The global cyclohexylbenzene market is anticipated to reach a valuation of US$ 439.9 million in 2023, driven by increased adoption of personal care products. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.0% between 2023 and 2033, and reaching a total valuation of approximately US$ 716.5 million by 2033.
One of the primary factors driving the growth of the cyclohexylbenzene market is the technological advancements & process innovations. Continual technological advancements and process innovations are playing a crucial role in driving the growth of the cyclohexylbenzene market. The advancements lead to improved production efficiency, cost optimization, and enhanced product quality. Process innovations enable the development of novel derivatives and applications for cyclohexylbenzene, expanding its potential uses in various industries.
Increasing focus on sustainable chemicals is also anticipated to escalate the growth of the cyclohexylbenzene market. The global shift towards sustainable practices and the adoption of eco-friendly chemicals are expected to contribute to the growth of the cyclohexylbenzene market. Cyclohexylbenzene, being a versatile chemical compound, offers opportunities for the development of greener alternatives and sustainable manufacturing processes. The increasing emphasis on reducing environmental impact and achieving carbon neutrality is likely to drive the demand for cyclohexylbenzene in sustainable chemistry applications.
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The expanding industrialization and economic growth in emerging markets, particularly in Asia-Pacific and Latin America, present significant growth opportunities for the cyclohexylbenzene market. The regions are witnessing rapid urbanization, infrastructure development, and an increasing consumer base, leading to a surge in demand for various end-use industries such as automotive, construction, and consumer goods.
Key Takeaways from the Market Study
Global cyclohexylbenzene market was valued at US$ 418.9 million by 2022-end.
From 2018 to 2022, the market demand expanded at a CAGR of 2.3%.
The United States is expected to hold a dominant CAGR of 4.9% during the forecast period.
By Product Type, the high purity segment is expected to constitute a CAGR of 4.5% in 2033.
On the basis of Application, the plastics segment is expected to dominate the market with a CAGR of 4.4% in 2033.
From 2023 to 2033, cyclohexylbenzene market is expected to flourish at a CAGR of 5.0%.
By 2033, the market value of cyclohexylbenzene is expected to reach US$ 716.5 million.
“Increased adoption of electronics, across the globe is a major factor that is expected to propel the growth of the cyclohexylbenzene market in the near future,” remarks an FMI analyst.
Competitive Landscape
Prominent players in the cyclohexylbenzene market are Schultz Canada Chemicals Ltd., Biosynth Carbosynth, Henan Tianfu Chemicals Co. Ltd., Changsha Easchem Co., Ltd., Hefei TNJ Chemical Co. Ltd., Jiangsu Zhongneng Chemical Technology Co., Ltd., SAGECHEM, Xingrui Industry Co. Ltd., and Syntechem Co. Ltd., among others.
Recent Developments
In May 2022, a major accomplishment was achieved by SP Chemicals as they became the first local styrene facility to successfully deploy StyroSim, an advanced Industry 4.0 technology developed in collaboration with BASF SE. The cutting-edge digital tool, renowned for its intuitive and user-friendly interface, revolutionizes the efficiency of the styrene catalyst through the power of big data analysis.
In August 2020, Tokyo Chemicals Industry, Co., Ltd. made an exciting announcement regarding the launch of a digital storefront. The storefront was meticulously constructed on the highly advanced SAP Commerce Cloud solution, incorporating the cutting-edge Digital Customer Experience (DCX) methodology. The development of this digital storefront was successfully executed in collaboration with Capgemini. The strategic initiative by Tokyo Chemical Industry is aimed at providing customers with a seamless online shopping experience while leveraging the powerful capabilities of the SAP Commerce Cloud and the expertise of Capgemini in delivering innovative digital solutions.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global cyclohexylbenzene market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the cyclohexylbenzene market, the market is segmented on the basis of product type (standard and high purity), and application (plastics, paints & coatings, and adhesives), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa (MEA)).