The global cyclohexanone market size is expected to showcase considerable growth by reaching USD 10,462.4 million by 2027 while exhibiting a CAGR of 4.7% between 2024 and 2027. This is attributable to the rising automotive sector and the growing demand for nylon across several industrial applications that is likely to boost the demand for advanced cyclohexanone globally. Fortune Business Insights, published this information, in its latest report, titled, “Cyclohexanone Market Size, Share & COVID-19 Impact Analysis, By Application (Caprolactam, Adipic Acid, Solvents, Others), and Regional Forecast, 2024-2027.” The report further mentions that the market stood at USD 7,690.4 million in 2019 and is likely to gain momentum in the forthcoming years.
Cyclohexanone is an organic compound that is colorless to pale yellow in appearance and has a pleasant odor in nature. It is less dense than water and has a demand from several end-user industries, mainly in the production of nylon and its by-products across the globe. Additionally, it is used as a solvent for paints, lacquers, degreasers, coatings, and others.
What does the Report Include?
The global market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2024 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Rising Automotive Sector to Augment Cyclohexanone Demand
The rising technological advancement backed by the availability of high disposable income is driving the sales of high-end automotive across the globe. The growing demand for lightweight components in the automotive is leading the manufacturers to develop materials such as nylon and nylon 66 that are durable and lightweight. This is likely to drive the demand for advanced cyclohexanone products in the automotive industry. Furthermore, the increasing demand for nylon owing to its strong rigidness and durability from several end-user industries is expected to boost the global cyclohexanone market growth during the forecast period.
SEGMENTATION
Adipic Acid Held 26.2% Market Share in 2019
The adipic acid segment, based on application, held a market share of about 26.2% in 2019 and is expected to gain momentum owing to its increasing adoption as high-end solvent for several industrial applications such as inks, coatings, and pesticides.
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Rising Automotive Industry to Favor Growth
Among all the regions, Asia-Pacific is expected to showcase considerable growth and hold the highest position in the global market in the forthcoming years. This is attributable to the rising automotive industry backed by the large presence of automotive manufacturing plants that is driving the demand for advanced cyclohexanone in the region. Asia-Pacific stood at USD 4,794.7 million in 2019.
The market in Europe is anticipated to experience substantial growth backed by the high demand for lightweight components in the automotive sector that is propelling the manufacturers to develop nylon materials derived from cyclohexanone in the region between 2024 and 2027.
COMPETITIVE LANDSCAPE
Eminent Companies Focus on Facility Expansion to Brighten Their Market Prospects
The global cyclohexanone market is fragmented by the presence of key players that are focusing on expanding their manufacturing facilities to strengthen their positions during the forecast period. Furthermore, other key players are adopting organic and inorganic strategies to maintain their presence in the market.
Industrial Development:
October 2024 – DOMO Chemicals announced its plant to build a new state-of-the-art manufacturing plant at 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
List of the Companies Profiled in the Global Market:
BASF SE (Ludwigshafen, Germany)
Domo Chemicals (Gent-Zwijnaarde, Belgium)
OSTCHEM (Donetsk region, Ukraine)
Fibrant (Urmond, Netherlands)
UBE INDUSTRIES, LTD. (Tokyo, Japan)
TPCC (Taipei City, Taiwan)
Qingdao Hisea Chem Co., Ltd (Qingdao, China)
ARIHANT SOLVENTS AND CHEMICALS (Tamil Nadu, India)
JIGCHEM UNIVERSAL (Maharashtra, India)
Shreeji Chemical (Thane, India)
LUXI GROUP (New York, U.S.)
Honeywell International Inc (North Carolina, U.S.)
Shandong Haili Chemical Co., Ltd. (Shandong Province, China)
Shandong Hualu-Hengsheng (Shandong Province, China)
Asahi Kasei Corporation (Tokyo, Japan)
Gujarat State Fertilizers & Chemicals Ltd (GSFC) (Gujarat, India)
Other Players
Information Source:
https://www.fortunebusinessinsights.com/cyclohexanone-market-104551