Newark, NJ, May 30, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global cyclohexanone market is expected to grow from USD 7.51 billion in 2019 to USD 9.72 billion by 2027, at a CAGR of 3.3% during the forecast period 2020-2027. Asia-Pacific is the most dominant player in terms of volume, and it is also anticipated to be the region with the highest growth rate. The availability of low-cost skilled labour, rising economic standards and the rapidly growing industrial sector supported by favourable government policies are the factors leading to the growth of the industry in this region. China and India are proliferating, commanding significant shares in the regional market. China is the largest producer and consumer of cyclohexanone globally, and it also exports large quantities of cyclohexanone due to its colossal manufacturing industry.
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Some of the notable players in the cyclohexanone market are BASF, Reliance Industries Limited, Chevron Phillips Chemical Company, Clariant, The Dow Chemical Company, China Petroleum & Chemical Corporation, CEPSA, CITGO Petroleum Corporation, DuPont de Nemours, Merck KGa, BP Refining & Petrochemicals GmbH and Idemitsu Kosan.
The application segment includes caprolactam, adipic acid, solvents and others. In which caprolactam has the highest share, and it is expected to dominate this segment in future owing to the production of nylon in high capacities, and its use as an essential raw material for producing nylon 6 fibres, resins and films. The end-user segment includes construction, automobile, defence, textiles, electronics, and others. In this segment, the textile sector holds the largest market share owing to high manufacturing volume of nylon. But automobile segment is anticipated to witness a drop, because of the sharp decline in the demand and production of automobile sector in the past few years.
Nylon has excellent heat resistance and low conductivity, due to this, its use is increasing in personal safety equipment, textile, and electronic industry. Its role as a solvent is also increasing in various industries such as agriculture (fertilizer), paints & coatings, and lubricants.
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The global market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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