according to the statista, the vegetable oil production in 2020/21, amounted to some 209.14 million metric tons worldwide. Indonesia is the major provider, accounting for 24% of global output with 47 million tonnes produced in 2020. To match its annual consumption requirement of roughly 22 million tonnes India purchases roughly 15 million tonnes of edible oils each year (almost 68%). Therefore, the increasing production of edible oil propels the growth of the hexane market.
The countries covered in the hexane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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