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The global cyclohexane market size was USD 23.99 Billion in 2022 and is expected to reach USD 36.58 Billion in 2032
NEW YORK CITY, NEW YORK, USA, May 1, 2023 /einpresswire.com / -- Market Overview:
The cyclohexane market has witnessed significant growth over the years, with a market size of USD 23.99 Billion in 2022, and an expected growth rate of 4.8% during the forecast period. The market is primarily driven by the rising demand for nylon fibers, resins, and plasticizers across various industries, such as automotive, construction, packaging, and textiles. Cyclohexane is widely used as a raw material for adipic acid production, which is used for the manufacturing of nylon fibers, resins, and plasticizers.
One of the major drivers of the cyclohexane market is the growing demand for nylon fibers in the textile industry. Nylon fibers are extensively used in the production of clothing, carpets, and industrial textiles because of their high tensile strength, durability, and resistance to abrasion. The increasing popularity of nylon fibers in the fashion industry is driving demand for cyclohexane, which is used as a raw material for adipic acid production. The automotive industry is also driving demand for cyclohexane, owing to the rising demand for lightweight and high-performance materials.
Another factor driving revenue growth of the market is the increasing demand for resins and plasticizers in the construction and packaging industries. Cyclohexane is used as a raw material in the production of adipic acid, which is further used to produce resins and plasticizers. With the growing demand for lightweight and durable materials in the construction industry, the demand for resins and plasticizers is on the rise, thereby driving the revenue growth of the cyclohexane market. Additionally, the demand for eco-friendly and sustainable packaging solutions is increasing, which is driving demand for bio-based resins and plasticizers, thereby contributing to the revenue growth of the market.
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Cyclohexane Market: Segmentation
The primary driver of the cyclohexane market revenue growth is the increasing demand for nylon fibers, resins, and plasticizers across various end-use industries, such as automotive, construction, packaging, and textiles. Cyclohexane is a colorless and flammable liquid used as a solvent and a raw material for the production of adipic acid, which is further used for the production of nylon fibers, resins, and plasticizers.
One of the significant drivers of the cyclohexane market is the growing demand for nylon fibers in the textile industry. Nylon fibers are popularly used in the production of clothing, carpets, and industrial textiles due to their high tensile strength, durability, and resistance to abrasion. The increasing popularity of nylon fibers in the fashion industry is driving demand for cyclohexane, which is used as a raw material for the production of adipic acid, a key component in the manufacturing of nylon fibers. Additionally, the demand for lightweight and high-performance materials in the automotive industry is driving demand for nylon fibers, further driving the revenue growth of the cyclohexane market.
Another factor driving revenue growth in the market is the rising demand for resins and plasticizers in the construction and packaging industries. Cyclohexane is used as a raw material in the production of adipic acid, which is further used to produce resins and plasticizers. The demand for lightweight and durable materials in the construction industry is driving demand for resins and plasticizers, which, in turn, is driving the revenue growth of the cyclohexane market. Furthermore, the rising demand for eco-friendly and sustainable packaging solutions is driving the demand for bio-based resins and plasticizers, which is further driving revenue growth in the market.
The report coverage includes revenue forecast, company ranking, competitive landscape, growth factors, and trends. The segments covered in the report include production method outlook, application outlook, and regional outlook.
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Cyclohexane Market: Strategic Development
Chevron Phillips Chemical Company LLC revealed its plan to construct a new plant in China in 2021 to produce high-purity cyclohexane. This plant aims to satisfy the rising demand for cyclohexane in the Asia Pacific region and is expected to be operational in 2023. Similarly, in 2020, Sinopec developed a new technology for the production of high-purity cyclohexane, which is expected to improve the quality of the product and reduce the production cost, thereby providing a competitive advantage to Sinopec in the market.
Huntsman Corporation announced its acquisition of CVC Thermoset Specialties in 2019. The acquisition was aimed at strengthening Huntsman's position in the global cyclohexane market by expanding its product portfolio. In 2018, Reliance Industries Limited also revealed its plan to expand its petrochemicals complex in Jamnagar, India, which includes the production of cyclohexane. This expansion is expected to increase Reliance's production capacity and cater to the growing demand for cyclohexane in the region.
Cyclohexane Market: Competitive Landscape
The global cyclohexane market is highly competitive and fragmented, with several major players operating in the market. Chevron Phillips Chemical Company LLC is one of the key players in the market, which announced the construction of a new plant in China in 2021 for the production of high-purity cyclohexane. ExxonMobil Chemical is another major player in the market, with a focus on the production of specialty chemicals, including cyclohexane.
Sinopec is a leading player in the market, which successfully developed a new technology for the production of high-purity cyclohexane in 2020. The technology is expected to reduce production costs and improve product quality, giving Sinopec a competitive edge in the market. Huntsman Corporation is another key player in the market, which acquired CVC Thermoset Specialties in 2019, a leading producer of specialty chemicals. The acquisition was aimed at expanding Huntsman's product portfolio and strengthening its position in the global cyclohexane market.
Reliance Industries Limited is a major player in the market, which announced the expansion of its petrochemicals complex in Jamnagar, India, in 2018. The expansion includes the production of cyclohexane, and is expected to increase Reliance's production capacity and meet the growing demand for cyclohexane in the region. BP plc and Royal Dutch Shell plc are other major players in the market, with a focus on the production of chemicals and petrochemicals.
BASF SE and Total SE are also prominent players in the market, with a diversified portfolio of chemical products. Dow Chemical Company is another key player in the market, with a focus on the production of materials science products, including chemicals and plastics. These players are expected to continue to drive revenue growth in the global cyclohexane market through product innovation, acquisitions, and strategic partnerships.
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