The Asia Pacific Hexane Market would witness market growth of 3.5% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 429.54 Kilo Tonnes, showcasing a growth of 2.3% (2019-2022).
Hexane uses are as diverse as the industries it serves. In the realm of agriculture, it plays a pivotal role in the extraction of vegetable oils, ensuring a cost-effective and efficient process. The ability of hexane to dissolve non-polar compounds makes it an invaluable tool in producing high-quality oils, meeting the demands of a growing population for nutritious and sustainable food sources. In industrial applications, it is used in the formulation of adhesives, sealants, and coatings. Its rapid evaporation rate makes it an ideal solvent for processes requiring quick drying, enhancing overall efficiency in manufacturing operations. The electronics industry leverages it for cleaning and decreasing electronic components, ensuring the reliability and performance of electronic devices.
Its broad spectrum of applications underscores its significance in modern industrial processes. Primarily used as a solvent, it is vital in extracting vegetable oils, such as soybean and canola oil. Its low boiling point and excellent solvent properties make it an ideal candidate for the de-waxing and de-greasing of various products, ranging from textiles to electronic components. The petrochemical industry relies heavily on it to extract aromatics from refinery streams, producing essential chemicals like benzene and toluene. Its role extends to manufacturing adhesives, rubber cement, and various glues, where its rapid evaporation and strong solvency make it a preferred choice.
The growth of the automotive industry in China, driven by urbanization and increased transportation needs, contributes to higher demand for it in the production of rubber-based products. The growth of urban fashion and textile demands in China leads to increase its usage in textile processing. As per the State Council of China, urbanization has accelerated rapidly throughout China in recent years, with the National Bureau of Statistics estimating that the rate increased to 64.72 percent last year. As of the end of 2022, 914 million people were living in cities, an increase of 12.05 million from 2021. All these factors will boost the regional market’s expansion in coming years.
The China market dominated the Asia Pacific Hexane Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $332.6 million by 2030. The Japan market is registering a CAGR of 3.2% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 3.8% during (2023 - 2030).
Based on Grade, the market is segmented into Extraction, Polymerization, and Others. Based on Application, the market is segmented into Industrial Solvent, Edible Oil Treatment, Adhesives Formulation, Leather Treatment, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Hexane Market is Predict to reach $2.6 Billion by 2030, at a CAGR of 3.3%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Exxon Mobil Corporation, Shell plc, Chevron Phillips Chemical Company LLC, Sumitomo Electric Industries, Ltd., China Petrochemical Corporation (Sinopec Group), TotalEnergies SE, Indian Oil Corporation Ltd., Honeywell International, Inc., Arham Petrochem Private Limited, and Spectrum Chemical Mfg. Corp (Spectrum Laboratory Products, Inc.)
By Grade (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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