Hexane Market: Key Highlights
·
Global
demand for hexane has increased considerably over the last few years. This
trend is expected to continue during the forecast period owing to the rise in
demand for edible oil. Hexane is used as solvent in the extraction of edible
oil from seeds and vegetable crops such as soybean, groundnut, corn, palm, and
rapeseed. It helps remove unfavorable taste from oil and obtain higher yield.
·
India is
the second-largest consumer of vegetable oil in the world. The per capita
vegetable oil consumption in India has been rising at a rate of ~3% p.a.
and is expected to reach up to 15 kilo grams by 2028.
Growth in the consumption of vegetable oil is driving oil production in the
country.
·
In terms
of demand, Asia Pacific led the global hexane market in 2018. This trend is
anticipated to continue between 2019 and 2027. The
oil extraction application segment in Asia Pacific is projected to expand at a
CAGR of 4.5% during the forecast period.
·
The
industrial cleaning & degreasing application segment has been expanding
since the last few years, due to the increase in demand for industrial cleaning
& degreasing products. Hexane is increasing being used as a solvent in
various industries.
·
Demand
for hexane in China is projected to rise at a CAGR of ~5% between 2019 and 2027.
China is a leading manufacturer and consumer of hexane in Asia Pacific, due to
the easy availability of raw materials such as crude oil, natural gas, and
petroleum at low prices. Demand for oil extraction/food grade hexane is
estimated to rise significantly in the country in the near future.
Hexane Market: Key Drivers and Opportunities
·
Hexane is
largely used for the extraction of edible oils from vegetables and seeds such
as mustard seed, cottonseed, rapeseed, flax, groundnut, soybean, corn germ,
safflower seed, and palm
·
Growth in
population, rise in disposable income, and improvement in standard of living
are key factors driving the demand for edible oil in developing countries such
as China, Brazil, and India. Increase in the number of retail outlets and
expansion of the food processing sector are also boosting the demand for edible
oil across the globe. This, in turn, is projected to drive the production of
edible oil across the world in the near future. Thus, increase in demand for
hexane in the oil extraction process is likely to augment the global hexane
market during the forecast period.
·
Hexane is
used as a solvent in paints and coatings for dissolving of pigments, additives,
and binders. Solvents control paint viscosity and enhance film quality.
Around 50% of solvents are employed in the manufacturing of
paints, coatings, and printing inks. Rise in demand for printing inks, paints,
and coatings is expected to propel the demand for solvents in the near future.
This, in turn, is projected to drive the global hexane market during the forecast
period.
·
Major
players operating in the global hexane market include Royal Dutch Shell
plc., Exxon Mobil Corporation, Phillips 66, Sumitomo Chemical Co. Ltd.,
Rompetrol Rafinare, and Petroleo Brasileiro SA. These companies
are expanding their presence in Asia Pacific in order to tap immense
opportunities in the region.
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Asia Pacific to be Highly Lucrative Region of
Hexane Market
·
In terms
of value, Asia Pacific constituted a major share of more than 49% of
the global hexane market in 2018
·
Expansion
in the edible oil industry and rise in demand for industrial solvents are major
factors anticipated to drive the hexane market in Asia Pacific during the
forecast period
·
Increase
in awareness about the environment and implementation of stringent government
regulations regarding workplace safety and discharge of industrial effluents
are key factors hampering the global hexane market
·
The
market in Asia Pacific is anticipated to expand at a rapid CAGR during the
forecast period. The hexane market in the region is driven by the rise in
demand from China, India, and ASEAN, owing to the increase in consumption of
edible oil and rapid industrialization in these regions
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Hexane Market: Key Developments
·
In July
2019, Romania's Rompetrol Rafinare announced plans to invest US$
1.9 Mn to upgrade its steam plant in the Vega oil refinery, Ploiesti.
The company aims to increase the energy efficiency of the refinery and boost
the yield from 91% to 96% through the
upgrade. The upgrade includes installation of a new steam boiler.
·
In November
2018, BPCL’s Kochi refinery in Kerala, India, started the production
of food grade quality hexane (FGQH) with annual capacity of 5,000 tons. The
move was intended to cater to domestic customers and become self-sufficient in
hexane production. The company also started the production of polymer grade
hexane in 2018.
·
In 2018,
Bharat Petroleum Corporation Ltd signed an agreement with M/s. GTC Technology,
U.S., to jointly produce and patent hexane products
·
In 2018, Indian
Oil Corporation Ltd announced plans to invest around US$ 3.3 Bn to
expand its crude oil processing plant to increase the production capacity of
its Koyali refinery at Vadodara, India, by 2022. The expansion
is expected to improve the energy performance of the refinery. It is also
likely to help meet the rising domestic demand for finished products.
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Competition Landscape
·
Major
manufacturers in the hexane market include Royal Dutch Shell plc., Exxon Mobil Corporation, Phillips 66, Sumitomo
Chemical Co. Ltd., Rompetrol Rafinare, Petroleo Brasileiro SA, Hindustan
Petroleum Corporation Limited, Bharat Petroleum Corporation Ltd, China
Petroleum & Chemical Corporation (SINOPEC), Indian Oil Corporation Ltd,
Thai Oil Public Company Limited, Jun Yuan Petroleum Group, Beijing Yanshan
Jilian Petrochemical Co., Ltd., Jilin Beihua Fine Chemical Co., Ltd., and
Liaoning Yufeng Chemical Co., Ltd.
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