The North America Hexane Market would witness market growth of 2.9% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 289.13 Kilo Tonnes, showcasing a growth of 1.8% (2019-2022).
Hexane (n-hexane) is an organic compound derived from crude oil and natural gas using various catalytic and thermal cracking processes. It is both an anthropogenic and a naturally occurring chemical. The adoption of hexane has witnessed a steady rise across industries, driven by its unique chemical properties and versatility. In the agro-processing sector, hexane extraction has become the method for obtaining edible oils from seeds and fruits. The food industry has embraced hexane for its efficiency in oil extraction, ensuring the final product's high yield and purity.
The automotive and electronics industries have also integrated hexane into their manufacturing processes. It is a key ingredient in producing automotive adhesives and sealants, providing the necessary properties for robust bonding. Hexane's role in cleaning and degreasing electronic components in electronics produces high-quality devices. Furthermore, it is adopted in the cosmetic and personal care industry, where it is utilized to extract essential oils for perfumes and formulate beauty products. The pharmaceutical sector's reliance on hexane as a solvent for drug production has further fueled its adoption.
As per the International Trade Administration (ITA), in the first half of 2022, the Canadian cosmetics industry was the fastest-growing industry in the country. In 2022, Canada's personal care and beauty sector earned around $11 billion in revenue. The use of hexane in compliance with green extraction methods supports the development of personal care products that cater to environmentally conscious consumers in Canada. Personal care products, including perfumes and scented lotions, benefit from hexane's role in obtaining essential fragrance components in Canada. Using hexane ensures a consistent extraction of fragrance components, contributing to the standardized scent profiles in personal care products in Canada. Also, ITA estimates by 2024, cosmetic industry revenue is anticipated to increase by 1.45% yearly to USD 1.8 billion. Due to these aspects, the market will expand across the North America region in upcoming years.
The US market dominated the North America Hexane Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $509.4 million by 2030. The Canada market is experiencing a CAGR of 3.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 3.9% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The 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)
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 