Cyclohexanone Market Size, Share, Analysis & Forecast [2032]
Cyclohexanone Market Size, Share, Analysis & Forecast [2032]
Segments - Cyclohexanone Market by Application (Adipic Acid, Caprolactam, Solvents, and Others), End-use Industry (Textile, Paints & Coatings, Agriculture, Healthcare, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024–2032
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| Report ID :MC-6484
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Report Description
Cyclohexanone Market Outlook 2032
The global cyclohexanone market size was USD 8.65 Billion in 2023 and is projected to reach USD 11.7 Billion by 2032, expanding at a CAGR of 3.5% during 2024–2032. The market growth is attributed to the rising development of cyclohexanone and the increasing research activities to explore new applications of cyclohexanone.
Surging construction activities, especially in developing regions, result in high utilization of architectural coatings, which further boosts the demand for cyclohexanone. This chemical is used in the formulation of various coatings, including architectural paints, automotive finishes, and industrial coatings. For instance, as per the report published on April 2, 2024, the consumption volume of architectural paint in the US reached approximately 868 million gallons in 2021. Additionally, the rising trend toward sustainable agriculture practices, such as integrated pest management (IPM) and organic farming, is expected to boost the demand for cyclohexanone-based agrochemicals.
Impact of Artificial Intelligence (AI) on the Cyclohexanone Market
The use of artificial intelligence is likely to boost the cyclohexanone market. AI-driven process optimization algorithms help in fine-tuning manufacturing processes, reducing energy consumption, and minimizing waste generation. Furthermore, AI algorithms ensure consistent product quality and adherence to regulatory standards.
Cyclohexanone Market Dynamics
Major Drivers
Growing production of nylon is expected to drive the market during the forecast period. Cyclohexanone serves as a critical intermediate in the production of adipic acid and caprolactam, which are key raw materials required for manufacturing nylon. For instance, according to a report published on January 1, 2023, approximately 8.7 million tons of nylon is estimated to be produced annually. Additionally, rising advancements in polymer science and engineering lead to the development of innovative nylon grades with enhanced properties, thereby boosting the demand for cyclohexanone.
Rising utilization of cyclohexanone in agriculture sectors is another key factor driving the market. Cyclohexanone is used in the synthesis of various pesticides and herbicides as a solvent and intermediate, due to its effectiveness. The increasing global population and the growing demand for food are fueling the adoption of agrochemicals to enhance crop yield and protect crops from pests and diseases. Moreover, the rising trend toward sustainable agriculture practices further fuels the demand for bio-cyclohexanone.
Existing Restraints
Increasing environmental concerns and stringent regulations are expected to hamper the market. Regulations such as the Clean Air Act in the US and similar directives in Europe restrict the usage of cyclohexanone in certain applications, particularly in solvent-based formulations. Moreover, the health hazards associated with cyclohexanone exposure further hamper the market.
Emerging Opportunities
Growing research & development activities for novel applications of cyclohexanone create immense opportunities for key players competing in the market. Research is being conducted on utilizing cyclohexanone derivatives as an active ingredient in agrochemicals for sustainable crop protection and yield enhancement. Moreover, the rising demand for high-purity cyclohexanone for electronic applications further boosts the market.
Scope of the Cyclohexanone Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.
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Attributes |
Details |
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Report Title |
Cyclohexanone Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2023 |
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Historic Data |
2017 -2022 |
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Forecast Period |
2024–2032 |
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Segmentation |
Application (Adipic Acid, Caprolactam, Solvents, and Others) and End-use Industry (Textile, Paints & Coatings, Agriculture, Healthcare, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
ARIHANT SOLVENTS AND CHEMICALS; Asahi Kasei Corporation; BASF SE; DOMO Chemicals; Fibrant; Gujarat State Fertilizers & Chemicals Ltd (GSFC); JIGCHEM UNIVERSAL; LUXI Group; OSTCHEM; Qingdao Hisea Chem Co., Ltd; and shreeji chemicals ltd |
Regional Outlook
In terms of region, the global cyclohexanone market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific held a major market share in 2023, due to the rising manufacturing industries and increasing industrialization in the region.
Countries such as China, India, and South Korea are registering rapid growth in the textiles, automotive, electronics, and pharmaceutical industries, which are major consumers of cyclohexanone. Moreover, the rapid expansion of the automotive industry in this region boosts the demand for cyclohexanone, as it is utilized to produce nylon-based automotive parts.
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According to the report published on September 29, 2023, China is a major producer of cars, with approximately 23.8 million units of passenger cars manufactured in 2022.
The market in North America is projected to grow at a significant pace in the years to come, owing to its well-established pharmaceutical industry, where cyclohexanone is used as a key intermediate in drug synthesis. Moreover, the region's advanced manufacturing capabilities and technological innovations contribute to the development of new applications and products utilizing cyclohexanone, thus boosting the market in this region.
Cyclohexanone Market Segment Insights
Application Segment Analysis
Based on application, the cyclohexanone market is divided into adipic acid, caprolactam, solvents, and others. The caprolactam segment held a major share of the market in 2023, due to the extensive use of cyclohexanone in the production of caprolactam.
Cyclohexanone is a crucial raw material used in the production of caprolactam through the Beckmann rearrangement process, making it indispensable for manufacturing nylon 6. Moreover, the heightened demand for lightweight and high-performance materials in industries, such as automotive and aerospace, boosted the demand for nylon 6-based components, which significantly propelled the segment.
The adipic acid segment is expected to expand at a significant growth rate in the coming years. Adipic acid is an important intermediate in the production of nylon 6,6, which is used in automotive parts, industrial fibers, and engineering plastics. Cyclohexanone is used in the production of this acid through the KA oil process. Additionally, the growing focus on sustainable materials and circular economy principles is fueling the adoption of cyclohexanone-based adipic acid.
End-use Industry Segment Analysis
On the basis of end-use industry, the market is divided into textile, paints & coatings, agriculture, healthcare, and others. The healthcare segment is expected to dominate the market in terms of revenue generation during the projection period, as cyclohexanone is heavily utilized in the manufacturing of various drugs, including antibiotics, analgesics, and antiseptics. Additionally, advancements in drug delivery systems, formulation technologies, and healthcare infrastructure are expected to boost the demand for pharmaceuticals manufactured using cyclohexanone.
Segments
The cyclohexanone market has been segmented on the basis of
Application
- Adipic Acid
- Caprolactam
- Solvents
- Others
End-use Industry
- Textile
- Paints & Coatings
- Agriculture
- Healthcare
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- ARIHANT SOLVENTS AND CHEMICALS
- Asahi Kasei Corporation
- BASF SE
- DOMO Chemicals
- Fibrant
- Gujarat State Fertilizers & Chemicals Ltd (GSFC)
- JIGCHEM UNIVERSAL
- LUXI Group
- OSTCHEM
- Qingdao Hisea Chem Co., Ltd
- shreeji chemicals ltd
Competitive Landscape
Key players competing in the global cyclohexanone market are ARIHANT SOLVENTS AND CHEMICALS; Asahi Kasei Corporation; BASF SE; DOMO Chemicals; Fibrant; Gujarat State Fertilizers & Chemicals Ltd (GSFC); JIGCHEM UNIVERSAL; LUXI Group; OSTCHEM; Qingdao Hisea Chem Co., Ltd; and shreeji chemicals ltd.
These companies use development strategies including mergers, acquisitions, partnerships, collaboration, and product launches to expand their consumer base across the globe. For instances,
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On November 10, 2023, BASF SE, a prominent chemical company, and SINOPEC inaugurated the expanded chemical plants at the Verbund site run by BASF-YPC Co., Ltd. (BASF-YPC), a joint venture equally owned by both companies in Nanjing. This expansion caters to the rising demand for chemicals across different industries in China. Moreover, the collaboration aims to bolster production capabilities for various chemicals, including cyclohexanone.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Cyclohexanone Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Cyclohexanone Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Cyclohexanone Market - Supply Chain
4.5. Global Cyclohexanone Market Forecast
4.5.1. Cyclohexanone Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Cyclohexanone Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Cyclohexanone Market Absolute $ Opportunity
5. Global Cyclohexanone Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Cyclohexanone Market Size and Volume Forecast by Applications
5.3.1. Adipic Acid
5.3.2. Caprolactam
5.3.3. Solvents
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Cyclohexanone Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Cyclohexanone Market Size and Volume Forecast by End Users
6.3.1. Textile
6.3.2. Paints & Coatings
6.3.3. Agriculture
6.3.4. Healthcare
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Cyclohexanone Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Cyclohexanone Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Cyclohexanone Demand Share Forecast, 2019-2026
8. North America Cyclohexanone Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Cyclohexanone Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Cyclohexanone Market Size and Volume Forecast by Applications
8.4.1. Adipic Acid
8.4.2. Caprolactam
8.4.3. Solvents
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Cyclohexanone Market Size and Volume Forecast by End Users
8.7.1. Textile
8.7.2. Paints & Coatings
8.7.3. Agriculture
8.7.4. Healthcare
8.7.5. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Cyclohexanone Demand Share Forecast, 2019-2026
9. Latin America Cyclohexanone Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Cyclohexanone Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Cyclohexanone Market Size and Volume Forecast by Applications
9.4.1. Adipic Acid
9.4.2. Caprolactam
9.4.3. Solvents
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Cyclohexanone Market Size and Volume Forecast by End Users
9.7.1. Textile
9.7.2. Paints & Coatings
9.7.3. Agriculture
9.7.4. Healthcare
9.7.5. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Cyclohexanone Demand Share Forecast, 2019-2026
10. Europe Cyclohexanone Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Cyclohexanone Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Cyclohexanone Market Size and Volume Forecast by Applications
10.4.1. Adipic Acid
10.4.2. Caprolactam
10.4.3. Solvents
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Cyclohexanone Market Size and Volume Forecast by End Users
10.7.1. Textile
10.7.2. Paints & Coatings
10.7.3. Agriculture
10.7.4. Healthcare
10.7.5. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Cyclohexanone Demand Share Forecast, 2019-2026
11. Asia Pacific Cyclohexanone Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Cyclohexanone Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Cyclohexanone Market Size and Volume Forecast by Applications
11.4.1. Adipic Acid
11.4.2. Caprolactam
11.4.3. Solvents
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Cyclohexanone Market Size and Volume Forecast by End Users
11.7.1. Textile
11.7.2. Paints & Coatings
11.7.3. Agriculture
11.7.4. Healthcare
11.7.5. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Cyclohexanone Demand Share Forecast, 2019-2026
12. Middle East & Africa Cyclohexanone Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Cyclohexanone Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Cyclohexanone Market Size and Volume Forecast by Applications
12.4.1. Adipic Acid
12.4.2. Caprolactam
12.4.3. Solvents
12.4.4. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Cyclohexanone Market Size and Volume Forecast by End Users
12.7.1. Textile
12.7.2. Paints & Coatings
12.7.3. Agriculture
12.7.4. Healthcare
12.7.5. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Cyclohexanone Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Cyclohexanone Market: Market Share Analysis
13.2. Cyclohexanone Distributors and Customers
13.3. Cyclohexanone Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. ARIHANT SOLVENTS AND CHEMICALS
13.4.2. Asahi Kasei Corporation
13.4.3. BASF SE
13.4.4. DOMO Chemicals
13.4.5. Fibrant
13.4.6. Gujarat State Fertilizers & Chemicals Ltd (GSFC)
13.4.7. JIGCHEM UNIVERSAL
13.4.8. LUXI Group
13.4.9. OSTCHEM
13.4.10. Qingdao Hisea Chem Co., Ltd
13.4.11. shreeji chemicals ltd
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