Cyclohexanone Market
The global cyclohexanone market is projected to experience substantial growth, anticipated to reach USD 10,462.4 million by 2027, with a compound annual growth rate (CAGR) of 4.7% between 2024 and 2027. The expansion of the automotive industry and the rising demand for nylon across various industrial sectors are expected to fuel the worldwide need for advanced cyclohexanone. According to the latest report by Fortune Business Insights, titled "Cyclohexanone Market Size, Share & COVID-19 Impact Analysis, By Application (Caprolactam, Adipic Acid, Solvents, Others), and Regional Forecast, 2024-2027," the market was valued at USD 7,690.4 million in 2019 and is expected to gain momentum in the coming years.
Cyclohexanone is an organic compound that ranges in color from colorless to pale yellow and has a pleasant odor. It is less dense than water and is in high demand across various industries, mainly for the production of nylon and its derivatives. Additionally, it is used as a solvent in paints, lacquers, degreasers, and coatings.
Key Companies 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
Report Overview
The global market report provides an in-depth qualitative and quantitative analysis of various factors, including key drivers and restraints that influence growth. It also includes regional analysis, highlighting regions contributing to market expansion, and a competitive landscape featuring leading companies and their strategies for partnerships, product introductions, and collaborations expected to drive market growth from 2024 to 2027. Research methodologies such as SWOT and PESTEL analyses were used to gather information on current trends and industry developments that will impact market growth during the forecast period.
Growth Factors
Rising Automotive Sector to Drive Cyclohexanone Demand
Technological advancements and higher disposable incomes are boosting the sales of high-end vehicles globally. The increasing demand for lightweight automotive components is prompting manufacturers to develop durable and lightweight materials such as nylon and nylon 66. This trend is expected to increase the demand for advanced cyclohexanone products in the automotive industry. Additionally, the robustness and durability of nylon in various end-user industries are anticipated to further stimulate the growth of the global cyclohexanone market during the forecast period.
Market Segmentation
Adipic Acid Held a 26.2% Market Share in 2019
In 2019, the adipic acid segment accounted for approximately 26.2% of the market share and is expected to gain traction due to its growing use as a high-end solvent in several industrial applications, including inks, coatings, and pesticides.
Information Source:
https://www.fortunebusinessinsights.com/cyclohexanone-market-104551
Regional Insights
Asia-Pacific to Maintain Dominance; Automotive Industry Growth to Foster Expansion
The Asia-Pacific region is expected to exhibit significant growth and hold a leading position in the global market in the coming years, driven by the extensive presence of automotive manufacturing plants in the area. The Asia-Pacific market was valued at USD 4,794.7 million in 2019. Europe is also expected to witness substantial growth due to the high demand for lightweight automotive components, which encourages manufacturers to develop nylon materials derived from cyclohexanone between 2024 and 2027.
Competitive Landscape
Leading Companies Focus on Facility Expansion to Improve Market Prospects
The global cyclohexanone market features major players focusing on expanding their manufacturing facilities to bolster their market positions. Other companies are employing both organic and inorganic strategies to maintain their market presence.
Industry Developments
In October 2024, DOMO Chemicals announced plans to establish a new state-of-the-art manufacturing facility in Zhejiang, China. The company invested approximately USD 14.10 million in developing a nylon plant with a capacity to process 50,000 tons of renewable and advanced nylon compounds.
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