The hexane market is projected to reach USD 3.1 billion by 2027 from USD 2.4 billion in 2022, at a CAGR of 4.8%, during the forecast period. Hexane is primarily used as a solvent in several key applications such as an essential oil thinner, binder in paints & coatings, chemical intermediate, cleaning agent, and in rubber polymerization to manufacture synthetic rubber.
China Petroleum & Chemical Corporation (China), Shell plc (UK), Exxon Mobil Corporation (US), Rompetrol-Rafinare (Romania), Junyuan Petroleum Group (China)are some of the key players operating in the hexane market. These players have adopted strategies such as acquisitions, partnerships, and expansions to enhance their business revenue and market share. Expansion of production units globally is a key strategy adopted by some of the players to cater to the increasing demand for hexane.
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Shell plc is one of the major players in the global hexane market. Shell plc, commonly known as Shell, is a vertically integrated company that is active in upstream, integrated gas, chemicals, and oil products. The company offers various grades of hexane as a part of its chemicals business segment. Along with hexane, the company provides high purity dearomatized hydrocarbon solvents, for instance, heptane. Shell is also involved in sulphur solutions and other energy-related businesses. Its manufacturing facilities are in Durban, Canada, Texas, China, Malaysia, Singapore, Germany, Netherlands, the UK, and Qatar. The company produces and markets the Shell Chemicals special boiling point (SBP) solvents for degreasing, varnishing, glues, and clothing across about 100 countries in regions, such as Europe, Americas, Middle East & Africa, and Asia Pacific.
Another important player in the global hexane market is China Petroleum & Chemical Corporation. China Petroleum & Chemical Corporation, commonly known as Sinopec Corp., is one of the leading energy and chemical firms in the world. It is a subsidiary of China Petrochemical Corporation. Principal businesses of the company include exploration, production, transportation, sales of petroleum, and natural gas. The company is also engaged in the production and sale of refinery products, petrochemicals, coal chemical products, synthetic fibre, and other chemical products. The company manufactures and markets hexane through its subsidiary, Sinopec Sichuan Hydrocarbon Solvents Co., Ltd. Along with hexane, this subsidiary offers heptane, octane, white spirit, isoalkanes, hydrocarbon cleaning solvents, and dearomatized hydrocarbon solvents, among other products. The subsidiary is in Sichuan, China. China Petrochemical Corporation has a strong distribution channel and markets its products to countries including Mainland China, and Singapore.
Hexane Market by Grade (Oil Extraction/Food, Pharmaceutical, and Industrial), Application (Oil Extraction, Pharmaceutical, Industrial Cleaning and Degreasing, Polymerization), and Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2027
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