New York, Jan. 19, 2024 (GLOBE NEWSWIRE) — The global cyclohexane market, having attained a scale of US$ 23 billion in 2022, is poised to escalate to US$ 42 billion by 2032, exhibiting a noteworthy Compound Annual Growth Rate (CAGR) of 5.1% over the next decade. In 2023, the dominance of the adipic acid segment is anticipated, driven by its extensive applications encompassing the production of versatile, high-performance, and cost-effective materials such as nylon, polyester, and polyurethane.
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Cyclohexane, synthesized through the catalytic hydrogenation of benzene, results from the cracking of gasoline and the hydrogenation of benzene. This colorless cycloalkane is insoluble in water, flammable, and possesses a mild detergent-like odor. Serving as a crucial raw material in the synthesis of adipic acid and caprolactam, cyclohexane finds utility as a solvent in various chemical syntheses and reaction diluents. Its non-polar organic solvent properties, coupled with several advantageous characteristics, contribute to its widespread use.
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|Market Revenue 2022
|US$ 23 Bn
|Estimated Revenue 2032
|US$ 42 Bn
|Growth Rate – CAGR
|No. of Pages
|Key Companies Profiled
Cyclohexane Market: Navigating Growth Trends in Adipic Acid Production, Automotive Demand, and Bio-Based Alternatives
The market is experiencing growth propelled by an increased utilization of cyclohexane in the production of adipic acid. The rising awareness regarding the environmental impact of chemicals is a key factor contributing to the Compound Annual Growth Rate (CAGR) in the cyclohexane market. Adipic acid, a major derivative of cyclohexane, serves as a crucial component in the manufacturing of various products like nylon 66, polyurethane resins, and plasticizers. The surge in demand for adipic acid is notably attributed to the expanding construction and automotive industries, which are primary consumers of adipic acid-derived products. This substantial market growth is expected to boost the demand for cyclohexane, given its pivotal role in the production of adipic acid.
The automotive sector stands out as a significant consumer of cyclohexane, particularly in the production of nylon 6 utilized in various automotive components such as airbags, carpets, and seat belts. With the anticipated recovery of the automotive industry, the demand for cyclohexane is poised to witness an upswing in the forthcoming years.
Another noteworthy trend is the growing demand for nylon production. Nylon, a synthetic polymer widely employed in the manufacturing of textiles, carpets, and automotive parts, relies on cyclohexane as a critical raw material for the production of adipic acid, a precursor to nylon 66. The increasing preference for nylon, owing to its exceptional properties such as high strength, durability, and abrasion resistance, is expected to fuel the demand for cyclohexane in the foreseeable future.
The industry is also witnessing a shift towards bio-based alternatives for cyclohexane, driven by escalating concerns about environmental issues and sustainability. Numerous companies are actively investing in research and development efforts to create bio-based substitutes for cyclohexane sourced from renewable raw materials. For instance, BioAmber, a leading bio-based chemical company, has successfully developed bio-based adipic acid, positioned as a viable substitute for conventional adipic acid derived from cyclohexane. This innovative approach is anticipated to contribute significantly to the revenue growth in the Cyclohexane market.
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Global Dynamics of the Cyclohexane Market Drivers:
Driving Forces: Dynamics Shaping Growth in the Global Cyclohexane Market
Rising Demand for Nylon Products
The escalating demand and widespread consumption of nylon products play a pivotal role in propelling the cyclohexane market forward. With the increasing popularity of nylon products in diverse sectors such as textiles, automotive components, and consumer goods, there is a concomitant surge in the necessity for cyclohexane. As a vital raw material in the production of nylon, cyclohexane experiences heightened sales and contributes to the overall growth of the market.
Expansion of the Automotive Industry and Other End-User Sectors
The expansion of the automotive industry and other verticals constitutes a significant driver in the cyclohexane market. As the automotive sector expands and the demand for lightweight materials grows, there is a concurrent increase in the production of components based on nylon. Given that cyclohexane is an indispensable raw material for nylon production, the burgeoning growth of these industries results in an elevated demand for cyclohexane, thereby fostering market growth.
Seizing Opportunities: Growth Avenues in the Cyclohexane Market
The Growing Appetite for Cyclohexane in the Oil and Gas Industry
The increasing demand for cyclohexane within the oil and gas sector signifies a promising opportunity within the cyclohexane market. With applications in vital oil refining processes such as gasoline and solvent production, cyclohexane becomes an essential component. As the oil and gas industry undergoes expansion, the demand for cyclohexane is set to soar, presenting a lucrative opportunity for market players.
Driving Growth: Surging Automobile Production Embracing Nylon
Furthermore, the surge in automobile production, incorporating the widespread use of nylon, opens up significant opportunities. Nylon’s popularity in automotive applications, owing to its lightweight, durable, and high-performance characteristics, positions it as a preferred material. As automobile manufacturers increasingly integrate nylon-based components, there is a parallel surge in the demand for cyclohexane, a critical raw material in nylon production. This trend creates a distinct opportunity for cyclohexane suppliers to cater to the escalating needs of the expanding automotive industry.
Navigating Challenges: Restraints Affecting the Cyclohexane Market:
Environmental Safety and Conservation Concerns on the Rise
Despite the potential for growth, the cyclohexane market faces significant challenges, primarily stemming from the increasing emphasis on environmental safety and conservation. The volatility in raw material prices, coupled with growing environmental concerns, emerges as a major obstacle to market expansion. Government-imposed stringent regulations aimed at curbing pollution add an additional layer of restriction, limiting the growth prospects for the cyclohexane market. Moreover, the availability of substitutes in the market, such as phenol in caprolactam production, poses a threat to the market growth rate, contributing to the challenges faced by the industry.
This comprehensive cyclohexane market report encompasses details on recent developments, trade regulations, import-export analyses, production insights, value chain optimization, market share, the impact of local and domestic market players, opportunities in emerging revenue pockets, shifts in market regulations, strategic growth analyses, market size, category growth patterns, application niches, product approvals, product launches, geographic expansions, and technological innovations. For a deeper understanding of the Global Cyclohexane market, consult Data Bridge Market Research for an Analyst Brief. Our team is dedicated to assisting you in making informed market decisions for achieving sustainable growth.
Cyclohexane Market Players: Innovation and Sustainable Practices
Leading players in the Cyclohexane market are actively investing in research and development to expand their product portfolios, fostering market growth. These industry participants are strategically engaging in activities such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaborations to enhance their market presence. In response to the competitive landscape, the Cyclohexane industry is emphasizing the provision of cost-effective solutions.
One key business strategy adopted by manufacturers is local manufacturing, aimed at reducing operational costs and offering enhanced value to clients, thereby bolstering market share. Notable market contributors, including Reliance Industries Limited (India), BP Refining & Petrochemicals GmbH (Germany), BASF (Germany), CITGO Petroleum Corporation (US), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd (Japan), The Dow Chemical Company (US), CEPSA (Spain), Chevron Phillips Chemical Company (US), Clariant (Switzerland), and others, are actively investing in research and development to stimulate market demand.
Noteworthy Industry Players:
- Cepsa (Spain): Established in 1929, Cepsa has strengthened its focus on innovation, safety, and sustainability. It recently launched operations in San Roque, Spain, featuring advanced Dental technology, making it the world’s first Linear Alkylbenzene factory to replace hydrofluoric acid. This safer and more sustainable process maximizes efficiency in raw material and electricity usage, reducing emissions and waste production.
- Lanxess AG (Germany): Founded in 2004, Lanxess AG entered into a strategic partnership with BP in October 2021 to use sustainable raw materials in engineering thermoplastics production. Lanxess utilizes sustainably manufactured cyclohexane, approved according to ISCC Plus rules, in the production of high-performance nylon six resins and compounds for applications in the automotive, consumer goods, and electrical industries. The production capacity of this sustainable Cyclohexane plant is 140,000 tonnes per annum.
Key Companies in the Cyclohexane market include:
- Reliance Industries Limited (India)
- BP Refining & Petrochemicals GmbH (Germany)
- BASF (Germany)
- CITGO Petroleum Corporation (US)
- China Petroleum & Chemical Corporation (China)
- Idemitsu Kosan Co., Ltd (Japan)
- The Dow Chemical Company (US)
- CEPSA (Spain)
- Chevron Phillips Chemical Company (US)
- Clariant (Switzerland)
Global Cyclohexane Market: Regional Analysis and Strategic Insights:
The analysis of the global cyclohexane market offers valuable insights into market size, trends, and dynamics, categorized by country, application, and end-user industry.
Covering a comprehensive range of countries, the global cyclohexane market report includes the U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, and Rest of the Middle East and Africa.
Germany is poised to emerge as a dominant force in the cyclohexane market, attributed to the escalating demand and consumption of nylon products. The widespread adoption of nylon across industries such as textiles, automotive components, and consumer goods serves as a driving force for the German market.
Anticipated growth in the Asia-Pacific region from 2023 to 2030 is fueled by the expanding automobile industry. Given that cyclohexane plays a pivotal role as a raw material for nylon production, the upsurge in these industries creates a heightened demand for cyclohexane, thereby propelling market growth in the Asia-Pacific region.
The country-specific analysis delves into individual market factors impacting each region and sheds light on regulatory changes affecting current and future market trends. Downstream and upstream value chain analysis, technical trends, Porter’s five forces analysis, and case studies are integral components used to forecast market scenarios for individual countries. Additionally, the report considers the presence and challenges faced by global brands, taking into account the competition from local and domestic brands, the impact of domestic tariffs, and trade routes, providing a comprehensive forecast analysis of country-specific data.
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