The global cyclohexane market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Cyclohexane is an aliphatic hydrocarbon produced majorly from catalytic hydrogenation of benzene. It is a major feedstock for producing caprolactum, adipic acid and hexamethylene diamine. Nylon intermediates caprolactum, adipic acid and hexamethylene diamine are used to produce nylon 6 or nylon 6,6. Other uses of cyclohexane include as a solvent, a reaction diluent and in chemical synthesis.
Rising demand of nylon 6 and nylon 6,6 from various industries such as textile and automotive are likely to drive the cyclohexane market. As cyclohexane is a major feedstock for nylon 6 and nylon 6,6 production, demand for nylon 6 and nylon 6,6 is expected to fuel the growth of this market. Demand for nylon 6 and nylon 6,6 is increasing due rise in demand from textile and automobiles industry, which is in turn supported by the growing population and extra income in developing countries. Additionally, demand for cyclohexane as a solvent is likely to increase at a greater rate because of an upsurge in demand from end-use markets, which in turn will boost cyclohexane demand. A portion of cyclohexane demand is also from its extensive usage in the production of films, and resins used for the construction industry.
Drivers and Restraints of Cyclohexane Market
Growing investments in downstream industries in regions like the Americas, the Middle East, and the Far East are likely to offer tremendous possibilities for cyclohexane and its derivatives market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Cyclohexane and its derivatives are exposed to the probability of volatility in supply and price of crude oil. Cyclohexane and its derivatives have an adverse effect on the environment and are prone to stringent regulations. Existing and future regulations concerning the use of cyclohexane and its derivatives in end products are likely to challenge the market growth.
Cyclohexane Market by Region
Asia was the largest consumer of cyclohexane and its derivatives and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China, Japan and South Korea were the largest consumers of cyclohexane in this region, whereas India is likely to grow at a higher pace. Growing demand from textiles, automobiles and other industries will drive cyclohexane market in Asia. Consumption of cyclohexane and its derivatives in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from textiles industry. With major production capacities in the USA, the region is likely to grow in terms of global supply capability. Demand from Europe was low relatively and is likely to stay same in the next few years and will continue focusing on exporting to Asia.
Top players in this market include Huntsman Corporation, Exxon Mobil Chemical Company, Champlin, CITGO Petroleum Corporation, Chevron, Petroleos de Venezuela and ConocoPhillips, Sunoco Chemicals, and BASF SE.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth