The global cyclohexanone market size is anticipated to experience significant growth, reaching USD 10,462.4 million by 2027, with a compound annual growth rate (CAGR) of 4.7% during the forecast period from 2024 to 2027. The growth in the automotive sector and increasing demand for nylon across various industrial applications are expected to drive the global demand for advanced cyclohexanone. According to Fortune Business Insights in their latest report 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 anticipated to gain traction in the coming years.
Cyclohexanone is a colorless to pale yellow organic compound with a pleasant odor. It is less dense than water and is in demand from several industries, primarily for producing nylon and its derivatives. Additionally, it is used as a solvent in paints, lacquers, degreasers, and coatings.
Companies Profiled 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 Contents
The global market report provides both qualitative and quantitative analysis of various factors such as key drivers and restraints influencing growth. Additionally, the report includes regional analysis, highlighting areas contributing to market growth, and the competitive landscape, featuring leading companies and their strategies for partnerships, product introductions, and collaborations expected to drive market growth between 2024 and 2027. Research methodologies like SWOT and PESTEL analyses were employed to extract information on current trends and industry developments that will influence market growth during the forecast period.
Driving Factors
Rising Automotive Sector to Augment Cyclohexanone Demand
Technological advancements and high disposable incomes are driving sales of high-end automobiles globally. The increasing demand for lightweight automotive components is pushing manufacturers to develop durable and lightweight materials such as nylon and nylon 66. This is expected to boost the demand for advanced cyclohexanone products in the automotive industry. Additionally, the strong rigidity and durability of nylon in various end-user industries are anticipated to further propel the global cyclohexanone market growth during the forecast period.
Segmentation
Adipic Acid Held 26.2% Market Share in 2019
The adipic acid segment accounted for about 26.2% of the market share in 2019 and is expected to gain momentum due to its increasing use as a high-end solvent in several industrial applications such as inks, coatings, and pesticides.
Regional Insights
Asia-Pacific to Remain Dominant; Rising Automotive Industry to Favor Growth
Asia-Pacific is projected to demonstrate significant growth and hold the leading position in the global market in the upcoming years, driven by the large presence of automotive manufacturing plants in the region. The Asia-Pacific market was valued at USD 4,794.7 million in 2019. Europe is also expected to see substantial growth due to the high demand for lightweight automotive components, encouraging manufacturers to develop nylon materials derived from cyclohexanone between 2024 and 2027.
Competitive Landscape
Eminent Companies Focus on Facility Expansion to Enhance Market Prospects
The global cyclohexanone market features key players focusing on expanding their manufacturing facilities to strengthen their market positions. Other players are adopting both organic and inorganic strategies to maintain their market presence.
Industrial Development
In October 2024, DOMO Chemicals announced plans to build a new state-of-the-art manufacturing plant in Zhejiang, China. The company invested approximately USD 14.10 million in developing the nylon plant, which will have the capacity to process 50,000 tons of renewable and advanced nylon compounds.
Information Source:
https://www.fortunebusinessinsights.com/cyclohexanone-market-104551
