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Market Overview:
Nearly all cyclohexane is utilized to manufacture cyclohexanol and cyclohexanone, which are used for the production of adipic acid and caprolactam. As a result of cyclohexane's intrinsic link to the polyamide (Nylon) chain and its use in automobiles, construction, and textiles, global cyclohexane demand remains strongly influenced by macroeconomic conditions. Cyclohexane is largely consumed for the production of nylon 6 fibers, thermoplastics, and films.
Increasing crude oil production reduces the raw material demand gap, rising demand for cyclohexane incorporated fibers for textiles, and increasing automobile production fuels the nylon based thermoplastics for manufacturing of automotive parts. Increasing urbanization along with rising per capita disposable income in developed and developing economies are predicted to drive the growth of the market over the forecast period 2017-2023.
High adoption rate along with the increasing number of construction activities to meet the cyclohexane incorporated insulation materials for the ever-growing population. Moreover, continuous expansion of the automotive sector as well as shifting manufacturers focus towards cost-effective and light weighted vehicles are estimated to fuel the growth of the market during the review period, 2017-2023. However, growing environmental concern regarding the toxic effect of chemicals used in cyclohexane along with the implementation of strict regulations is predicted to hinder the market growth over the assessment period, 2017-2023.
Regional Analysis
The Asia Pacific is estimated to be the largest Cyclohexane Market followed by North America and Europe due to the strong existence of crude oil reserves. In Europe, Germany, Russia, and Spain are predicted to register a strong growth on account of tremendous demand for cyclohexane in automotive parts manufacturing. In the Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for cyclohexane and is estimated to grow at the same pace over the forecast period. Improving living standards along with the flourishing growth of the textile industry is predicted to contribute to the regional market growth. In North America, the U.S. and Mexico are among the major contributors to the regional market growth due to the expansion of offshore and onshore activities as well as increasing innovations. In South America, Mexico is expected to register a strong growth due to the robust presence of automobile manufacturers.
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Segmentation
The global cyclohexane market is categorized on the basis of application, end use industry, and region. On the basis of the application, the cyclohexane market is categorized into nylon 6, nylon 66, polyester polyol, and others. On the basis of the end use industry, the market is bifurcated into food packaging, defense, textiles, automobile, electrical, and others. On the basis of the region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Key Players
Some of the prominent players operating in the global cyclohexane market are Reliance Industries Limited (India), BASF (Germany), The Dow Chemical Company (U.S.), Chevron Phillips Chemical Company (U.S.), Clariant (Switzerland), China Petroleum & Chemical Corporation (China), CEPSA (Spain), Idemitsu Kosan Co., Ltd. (Japan), CITGO Petroleum Corporation (U.S.), and BP Refining & Petrochemicals GmbH (Germany).
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