Cyclohexane Market
Cyclohexane Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Cyclohexane Market is segmented by Application, End-User Industry, and by Region. KDMI analyst foresees market revenue to cross USD 38.4 Billion by 2032 by growing with a CAGR of 5.8% during 2024-2032.
Cyclohexane Market Highlights
The global cyclohexane market is expected to cross a value of USD 38.4 billion by the end of 2032. The market was valued at USD 24.9 billion in 2023 and is expected to expand at a CAGR of 5.8% between 2024-2032.
- Over the mid-term, the rise in demand for Nylon 6 is the primary factor anticipated to drive the global cyclohexane market.
- The rising utilization of substitutes for production of nylon is a major factor to challenge the market growth.
- The Europe cyclohexane market is projected to dominate the global market.
Cyclohexane Market: Report Scope |
|
|
Base Year |
2023 |
|
Base Year Market Size |
USD 24.9 Billion |
|
Forecast Year |
2024-2032 |
|
Forecast Year Market Size |
USD 38.4 Billion |
|
CAGR Value |
5.8% |
|
Cyclohexane Market Key Trends/Major Growth Drivers |
|
|
Restraint Factors |
|
|
Cyclohexane Market Segmentation |
|
|
Cyclohexane Market Key Players |
BASF SE, Cepsa, Chevron Phillips Chemical Company LLC, CITGO Petroleum Corporation, Exxon Mobil Corporation, Idemitsu Kosan Co., Ltd., Merck KGaA, PTT Global Chemical Public Company Limited, REE ATHARVA LIFESCIENCE PVT. LTD., Reliance Industries Limited, and others. |
Cyclohexane Market Outlook
The cycloalkane hydrocarbon, also known as cyclohexane, is a colorless and flammable liquid that is represented by the molecular formula C6H12. The cyclic compound has a hexagonal ring molecular structure, and is liquid in nature at room temperature. The chemical compound is insoluble in water, but soluble in may organic solvents.
One of the major factors estimated to contribute to the growth of the cyclohexane market is the growing demand for Nylon 6 and Nylon 66. In the manufacturing process of Nylon 6 and Nylon 66, cyclohexane is used the primary raw material in the production of caprolactam, which is a precursor for both the Nylon types. According to our analysis at KD Market Insights, the global caprolactam market is expected to cross a revenue of USD 26.2 billion by 2032, by growing with a CAGR of 5.9% during 2023-2032. BASF SE, Cepsa, and Chevron Phillips Chemical Company LLC are some of the significant parties in the global market for cyclohexane.
Get More Insights on This Report - Request Free Sample PDF
Cyclohexane Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global cyclohexane market are:
- Growing Applications of Cyclohexane in Textile Industry: Cyclohexane serves as a critical intermediate in producing adipic acid, a chemical used in the manufacturing of nylon. Nylon is used widely in the textile industry for manufacturing book bags, wedding gowns, backpacks, athletic shoes, swimsuits, and socks among others. With the growing textile industry globally, which according to our experts is expected to grow with a CAGR of around 5% in the next five years, the demand for nylon is expected to increase, thereby raising the demand for cyclohexane.
- Increasing Demand for Adipic Acid: The demand for adipic acid around the globe is increasing rapidly. As per our analysis, the value of exports of adipic acid and its salts and esters touched USD 1551 Million in the year 2022, up from USD 699 Million in the year 2016, representing twice the growth between the years. As cyclohexane is a vital component in the production of adipic acid, hence, with the growing exports of adipic acid, the demand for cyclohexane is expected to increase, in turn, contributing to the market growth.
Which Probable Factors Could Hamper the Growing Cyclohexane Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of cyclohexane are:
- Rising Utilization of Substitutes for Production of Nylon: The rapid shift of the manufacturers of nylon from utilizing substitutes in replacement of cyclohexane is one of the major factor predicted to hinder the market growth.
- Surge in Demand for Sustainable Solvents: Cyclohexane is a traditional solvent, which means, it is not an environmentally friendly solvent. The rapid focus of industries on sustainability and the surge in adoption of green solutions is raising the demand for eco-friendly solvents, which may pose as a challenge to the growth of cyclohexane market.
How is the Global Cyclohexane Market Segmented?
Our experts at KD Market Insights have segmented the global cyclohexane market as:
|
By Application |
|
|
By End-User Industry |
|
|
By Region |
|
What are the Probable Factors Influencing the Europe Cyclohexane Market Forecast?
The Europe cyclohexane market is majorly driven by the expanding chemical and manufacturing sector, and the rapid demand for nylon and polyamides. Europe is known to have a well-established chemical and manufacturing sector. According to the statistics by The European Chemical Industry Council (cefic), Europe was the second-largest chemical producer globally, registering chemical sales worth USD 5795 billion in the year 2022. These sectors produce plastics, resins, and synthetic fibers at large quantity, which raises the demand for cyclohexane, a key solvent and intermediate in various production processes of these chemicals.
As per our analysts at KD Market Insights, the following five players lead the Europe cyclohexane market growth:
- BASF SE
- Royal Dutch Shell plc
- Exxon Mobil Corporation
- INEOS Group Limited
- Chevron Phillips Chemical Company LLC
|
Key Countries to Watch for in Europe Cyclohexane Market |
Key Insights |
|
Germany Cyclohexane Market to Register the Largest Regional Market Share in 2032 |
USD 6.2 Billion |
|
France Cyclohexane Market to Grow with the Highest CAGR During 2024-2032 |
5.6% |
Which Key Players Top the Global Cyclohexane Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global cyclohexane market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with cyclohexane market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global cyclohexane market share:
- BASF SE
- Cepsa
- Chevron Phillips Chemical Company LLC
- CITGO Petroleum Corporation
- Exxon Mobil Corporation
- Idemitsu Kosan Co., Ltd.
- Merck KGaA
- PTT Global Chemical Public Company Limited
- REE ATHARVA LIFESCIENCE PVT. LTD.
- Reliance Industries Limited
What are the Recent Developments Observed in the Cyclohexane Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global cyclohexane market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.
For instance, a team of researchers at the U.S. Department of Energy’s Argonne National Laboratory have identified a way to convert cyclohexene or cyclohexadiene at low temperatures, eliminating the creation of unwanted byproducts.
Further, LANXESS announced that it has entered into a strategic partnership with bp, wherein bp would supply sustainably produced cyclohexane to the production site of LANXESS for high-tech plastics production.
Make This Report Your Own
Take Advantage of Intelligence Tailored to your Business Objective
Get a Customized Version
- Publication date: 7th March 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
- Quick Contact -
- ISO Certified Logo -
Frequently Asked Questions(FAQ)
Cyclohexane Market
-: Our Clients :-
