(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 15, 2021, 06:57 /Comserve / -- Cyclohexane Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Global Cyclohexane Market is projected to register a CAGR of over 3.5% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. During the pandemic scenario, the automotive manufacturing and construction activities were stopped temporarily during the lockdown to curb the spread of the COVID-19 virus, thereby had decreased the demand for cyclohexane and its derivatives, such as nylon 6 and nylon 6,6, -based products including passenger safety belts, ropes, hoses, plastic auto parts, carpeting fabric, and others. For instance, in 2020, global automotive production has declined by 15.8% compared to 2019.
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- Over the short term, the growing production capacity for Nylon 6 and increasing demand for caprolactam for engineering resins are expected to drive the market's growth.
- On the flip side, usage of phenol for manufacturing caprolactam and unfavorable conditions arising due to the impact of COVID-19 are expected to hinder the growth of the market studied.
- Increasing investments for Nylon 66 in developing nations, including China, India, and Saudi Arabia, are expected to act as an opportunity to the cyclohexane market.
Key Market Trends
Rising Demand from the Textile Industry
- Cyclohexane is used for the manufacturing of adipic acid, hexamethylene diamine, and caprolactam which are further used to produce Nylon 6,6 and Nylon 6. Nylon 6 is produced through the polymerization of caprolactam, and Nylon 6,6 is produced by the polymerization of adipic acid and hexamethylenediamine.
- Some of the key applications of nylon include carpets, upholstery, furnishings and floor coverings, typewriter ribbons, nylon ropes and cordages, fishing nets, strimmer lines, umbrella cloth, sutures, conveyor belts, and others.
- Nylon 6 is the most common commercial grade of nylon. It is known to be a tough, abrasion-resistant material, which possesses high tensile strength. Nylon 6 resins are used in automotive applications, including in-car seat filling and seat covering. Furthermore, nylon filaments can be used to fabricate passenger's safety belts in cars, hoses, and others. Multifilament nylon yarns are also used for reinforcing rubbers in tires.
- According to OICA, around 77.62 million vehicles were produced globally in 2020 compared to 92.18 million vehicles that were produced in 2019, witnessing a decreasing growth rate of about 15.8%, thus led to a decrease in the consumption of nylon used to produce nylon tire cords, safety belts, hoses, seat filling and covering, and others.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is the largest market for cyclohexane, due to its strong demand from caprolactam, and it is expected to grow at a significant rate during the forecast period.
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- China is the largest market for cyclohexane in the Asia-Pacific region, and with growing, caprolactam manufacturing plants in China, combined with the shifting focus of automotive manufacturers toward lightweight vehicles are expected to drive the market in the Asia-Pacific region.
- China remained the global leader in the production of automobiles across the world. According to OICA, around 25.23 million vehicles were produced in China during 2020 compared to 25.75 million vehicles that were produced in 2019, witnessing a decline rate of about 2%.
- Furthermore, according to OICA, around 3.39 million vehicles were produced in India during 2020 compared to 4.52 million vehicles that were produced in 2019, witnessing a decline rate of about 25%, thus led to a decrease in the consumption of nylon for the production of tires, seat belts, seat covers, plastic parts made up of nylon, and others.
Competitive Landscape
The cyclohexane market is fragmented in nature. Some of the key players include Merck KGaA, BASF SE, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, and Cepsa, among others.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Production Capacity for Nylon 6
4.1.2 Increasing Demand for Caprolactam for Engineering Resins
4.2 Restraints
4.2.1 Usage of Phenol for Manufacturing Caprolactam
4.2.2 Unfavorable Conditions Arising due to the Impact of COVID-19
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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