The global hexane market was valued at approximately $2.0 billion in 2019 and it is expected to grow with a growth rate of more than 3.0% during the forecast period of 2020 to 2027.
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Rising awareness about the health impact of refined oil among customers is a major factor fueling the growth of the global hexane market. Furthermore, hexane has some excellent properties which boost the growth of this global market such as low water solubility, and transparency. However, volatility in prices of natural gas and crude oil, and government strict rules and regulations to limit the use of harmful contaminants are key factors expected to hamper the growth of the global hexane market during the forecast period.
The global hexane market segmented on the basis of grade, application, and region.
By grade, the global hexane market was sub-segmented into extraction and polymerization. By application, the global hexane market was sub-segmented into leather treatment, edible oil extraction, adhesive formulation, and industrial solvent.
By geographical region, the global hexane market is studied among North America (US, Canada, Mexico), Europe (Germany, France, Italy, Spain, UK, rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa, rest of LAMEA). Among which, Asia Pacific is expected to lead the global hexane market during the forecast period owing to growing demand for application used for extraction in this region. On the other hand, Europe is also expected to exhibit highest CAGR during the forecast period. This is attributed to growing rubber and adhesive industries, and increasing demand of footwear and leather by consumers in this region. Whereas, North America is expected to witness a moderate growth in the global market during the forecast period owing to high penetration and dwindling industrial production in this region.
Market Players in the Global Hexane Market
Major market player included in research study of the global hexane market are Hukill Chemical Corp., Scientific Solutions, Hydrite Chemical Co., Reagents LLC, Clear Chem Solutions Inc., Del Amo Chemical Co, Greenchem Industries, Dawn Scientific Inc., Capitol Scientific Inc., and Haviland Enterprises, Inc.
Hydrite Chemical Co. is a chemical provider; and was founded in 1929 and headquartered at Wisconsin, the United States. The company majorly deals in ferric chloride, diethylene glycol, calcium hydroxide, ammonium bisulfite, acetone, acetic acid, magnesium sulfate, methyl, potassium, sodium carbonate, tricalcium phosphate, and other related chemicals. The company unveiled the launch of its new Hydri-Maizcatalyzed bisulfite product line which is specifically designed for scrubber applications.
Haviland Enterprises, Inc. was founded in the year 1934 and headquartered at Michigan, the United States. It formulates, blends, packages, and distributes chemicals. The company offers industrial cleaners, anodizing, and electroplating products for the food, water treatment, automobile, pharmaceutical, and manufacturing industries. In March 2020, the company plans to produce its first batch of sanitizer and distribute it among 22 organizations including Milestone Child Development Center, Kent County Emergency Management, Holland Home, Faith Hospice at Trillium Woods, Clark Retirement Community, and so on for free.
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