Explore how the cyclohexanone market is set to thrive with a 4.0% CAGR, driven by soaring demand from automotive, construction, and electronics sectors.
In 2022, the global Cyclohexanone Market had a size of USD 552 million, and it is projected to attain USD 785.67 million in size while maintaining a revenue compound annual growth rate (CAGR) of 4.0% during the forecast period. The growth in market revenue is primarily being propelled by increasing demand from various end-use sectors like automotive, construction, and electronics.
One of the key drivers for this market expansion is the prominent role of cyclohexanone as a critical chemical intermediate in the production of Nylon 6. Nylon 6 finds extensive applications in the manufacturing of automotive components, electrical and electronic parts, as well as packaging materials.
The construction industry emerges as a significant consumer of cyclohexanone, primarily owing to the escalating urbanization and infrastructure development initiatives, which heighten the requirement for adhesives and coatings derived from cyclohexanone. Furthermore, the surging demand for electronic devices and gadgets plays a pivotal role, as cyclohexanone is an essential component in the production of various electronic elements like connectors, capacitors, among others, contributing to the anticipated growth in market revenue.
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Cyclohexanone Market Competitive landscape:
- Solvay S.A.
- BASF SE
- Ineos Group
- Evonik Industries AG
- Formosa Chemicals & Fibre Corp.
- Novapex
- Asahi Kasei Corporation
- Ube Industries, Ltd.
- Cepsa Química
Some Key Highlights from the Report
- The Technical Grade Cyclohexanone segment exhibited the most rapid revenue growth throughout the forecast period. This particular grade of cyclohexanone finds application across diverse end-use sectors, including paints and coatings, adhesives and sealants, among others. The surging demand for Technical Grade Cyclohexanone within the paints and coatings industry plays a pivotal role in propelling the growth of this segment. Specifically, Technical Grade Cyclohexanone serves as a solvent in paints and coatings, facilitating the dissolution of resins, pigments, and other essential components. The robust expansion of the paints and coatings industry, driven by the flourishing construction sector and the escalating demand for automotive coatings, intensifies the need for Technical Grade Cyclohexanone. Moreover, Technical Grade Cyclohexanone assumes the role of a solvent in adhesives and sealants, which are extensively employed in the construction and automotive domains. The escalating demand for adhesives and sealants within these industries fosters the growth of the Technical Grade Cyclohexanone segment.
- Cyclohexanone's major application sector is solvents, which account for a considerable revenue share in the market. Cyclohexanone is utilized as a solvent in many different applications, including the manufacture of rubber, resins, lacquers, and coatings. It is also utilized in the aerospace sector as a cleaning solution for metal surfaces and as a degreasing agent. During the projected period, the increased demand for solvents in different end-use sectors such as construction, automotive, and electronics is likely to fuel market expansion for Cyclohexanone.
Cyclohexanone Market Segments:
By Purity Outlook:
- High Purity Cyclohexanone
- Technical Grade Cyclohexanone
By Application Outlook:
- Solvents
- Nylon Synthesis
- Pharmaceutical Intermediates
- Others
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Cyclohexanone Market Strategic Developments:
The major players in the Cyclohexanone market are adopting various strategies such as mergers & acquisitions, partnerships, and collaborations to strengthen their position in the market. Some of the recent strategic developments in the Cyclohexanone market are:
- In 2021, Evonik Industries AG announced the expansion of its production capacity for Cyclohexanone at its Marl site in Germany. The expansion was aimed at meeting the growing demand for Cyclohexanone in the European market.
- In 2020, BASF SE announced the acquisition of Solvay’s polyamide business, which includes the production of Cyclohexanone. The acquisition was aimed at strengthening BASF’s position in the Nylon-6,6 value chain.
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