Demand from developing Asian countries accounting for significant revenue sales.
“Global n-Hexane market size will reach a value of US$ 1.856 Bn by the end of 2024, predominantly driven by soaring consumption in edible oil industry.”
- Persistence Market Research
“Budding Consumer Preference for Refined Edible Oil to Primarily Drive N-Hexane Market”
According to a recent report by Persistence Market Research, the global market for n-Hexane will witness a moderate growth rate over the next eight years. Over 2016-2024, the market will possibly expand at a CAGR of 5.7%. Shooting demand for refined oil will remain the top driver to market growth, secondarily driven by several other end-user applications.
N-Hexane continues to gain substantial traction in the edible oil industry.
While oil extraction, polymerization, and pharmaceuticals are the key consumers of n-Hexane, oil extraction will reportedly remain the largest application, accounting for over 75% market value share in 2016. Its high-yielding capacity and effectiveness are likely to escalate the demand in near future. Consumption of n-Hexane by polymerization segment is expected to surpass 200 KT by 2016 end.
Oil extraction grade retains dominance over industrial grade n-Hexane.
In 2016, revenue sales of oil extraction grade n-Hexane can reach beyond US$ 600 Mn. In terms of consumption volume, the industrial grade n-Hexane can surpass 560 KT by 2016 end.
Asia Pacific continues to register maximum consumption of n-Hexane.
APAC, spearheaded by China, will remain dominant in terms of consumption of n-Hexane over 2016-2024. In terms of volume, this region will witness a 5% of CAGR. Being a mature market, North America will exhibit moderate growth through 2024. Europe may, however, move ahead at a graduate rate, following the economic slowdown that recently hit this region.
Key players targeting developing Asian markets to capitalize on scale economies.
Some of the most prominent companies operating in the global n-Hexane marketplace are Hindustan Petroleum Corp. Ltd., Liangxin petrochemical company, Sak Chaisidhi Company Limited, Chevron Philips Chemicals LLC, and Exxon Mobil Corporation. A few other notable key players include DHC Solvent Chemie GmbH, ndian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd., Royal Dutch Shell PLC., Dongying Liaoning Yufeng Chemical Co., Ltd., and Rompetrol Rafinare S.A.
Currently, leading companies are focusing on shifting key production bases in Asian countries chiefly owing to relatively lower production costs and abundance of cost-effective labor. This will remain a key strategy for enhanced presence and augmented revenue shares in the global market.
The information presented here is sourced from Persistence Market Research latest report TOC on the n-Hexane Market. A is available upon request.