H1 2023: During H1 2023, the key market players in terms of producing Hexene were Chevron Phillips Chemical, SASOL, and INEOS. Geographically, Asia Pacific was leading in terms of consuming Hexene in H1 2023. Hexene market sentiments in the Chinese domestic region were mixed during H1 2023. As market activity picked up after the Lunar New Year, there was high demand of Hexene in the market in the near end of January 2023. This was due to the rise in demand from downstream businesses and increased strain on logistics, which caused the hexene prices to rise. The prices continued to rise in February 2023 due to rise in demand from the downstream polymer industry as well as a recovery in economic and commercial activity resulted in a balance between supply and demand dynamics in China. Due to growing market competition among the market's major players in March 2023, market prices rose in China in March 2023. Hexene market prices in China began to fall in May 2023 as a result of lower demand from downstream industry. On the other hand, in the US market, Hexene prices witnessed fluctuations. Prices decreased in January 2023 as a result of poor consumption by the downstream polymer industry and rose in February 2023 due to increased demand from the downstream polyethylene industry. In March 2023, Hexene prices hiked slightly in the US market.
H1 2022: In 2022, the global Hexene market reached approximately 1900 thousand tonnes with a growth of 6.57% in comparison to 2021. During H1 2022, the total production has reached 960 thousand tonnes. The key market players in terms of production were Chevron Phillips Chemical, SASOL, INEOS, and National Petrochemical Company. Although, Chevron Phillips Chemical held the major production capacity in H1 2022. Regionally, Asia Pacific was leading in terms of consumption, which ranged to nearly 40% in H1 2022. In the beginning of H1 2022, prices were high with the substantially high prices of crude oil. However, as inventory levels increased and feedstock olefins costs plummeted, so the prices of hexene began to drop across Asia Pacific region. Hexene was imported into China and India from Saudi Arabia, and the market trends in South Asia were observed to be consistent in Saudi Arabia. India displayed stable demand of Hexene during the other half of H1 2022. Similar trends have been observed in European nations, where a decline in demand for polyethylene and thus, market participants to lower their prices. However, as Europe was caught in the crossfire between Russia and Ukraine, hexene prices increased significantly during April and May. While the rate of inflation jumped in April, feedstock costs remained uncontrolled, and logistic expenses increased as a result of the lack of price moderation caused by the Ukrainian conflict.
H2 2022: In H2 2022, the end-user industries led to lucrative market growth in H2 2022, with Polyethylene industry in lead. Based on region, Asia Pacific was the biggest consumer of hexene in terms of volume all across the globe. Asia Pacific maintained its dominance in H2 2022 with China and India being the primary consuming countries. In Asia Pacific region, the Hexene market prices witnessed a downward trajectory in H2 2022. The increased market competitiveness in the area was mainly behind this setback in prices. The important exporting nations observed a price competition owing to the ongoing cheaper imports of Russian crude oil. Europe also held considerable market shares of hexene in terms of volume. The European hexene market had a persistently gloomy outlook and a significant decline in offerings over the time period of H2 2022. The end-use consumers faced higher costs of living due to rising inflation and interest rates, which resulted in a tight conservative buying streak. The entry of Asian firms displayed a large price competitiveness which lifted the prohibition on Russian energy supply even while the operating rates at the plants remained flat. However, North America witnessed some fluctuations in the hexene market which led to change in prices occurring monthly during H2 2022.
The global Hexene market stood at nearly 1900 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 6.72% during the forecast period until 2035. Tahrir Petrochemicals Company and Egis coming up with an Ain Sokhna Tahrir Petrochemicals Complex situated in Suez Governorate, Egypt. The complex is anticipated to be operational in 2027 and is likely to have an annual petrochemical capacity of 6.47 million tonnes per annum out of which hexene is one of the products. The complex will use naphtha as the main feedstock.
Hexene is an organic compound with the chemical formula as C6H12. There are numerous kinds of hexene such as 1- hexene, (E/Z) 2- hexene, and (E/Z) 3- hexene. It is mainly used in the production of polyethylene and have application in numerous downstream sectors majorly including polymer, pharmaceutical, packaging, and others. One of the most used isomers of hexene is 1-hexene. A colorless liquid, 1-hexene has many uses in the chemical industry, including the synthesis of polyethylene, polymers, elastomers, dyes, scents, flavours, etc.
The hexene market is primarily driven by its usage to produce polyethylene. The most common polymer is polyethylene, which is used in household, agricultural, automotive, construction, and sports applications as well as packaging for both food and non-food items. Polyethylene is of various kinds Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), and Linear Low-Density Polyethylene (LLDPE). These types tend to have different applications based on their chemical rigidity and properties. HDPE is easy to work with when fabricating and welding with thermoplastics. It is an excellent choice for manufactured chemical and water tanks. Low density polyethylene, or LDPE, is a flexible, pliable, and lightweight plastic. It is frequently employed in prosthetics and orthotics. Particularly for food and beverage products, polyethylene serves as a preferred packaging material due to its adaptability, robustness, low cost, and light weight. Owing to rapid urbanization, the demand for all kinds of polyethylenes is on the rise, anticipated to lubricate the hexene market in the forecast period. The Hexene market is expected to reach 4500 thousand tonnes in the year 2035 owing to the heavy consumption rate of polyethylene.
Regionally, the Asia Pacific region is dominating the Hexene market followed by North America. This region held a market share of approximately 40% in 2022. Because of the strong demand for polyethylene from developing nations like China and India, the Asia Pacific region is holding this position. Industrialization and betterment of living lifestyles have soared the demand for plastic general use commodities and flexible packaging material for usage in various sectors such as food & beverage sectors. The automotive and construction industry in developing countries like India and increasing government initiatives towards buildings & developing infrastructure are anticipated to portray the expansion of HDPE in the region. However, the USA holds the maximum capacity for producing Hexene and is likely to keep the hold on the market in the forecast period.
Based on the end-user industry, the global Hexene market is segmented into Polyethylene, Elastomers, and Others. Among these, the Polyethylene industry is the primary consumer of the Hexene market and captured approximately 93% of the market in 2022. Due to its high stability, excellent flexibility, sustainability, and durability, polyethylene packaging is in a high demand across a variety of industries, including food and beverage, healthcare, consumer products, and more.
Major players in the production of Global Hexene are SASOL, Chevron Phillips Chemical, INEOS, Uzbekneftegaz's Gas Chemicals, Abu Dhabi National Oil Company, Beijing Yanshan Petrochemical Corporation, Tahrir Petrochemicals Company, PetroChina Dushanzi Petrochemical Company, Qatar Chemical Company (Q-Chem), Sinopec Beijing Yanhua Petrochemical Co., Ltd Egyptian petrochemical company, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Hexene which covers production, demand and supply of Hexene market in the globe.
• To analyse and forecast the market size of Hexene
• To classify and forecast Global Hexene market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Hexene market in the globe.
To extract data for Global Hexene market, primary research surveys were conducted with Hexene manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Hexene market over the coming years.
ChemAnalyst calculated Hexene demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce Hexene. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Hexene manufacturers and other stakeholders
• Organizations, forums and alliances related to Hexene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Hexene s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Hexene s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
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Market size Volume in 2022
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1900 thousand tonnes
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Market size Volume by 2035
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4500 thousand tonnes
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Growth Rate
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CAGR of 6.72% from 2023 to 2035
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2035
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Quantitative units
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Demand in thousand tonnes and CAGR from 2023 to 2035
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Report coverage
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Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process, Policy and Regulatory Landscape,
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Segments covered
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By End-Use: (Polyethylene, Elastomers, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com
