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Global Cyclohexanone Market to Grow at a CAGR of 3.44% During 2021-2026, Aided by the Rising Demand for Adipic Acid

According to a new report by EMR titled, ‘Global Cyclohexanone Market Report and Forecast 2021-2026’, the global market for cyclohexanone attained a value of about USD 7.73 billion in 2020. The industry is further expected to grow at a CAGR of 3.44% in the forecast period of 2021-2026 to reach a value of approximately USD 9.47 billion by 2026.

North America holds a significant share of the cyclohexanone industry due to the growing demand for adipic acid in the region. The robust growth of the textile industry in countries like the United States and Canada is leading to a surging demand for adipic acid, hence augmenting the market for cyclohexanone. As investments in apparel and clothing manufacturing to meet evolving consumer demands are surging, the demand for cyclohexanone is witnessing healthy growth, which is driving the market growth. Moreover, the growing use of adipic acid in the manufacturing of plasticisers and polymers in the region is providing further impetus to the growth of the North America cyclohexanone industry. The Asia Pacific region is witnessing robust growth due to the extensive demand for cyclohexanone in commercial and industrial applications. The increasing production of adipic acid and caprolactam in countries such as India and China are escalating the utilisation of cyclohexanone, thereby strengthening the market growth.

Ube Industries, Ltd. (TYO: 4208), one of the leading companies in the market, announced in January 2016 that it had adopted a new manufacturing process for cyclohexanone at its manufacturing facility in Ube City, Yamaguchi Prefecture. The company had implemented this measure to boost the productivity and profitability of its nylon and caprolactam business. The manufacturing facility performs selective hydrogenation of phenols for the production of cyclohexanone to streamline the manufacturing process, increase the yield, and downsize equipment. Moreover, this would decrease greenhouse emissions and aid in the sustainable production of cyclohexanone. Such initiatives are bolstering the market growth.

Market Analysis by Type, End User, Application, and Region:

  • The market, on the basis of type, can be divided into cyclohexane and phenol.
  • Based on end users, the industry can be divided into paints and dyes, fertilisers, nylon industry, pharmaceuticals, films, and soaps, among others.
  • The applications of cyclohexanone include caprolactam, adipic acid, and solvents, among others.
  • The regional markets for cyclohexanone include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising use of cyclohexanone in the production of adipic acid, which is used in the nylon and food and beverage industry, is propelling the market growth.
  • The market is being aided by the growing demand for nylon in various commercial and industrial applications, which, in turn, is increasing the utilisation of cyclohexanone.
  • The increasing use of cyclohexanone as a solvent in the paint industry is driving the growth of the market.
  • The growing demand for cyclohexanone in packaging and manufacturing applications in the pharmaceuticals industry is providing impetus to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for cyclohexanone for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, end users, applications, and major regions of cyclohexanone.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cyclohexanone 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 comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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