Cyclohexanone Market – Growing Automobile Production, Especially In Asia Pacific Is Anticipated Boost The Demand | Grand View Research, Inc.

April 20 15:36 2021
Cyclohexanone Market - Growing Automobile Production, Especially In Asia Pacific Is Anticipated Boost The Demand | Grand View Research, Inc.

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According to a recent report published by Grand View Research Inc., The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products.

The global cyclohexanone market size is expected to reach at USD 9.8 billion by 2027 to expand at CAGR of 3.3%. The market is mainly driven by its consumption for the production of caprolactam, followed by adipic acid. Caprolactam is majorly used in the production of nylon which is further used across various end-use industries including automotive, construction, consumer goods, and electronics.

BASF and Asahi Kasei Corporation are leading the market owing to their strong geographical presence across the globe. These companies also have a strong customer base, product portfolio as well as integration throughout the value chain. In addition, the top companies also have huge investment capacities for R&D and marketing, thus enabling a well-established supply chain.

North America is one of the major markets for cyclohexanone owing to the growing demand for caprolactam and adipic acid in the U.S. and Canada. According to the U.S. Environmental Protection Agency (EPA), U.S. accounted for roughly 30% to 35% of the global adipic acid consumption in 2018. Adipic acid is mainly used in the production of nylon 66, which is further utilized for manufacturing different textile products such as apparel, carpets, and upholstery. Growing demand for carpets in the region is further driving the demand for adipic acid. Carpet manufacturing predominantly accounts for around 30% of adipic acid demand in the country. 

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Cyclohexanone Market Report Highlights

 Adipic acid application segment in cyclohexanone market is expected to expand at a CAGR of 3.1% from 2020 to 2027 on account of rising production of nylon 66 resin and fiber, polyurethanes, and plasticizers

 Pharmaceutical industry, soap manufacturing, and film production consume 2.71% of the total cyclohexanone manufactured globally

 U.S. was the second-largest consumer of cyclohexanone after China in 2019 and is anticipated to register a CAGR of 2.6%, from 2020 to 2027, owing to the rising production of caprolactam in the country

 Europe and North America together consumed 24% of the total cyclohexanone in 2019, with the presence of major manufacturers such as BASF SE, Ascend Performance Materials, and Advansix Inc.

 Production of cyclohexanone is anticipated to face hindrance from regulatory bodies, due to excessive Greenhouse Gas (GHG) emissions, leading to manufacturers investing in R&D activities to develop new environment compliant technologies for the chemical production

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Cyclohexanone Market Segmentation

Grand View Research has segmented the global cyclohexanone market on the basis of application and region:

Cyclohexanone Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

     Adipic Acid
        • Paints & Dyes
        • Agriculture
        • Others

Cyclohexanone Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

     North America
        • The U.S
        • Canada
        • Mexico
    • Europe
        • Germany
        • The U.K.
        • Spain
        • France
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
    • Central and South America
        • Brazil
        • Argentina
    • Middle East & Africa
        • Saudi Arabia
        • South Africa

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About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

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