Global Hexane Market Report to Reach $3.1 Billion by 2027: Steady Demand from Edible Oils Market Drives Growth
The global hexane market is projected to reach USD 3.1 billion by 2027 from USD 2.4 billion in 2022, at a CAGR of 4.8%, during the forecast period. Hexane is a widely preferred chemical for oil extraction from the seeds and other oil producing fruits.
Oil extraction/food grade, by grade, is expected to be the largest segment during the forecast period by value
Food grade hexane is a non-volatile dearomatized fluid with extremely low volume of benzene content. It has petroleum odour and sediment-free characteristics. Food grade Hexane is majorly used as solvent in the solvent extraction units for vegetable oil.
Food grade hexane is an alternate to hydrogenation route preferred globally for removal of benzene and olefins from naphtha fractions. Thus, such factors are expected to propel growth of this segment.
Oil extraction, by application, is expected to be the largest segment during the forecast period by value
Food grade hexane is majorly used in the extraction of vegetable oil such as soybean oil, sunflower oil, and olive oil. Vegetable oil extraction process involves various stages such as cleaning, pressing, and solvent extraction. The increasing production of vegetable oil in countries including China and Japan is expected to fuel the growth of oil extraction application.
Asia-Pacific region, is expected to be the largest segment during the forecast period by value
China accounted for the largest market share in the region. China’s economy is growing at a significant pace along with the growth in urban population. The country is among the top consumers of fats and oils in the region, heavily inclined towards soybeans and palm oils. This further creates demand for hexane in the region.
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