The new report by Expert Market Research titled, ‘Global Cyclohexanone Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cyclohexanone market, assessing the market based on its segments like types, end users, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 7.73 Billion
- Forecast CAGR (2023-2028): 3.44%
- Forecast Market Size (2026): USD 9.47 Billion
The market for cyclohexanone is being aided by the growing demand for the compound in the manufacturing of adipic acid. As adipic acid is widely used in manufacturing activities in major industries, its production is significantly surging. This, in turn, is increasing the deployment of cyclohexanone, which is propelling the market growth.
Moreover, the growing use of adipic acid as a leavening agent in the thriving food and beverage industry is significantly contributing to the market for cyclohexanone. The market growth can also be attributed to the growing demand for cyclohexanone in the nylon industry. Hence, the increasing use of nylon in various industrial and commercial applications is providing impetus to the market for cyclohexanone.
Industry Definition and Major Segments
Cyclohexanone is an organic compound that is highly soluble in water, due to which it is extensively used in various solvents. It is a colourless or pale-yellow liquid and is less dense than water with an acetone-like odour. It is typically used as an intermediate in the manufacturing of nylon.
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Based on type, the market for cyclohexanone is divided into:
The major end users of cyclohexanone are:
- Paints and Dyes
- Nylon Industry
On the basis of application, the market is divided into:
- Adipic Acid
The major regional markets of cyclohexanone are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The growth of the cyclohexanone industry is being aided by the growing demand for solvents in various industries such as paints and coating. The increasing demand for an effective painting of surfaces to boost the visual appeal of products is surging the use of solvents. This, in turn, is increasing the utilisation of cyclohexanone, which is driving the market growth.
As the development of paints and coatings that can withstand extreme weather conditions is increasing, cyclohexanone-based solvents are increasingly deployed, thus significantly contributing to the growth of the industry. In addition, the rising deployment of cyclohexanone as an intermediate in the pharmaceuticals industry is expected to provide further impetus to the growth of the market in the forecast period.
Key Market Players
The major players in the market are DuPont de Nemours, Inc., Exxon Mobil Corporation, BASF SE, Qingdao Hisea Chem Co. Ltd, Grupa Azoty S.A., Ube Industries, Ltd., Versalis S.p.A., Domo Caproleuna GmbH, and Fibrant B.V., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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