ID: MRFR/CnM/6657-HCR | 140 Pages | Author: Chitranshi Jaiswal | June 2023
Cyclohexanone Market size is expected to report considerable growth by reaching USD 10,462.4 million by 2027 while giving a CAGR of 4.7% between 2020 and 2027
Cyclohexanone Market size is expected to report considerable growth by reaching USD 10,462.4 million by 2027 while giving a CAGR of 4.7% between 2020 and 2027 globally.
An organic compound widely used as a solvent and is a colourless oil with acetone and peppermint like odour is known as cyclohexanone. The compound is usually manufactured by oxidation of cyclohexane with cobalt catalyst in air, also by the partial hydrogenation of phenol. Cyclohexanone is usually used to produce various forebears of nylon. Specifically, this compound is used to produce forebear of Nylon 6 and Nylon 6, 6. Around 96% of the cyclohexanone is used to produce nylon and as a chemical intermediate to produce caprolactam. Cyclohexanone is found during the production of nylon intermediaries like adipic acid or caprolactam. Major companies take for consumption of cyclohexanone, and a very small portion of the demand is from sectors other than nylon. Over three fourth of the production of cyclohexanone is based on cyclohexane, and the remaining is based on phenol. The major use of the compound except in the nylon industry is as a solvent in the paint and dye industry.
The outbreak of the deadliest virus, covid-19, impacted negatively almost all industries out there. The implementation of strict rules to stop the virus from spreading has resulted in sudden declination in construction activities, specifically during the peak of the crisis. The factors like the disruption of the supply chain, unavailability of labours in the market, ban on transportation, and blockage of import and export system have hampered the Cyclohexanone Market in recent years. The gradual ease in covid-19 restrictions and high emphasis on improving automobile production may help the industry to recover. Various automakers have been focusing on meeting pent up demand, clearing backlogs, and reducing waiting times on their products, which could support the need for cyclohexanone as nylon washers are being used as an alternative to metallic washers in auto manufacturing due to their resistance to protect corrosion and other aspects.
Chief Factors Existing In The Market
Cumulative Evaluation Of The Market
The cyclohexanone market size is expected to report considerable growth by reaching USD 10,462.4 million by 2027 while giving a CAGR of 4.7% between 2020 and 2027 globally. This is attributable to the rising automotive sector and the growing demand for nylon across several industrial applications that is likely to fuel the demand for advanced cyclohexanone globally. Cyclohexanone is an organic compound that is colourless to pale yellow in looks and has a pleasant odour. It is less dense than water and has demand from several end-user industries, mainly in the production of nylon and its by-products globally. It is used as a solvent for paints, lacquers, degreasers, coatings, and others.
The cyclohexanone market outlook has been segmented based on application, end-use industry, and region globally.
Under the basis of application, the global cyclohexanone market report has been divided into nylon, paints, lacquers & metal polishing, herbicides & insecticides, pharmaceutical drugs, and others.
Under the application, the global cyclohexanone market has been divided into textile, agriculture, paints & coatings, healthcare, and others.
Under the basis of region, it has been divided into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Global Cyclohexanone Market Share, By End-Use Industry, 2018 (%)
Source: MRFR Analysis
Accordingto cyclohexanone market analysis the Asia-Pacific has over 30% of the cyclohexanone market share in 2018 globally and is expected to dominate throughout the estimated period due to the growing demand in the textile industry in Taiwan, Japan, and India, combined with the growth of the healthcare and the paints & coatings industries. The technical textile sector has expanded by 20% from 2017 in Asia and is further predicted to grow at a crucial rate, according to the Ministry of Textiles, India.
By 2022 the textile exports are expected to capture over USD 86 billion, while the textile industry in India is expected to grow by over USD 300 billion by 2020. The high range of production of finished products in China is further expected to fuel the market in Asia-Pacific. The rising per capita income, favourable demographics and a shift towards branded products are expected to fuel the cyclohexanone market during the estimated period in Asia-Pacific.
In North America, the textile industry is gaining in a static manner. The growth of polyesters in the North American market is a major challenge to the growth of cyclohexanone in the region during the estimated period. The European and, Middle East & African markets are expected to register high CAGR due to the growing textile, agriculture, and healthcare industries. The market in Latin America is expected to grow mainly due to the growth in infrastructure development in the region. These factors are expected to fuel the cyclohexanone market in different regions.
Competitive Intensity Within The Industry
The competitive intensity within the market provides a competitive landscape where several key companies fight with one another for growth. The major players covered in the cyclohexanone market report are GSFC Ltd; Asahi Kasei Corporation.; BASF SE; Domo Chemicals; OSTCHEM; Fibrant.; Shreeji Chemical; JIGCHEM UNIVERSAL; Arihant Solvents And Chemicals; Qingdao Hisea Chem Co.Ltd.; LUXI GROUP; Taiwan Prosperity Chemical Corporation; UBE INDUSTRIES, LTD; Innova Corporate; Reliance Industries Limited.; Chevron Phillips Chemical Company.; Clariant; China Petroleum & Chemical Corporation; Idemitsu Kosan Co., Ltd.; CITGO Petroleum Corporation; BP Zhuhai Chemical Company Ltd; among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific, Middle East and Africa and South America separately.
Recent Market Developments
Apr 2021 The SB Eco Series, according to Inkcups, is the most environmentally and skin-contact safe garment ink on the tagless printing market. As many large shops and well-known brands continue to prohibit more chemicals through their Restricted Substance Lists (RSL), Inkcups stated that it sought to develop an ink that fully conforms and passes multiple demanding compliance tests. This means that the inks are free of harsh compounds such as aromatic hydrocarbons, azo dyes, cyclohexanone, formaldehyde, PAH, and persistent organic pollutants. These inks can also adhere to non-apparel materials such as polyurethane and rubber. The SB Eco-Series is also available in various hues ranging from lemon yellow to cool grey.
In 2021 DOMO Chemicals announced its plant to build a new state-of-the-art manufacturing plant in Zhejiang, China. The company has invested around USD 14.10 million in the development of the nylon plant that will have the capacity to process 50,000 tons of renewable and advanced nylon compounds annually.
This report includes all the data of the market, such as market overview, covid-19 analysis and how it affects the market, the key drivers, the market opportunities, market forecast, Cyclohexanone Market Value the key drivers, the challenges that the market face, the market restraints, the market segmentation, the regional analysis, Cyclohexanone Market trends, the competitive landscape, report overview and recent development of the market.
Key Industrial Segments
|Market Size||2030 : USD 26.4 Billion 2027: Significant value|
|CAGR||2019–2030 : Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Application, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Arkema (France), Eastman Chemical Company (US), Kawaguchi Chemical Co., Ltd (Japan), ACE CHEMICAL CORP (China), Keeneyes Inc. (China), Shanghai Mintchem Development Co, Ltd (China), Lanzhou Auxiliary Agent Plant Co., Ltd (China), Asahi Kasei Corporation (Japan), Sigma-Aldrich (US), and Henan Haofei Chemical Co, Ltd (China).|
|Key Market Opportunities||The growing adoption of personal protective equipment and clothing has fueled the demand|
|Key Market Drivers||The growth of the global cyclohexanone market is majorly driven by the expanding nylon industry.|
The cyclohexanone market is estimated to grow at a 4.7% CAGR between 2020-2027
The APAC region is expected to command the largest share in the cyclohexanone market.
It has wide applications in herbicides, lacquers, paints, nylon, and others.
High initial investment may limit market growth.
The applications in herbicides, lacquers, paints, nylon, and others.
High initial investment limits the market growth.
Key Questions Answered
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