The global hexane market size was estimated at USD 2.17 billion in 2022 and is projected to reach USD 2.87 billion by 2030, expanding at a CAGR of 3.5% from 2023 to 2030. This growth is primarily attributed to the widening application scope of hexane and the increasing demand from the oil & gas extraction sector.

Key Market Trends & Insights

The Asia Pacific region dominated the global industry, accounting for the largest revenue share of 40.8% in 2022. North America is also expected to witness steady expansion, registering a CAGR of 3.5% during the forecast period.

By application, the industrial solvent segment held the largest revenue share of 36.0% in 2022, owing to its widespread use in multiple manufacturing processes. On the basis of grade, the extraction segment accounted for 56.4% of the revenue share in 2022, highlighting its extensive adoption in edible oil processing.

Market Size & Forecast

  • 2022 Market Size: USD 2.17 Billion
  • 2030 Market Size Projection: USD 2.87 Billion
  • CAGR (2023–2030): 3.5%
  • Asia Pacific: Largest regional market in 2022

Hexane is favored due to its excellent performance characteristics including transparency, low water solubility, and high miscibility with solvents such as chloroform, alcohol, and ether. These attributes continue to support its rising adoption across petrochemical, rubber, and food industries. In edible oil production, hexane helps remove unwanted taste, preserve color, and eliminate undesirable properties, strengthening its demand in food-grade applications.

A major use of hexane-based solvents is in vegetable oil extraction, especially from soybeans and other oilseed crops including mustard, cottonseed, rapeseed, peanuts, flax, corn germ, and safflower. Beyond edible oil refining, it is increasingly utilized as a cleaning and degreasing agent in textile, printing, shoemaking, and furniture manufacturing.

In the healthcare and pharmaceutical sectors, hexane serves as a liquid medium in tablet mold production and low-temperature thermometers, contributing to market growth. Within the furniture segment, it is used in adhesives, lacquers, and cleaners for veneer applications.

Hexane—also known as n-hexane—is derived from crude oil and natural gas through catalytic and thermal cracking. As a result, fluctuations in crude oil and natural gas prices have a direct impact on its market pricing. Global oil price dynamics continue to depend on the supply-demand balance, geopolitical conditions, macroeconomic fluctuations, financial market stability, and currency exchange rates.

Its role as a special-purpose solvent in industries such as printing, edible oil processing, textiles, leather, paints, laboratories, petrochemicals, and rubber underpins its consistent global demand. Growing usage in these application areas is expected to drive the market steadily through 2030.

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Key Companies & Market Share Insights

The global hexane industry is moderately consolidated, with a limited number of major participants focusing on production capacity expansions and new product developments to enhance their market presence.

Key Hexane Companies:

  • Exxon Mobil Corporation
  • Shell Chemicals
  • Chevron Phillips Chemical Company LLC
  • Bharat Petroleum Corporation Limited
  • Sumitomo Chemical Co., Ltd.
  • GFS Chemicals, Inc.
  • China Petroleum & Chemical Corporation
  • Junyuan Petroleum
  • Idemitsu Kosan Co., Ltd.
  • TotalEnergies

Conclusion

The global hexane market is set for stable growth through 2030, fueled by its expanding application in edible oil extraction, petrochemicals, pharmaceuticals, and industrial cleaning sectors. Its functional advantages and growing industrial utility continue to underpin demand, particularly across Asia Pacific and North America. Despite the influence of crude oil price volatility, the market is expected to maintain steady momentum driven by technological advancements, rising consumption in emerging economies, and capacity expansions by leading manufacturers.

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