n-Hexane is a chemical compound which is produced from crude oil and is used with solvents across various industry. It is widely used to extract vegetable oils from crops such as soybeans. Moreover, they are also used as cleaning agents across textile, printing, furniture, and shoemaking industries. n-Hexane is used in the production of glues that are used in the roofing, leather, and shoe making industries. Moreover, it is also present in gasoline and its exposure can lead to difficulty in breathing problems. n-Hexane has exceptional performance because of its properties such as low water solubility and easy miscibility with alcohol, chloroform, and ether and transparency. It is also used across rubber and petrochemical industry due to its ability to remove unwanted taste, undesirable food property, and color preservation.
The global n-Hexane market is estimated to account for around US$ 1,321.0 million in terms of value in the year 2018 and it predicted to grow at a CAGR of 5.8% during the forecast period (2019-2027)
Growth in the textile industry is expected to accelerate the market growth of n-Hexane. It is used as a solvent in the textile industry. According to the India Brand Equity Foundation, India's overall textile exports during 2017-2018 stood at US$ 39.2 billion in 2018 and is expected to increase to US$ 82.00 billion by 2021. Therefore, growth in the textile industry is expected to accelerate the market growth over the forecast period.
Expanding chemical industry in the Asia Pacific region is expected to create lucrative growth opportunities in the near future. According to the India Brand Equity Foundation, the total exports of dyes and dye intermediates, organic and inorganic chemicals, including agrochemicals, cosmetics and toiletries, essential oils and castor oil, stood at US$ 19.09 billion during the year 2018-2019 and stood at US$ 11.06 billion during April-October 2019.
Shifting consumer preferences from refined oil to cold-pressed oil and it is a natural way to produce oil which does not contain preservatives and solvent residues. This is expected to hinder the market growth. Moreover, the availability of substitute such as Isohexane, a hexane isomer is used across a few oilseed extraction applications owing to the hazardous nature of n-Hexane. This is projected to hamper market growth.
On the basis of the grade, oil extraction segment dominated the global n-Hexane market in 2018 with a 57.2% of market share in terms of value, followed by industrial and pharmaceutical.
Growth in the paint &coatings industry is expected to accelerate the market growth over the forecast period. Growing production of paints and coatings due to expanding construction industry is a major factor propelling the demand for n-Hexane this, in turn, is accelerating the market growth of n-Hexane over the forecast timeframe.
Rapid industrialization and urbanization coupled with the expanding healthcare facility around the globe are expected to foster the market growth n-Hexane. Rising demand for leather and rubber products is also expected to accelerate the market growth of n-Hexane. All these factors are projected to fuel market growth over the forecast period.
Key players operating in the global n-Hexane market are ExxonMobil Corporation, Royal Dutch Shell PLC, Indian Oil Corp. Ltd., Chevron, Phillips Chemical Company LLC, Bharat Petroleum Corp. Ltd., Rompetrol Rafinare S.A., Hindustan Petroleum Corporation Limited, Dongying Liangxin petrochemical company, Liaoning Yufeng Chemical Co., Ltd., DHC Solvent Chemie GmbH, and Sak Chaisidhi Company Limited