LOS ANGELES, March 11, 2021 (GLOBE NEWSWIRE) -- The Global Vinyl Cyclohexane Market is expected to grow at a CAGR of around 4.2% from 2020 to 2027 and reach the market value of over US$ 79.2 Mn by 2027.
Asia Pacific will hold dominating share for the vinyl cyclohexane market in the forthcoming years. This is due to rising investments, increasing intense competition in the global market, and availability of raw materials. Such factors contribute to the fullest for the growth of APAC regional market for vinyl cyclohexane regionally. China's chemical market has contributed half of the growth of the world's chemical market from the past two decades. The enormous base that China's chemical industry constitutes is around US$ 1.5 trillion recorded in 2017, accounting to nearly 40% of the global chemical industry revenue. Favorable industrial policy coupled with consumer demand, upgrading innovation and technological capabilities, new gateways for the investors, and new environmental regulations are the four prominent factors that contribute for the growth of APAC regional market for vinyl cyclohexane market.
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On the other hand, Europe is the second largest regional contributor for vinyl cyclohexane market. As per the statistics revealed by the Cefic, the chemical sector spent US$ 5.4 Bn on R&D in 2018. Among that 60% of the funding was utilized for R&D activity majorly involved in production of products utilized for in-house application. In addition, strategic collaboration between the prominent players supportive by technology enhances the innovation in product offering for the global market. Chemical and life sciences are the largest private investor in R&D, accounting for 65% of R&D spending by all the manufacturing companies. In the past decade, R&D spent by the chemical and life science industry increased by almost 90% mainly driven by life science company.
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COVID-19 Impact on Vinyl Cyclohexane Market
Disturbed supply and imbalances from supply chain disruptions experienced demand shocks
Demand destruction has accelerated the chemical industry into oversupply situation that was already looming pre-covid. The automotive, transportation, and consumer products sectors are among the hardest hit end-markets with demand for chemicals falling by up to 30%. Apart from that, demand for pharmaceuticals, food additives, and disinfectants is peaking and chemical companies exposed to these sectors are reporting outbound volumes. Apart from that, the US constitutes a major share for the vinyl cyclohexane market in North America during the forecast period. Growth of the market in this country can be ascertained by presence of prominent manufacturers in the country such as Norquay Technology and Santa Cruz Biotechnology. According to the Cefic, the European Chemical Industry Council reported that the chemical production in the European Union declined by 1.9% in 2020 as compared to 2019. Furthermore, it is assumed that the chemical industry's output is anticipated to grow by 3% in 2021 and 2% in 2022. Moreover, with over 1.2 million workers, and US$ 659 Bn investments, the European chemical industry is a wealth generating sector of the economy and a major contributor for building a sustainable future of Europe for chemical industry.
Segmental Outlook
The vinyl cyclohexane market is segmented based on purity and application. Based on purity, the global vinyl cyclohexane market is segmented into 98%, 99%, 95%, and others. Furthermore, by application, the market is segmented as medical, chemical, and construction.
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Competitive Landscape
Some of the leading competitors are Merck KGaA, Norquay Technology, Inc., BOC Sciences, AK Scientific Inc., Tokyo Chemical Industry Co., Ltd., Toronto Research Chemicals Inc., Shanghai Meicheng High Technology Co Ltd., and among others.
Some of the key observations regarding Vinyl Cyclohexane industry include:
- In January 2018, MPD Chemicals (MPD), a US based manufacturer of specialty chemicals and custom synthesis solutions announced acquisition of Norquay Technology, Inc. (Norquay). The acquisition of Norquay enhances MPD to establish cross-functional operations and extend value-added products and solutions to more customer base worldwide.
- In August 2019, LGC, announced the acquisition of Toronto Research Chemicals (“TRC”), a global manufacturer and supplier of synthetic organic biochemicals that are used as reference standards, research tools, and building blocks by a highly diversified global customer base across the pharmaceutical, applied, and research sectors.
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