Jul 13, 2020 1:43 PM ET
iCrowd Newswire – Jul 13, 2020
Global Hexane Market is profiled in great detail in the latest research report from Market Research Future (MRFR), providing readers with a comprehensive overview of the market through its historical growth trajectory, present conditions, and future growth prospects. The historical stats of the hexane market are detailed in the report, in order to provide readers with a complete overview of the market’s historical growth trajectory. The historical stats provided in the report also give analysts a solid platform to base future projections about the market. Based on this platform, future projections for the Hexane Market’s Growth trajectory over the forecast period are provided in the report. The leading players in the global hexane market are also profiled in the report in order to give readers a comprehensive analysis of the leading players in the Global Hexane Market. The major drivers and restraints affecting the Global Hexane Market are also profiled in the report to provide readers a comprehensive overview of what’s making the market tick and what is holding the market back.
Hexane is a colorless, odorless solvent used in a wide range of applications. It possesses degreasing properties, which has led to a growing use of Hexane in cleaning and degreasing agents. It is also used as an extraction solvent in a wide range of applications, which has led to a growing demand for hexane. The increasing extraction of petroleum around the world has been a major driver for the Global Hexane Market, as hexane is obtained as a product of refining of petroleum. On the other hand, the increasing regulations put in place by governments on the use of toxic contaminants in food processing applications are likely to restrict the growth of the Global Hexane Market over the forecast period.
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The growing demand for leather products is likely to be a major driver for the Global Hexane Market over the forecast period. Hexane is used as a formulation in the processing of leather. Leather products have grown in demand over the last few years due to the growing demand from younger demographics, who see leather products as being “cool”. The increasing interest among younger demographics in being trendy and sporting cool accessories is likely to be a major driver for the leather market over the forecast period, thus driving the demand for hexane.
Leading Players in the Global Hexane Market include Junyuan Petroleum Group, Rompetrol SA, Chevron Phillips Chemical Company, China Petroleum & Chemical Corporation, Liaoyang Yufeng Chemical Co. Ltd., Sumitomo Chemical Co. Ltd., Bharat Petroleum Corporation Ltd., Exxon Mobil Corporation, Phillips 66 Company, and Royal Dutch Shell plc.
Global Hexane Market is segmented on the basis of Grade, Application and Region.
By Grade, Global Hexane Market is segmented into food grade and polymer grade hexane.
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By Application, Global Hexane Market is segmented into extraction solvent, formulation, cleaning agent, and others. The extraction solvent segment holds a dominant 43% share in the Global Hexane Market and is likely to remain the leading revenue generator over the forecast period. The use of Hexane in formulations is also likely to increase over the forecast period. The growing leather industry is likely to be a major driver for the Hexane Market in this respect.
Global Hexane Market is segmented by geography into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Asia Pacific holds the largest share in the Global Hexane Market. The expanding food processing industry in Asia Pacific is likely to be a major driver for the Global Hexane Market over the forecast period, due to the growing use of Hexane in cooking oils. Asia Pacific countries such as China, Indonesia, India, and Thailand are expected to emerge as major markets for hexane over the forecast period.
North America holds the second largest share in the Global Hexane Market, followed by Europe.
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