New York, March 02, 2023 (GLOBE NEWSWIRE) -- The global Cyclohexane Market has reached a size of US$ 23 Billion in 2022 and it is projected to reach US$ 42 Billion by 2032. The global cyclohexane market is estimated to grow at a CAGR of 5.1% from 2023 to 2032.
Cyclohexane is a cyclic hydrocarbon with the molecular formula C6H12. It is an aromatic compound and a colorless liquid at room temperature. Cyclohexane has a wide range of commercial applications in the chemical industry, including production of adipic acid and caprolactam which are used in manufacturing nylon, paint remover, solvents for waxes, oils, and resins, and products from petrochemicals like benzene and toluene. Cyclohexane also serves as a feedstock for the production of other organic chemicals such as cyclohexanol and cyclohexanone.
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Market Drivers:
- Growing demand from the textile industry: Cyclohexane is extensively used as a solvent in the textile industry for dyeing and printing of textiles. The growing demand for textiles from the fashion and clothing industries is expected to boost the demand for cyclohexane.
- Increasing demand from the pharmaceutical industry: Cyclohexane is used as a solvent in the manufacture of various pharmaceuticals, including antibiotics, anti-inflammatory drugs, and analgesics. The growing demand for these drugs is expected to drive the growth of the cyclohexane market.
- Growth in the automotive industry: Cyclohexane is used in the manufacture of nylon, which is used to produce various automotive components such as airbag fabrics, fuel lines, and brake parts. The growing demand for automobiles is expected to boost the demand for nylon, and thus, for cyclohexane.
Market Restraints:
- Volatility in crude oil prices: Cyclohexane is primarily produced from crude oil, and therefore, its prices are influenced by the volatility in crude oil prices. The fluctuations in crude oil prices can affect the profitability of the cyclohexane manufacturers.
- Stringent regulations: Cyclohexane is classified as a hazardous material, and its production and transportation are subject to strict regulations. Compliance with these regulations can increase the operating costs for the manufacturers.
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Competitive Landscape:
The global cyclohexane market is highly competitive, with the presence of several key players, including
- BASF SE
- Sunoco Chemicals
- ExxonMobil Chemical
- Huntsman Corporation
- Cheveron Philips Chemical Company
Market Segmentation:
The global cyclohexane market is segmented based on application, end-use industry, and region.
- By type (aromatic Cyclohexanes and aliphatic Cyclohexanes)
- By application, the market is segmented into adipic acid, caprolactam, solvents, and others. Adipic acid is the largest application segment, accounting for a major share of the market.
- By end-use industry, the market is segmented into textiles, paints and coatings, pharmaceuticals, automotive, and others. The textiles industry is the largest end-use industry segment, followed by the paints and coatings industry.
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Regional Analysis:
The global cyclohexane market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Asia-Pacific is the largest market for cyclohexane, accounting for the majority of the market share. The growing demand for textiles and pharmaceuticals in the region is driving the growth of the market.
North America and Europe are also significant markets for cyclohexane, driven by the growth of the automotive industry in these regions.
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