The Europe Hexane Market would witness market growth of 3.1% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 157.85 Kilo Tonnes, showcasing a growth of 2.0% (2019-2022).
Hexane is used as a solvent in the pharmaceutical industry to produce drugs and pharmaceutical products. The pharmaceutical sector's continuous growth contributes to the demand for hexane in drug manufacturing processes. It often extracts active ingredients from medicinal plants, herbs, and botanicals. This is particularly relevant in producing herbal medicines and pharmaceutical products derived from natural sources. It is employed in purification processes to remove impurities and unwanted components from extracted substances. Purification is critical to ensure the safety and efficacy of pharmaceutical products. It is used as a solvent in the formulation of pharmaceutical drugs. It aids in dissolving and homogenizing various components to create drug formulations with specific characteristics.
It is particularly effective in extracting lipids and oils, which are essential in formulating certain drugs. This is relevant in the production of lipid-based drug delivery systems. The growing interest in biopharmaceuticals and lipid-based drug delivery systems increases the demand for hexane in the extraction and formulation processes. It is known for its low residue levels, making it suitable for use in pharmaceutical processes where residual solvents must be minimized. This aligns with the pharmaceutical industry's focus on product safety. Consumers increasingly seek products that are produced using sustainable and environmentally friendly practices. Green extraction methods, which reduce the reliance on traditional solvents like hexane, meet consumer preferences.
According to the UK Government, with its highly linked supply chains and substantial demand for UK-built cars throughout the region, the European region has benefited the U.K. automotive sector with its varied products, encompassing volume, premium, and niche vehicles. It is utilized in spray coating applications in the UK, ensuring even distribution and adhesion of coatings on surfaces. The demand for high-quality spray coatings in various industries contributes to using hexane in the UK. Its solvency power makes it effective for cleaning surfaces and removing contaminants, contributing to its use in various industrial cleaning processes in the UK. It is used in the UK's flexographic and gravure printing processes, ensuring the flow and adhesion of inks onto different substrates. It is often used in the formulation of adhesives for bonding and sealing rubber components in tire manufacturing in the UK. This contributes to the structural integrity and performance of tires.
The Germany market dominated the Europe Hexane Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $140.7 million by 2030. The UK market is exhibiting a CAGR of 2.7% during (2023 - 2030). Additionally, The France market would experience a CAGR of 3.6% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Hexane Market will Hit $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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