Cyclohexanol & Cyclohexanone Market Size
The cyclohexanol & cyclohexanone market size was USD 14.3 billion in 2022 and is poised to register a CAGR of 4.1% during the projection period to reach USD 20.01billion by 2032. Cyclohexanol is an essential industrial chemical used in the manufacturing of adipic acid, caprolactam, and nylon. It is primarily produced through the oxidation of cyclohexane and involves several steps. Cyclohexane, the raw material of cyclohexanol, is derived either from crude oil or obtained as a byproduct during petroleum refining. Preparation of cyclohexane is the first step for cyclohexanol production, wherein the raw material undergoes purification process to eliminate impurities like sulphur, nitrogen, and other hydrocarbons.
Global Cyclohexanol & Cyclohexanone Demand By Application, 2016-2032 (Kilo Tons)
Source: Secondary & Primary Research and Prismane Consulting estimates
Cyclohexanol & Cyclohexanone Demand
The global cyclohexanol & cyclohexanone market was estimated to be over 7000 kilo tons in 2022 and is has grown at an annual average rate of 3.5% since 2016. This growth can be attributed to the strong demand from downstream applications such as Polyamide 6 and Polyamide 6,6, which are used in end use sectors, textiles and automotive. In terms of volume, cyclohexanol & cyclohexanone market is estimated to grow a CAGR of 3% during the forecast period.
Cyclohexanol & Cyclohexanone Regional Market
Asia-Pacific region dominates the global cyclohexanol & cyclohexanone market, accounting for over 60% and it is further projected to continue its dominance during the forecast period. Western Europe and western Europe together account for around 30% of the global cyclohexanol & cyclohexanone demand. Caprolactam dominates the global cyclohexanol & cyclohexanone market, accounting for over 65% of global demand, followed by adipic acid, which accounts for roughly 30%.
Global Cyclohexanol & Cyclohexanone Demand By Region, 2022 (Kilo Tons)
Source: Secondary & Primary Research and Prismane Consulting estimates
In 2020, the cyclohexanol & cyclohexanone market witnessed decline due to the impact of COVID-19. However, it rebounded in 2021, and by 2022, the demand had returned to pre-pandemic levels. By the end of the forecast period in 2032, the demand is projected to reach cross 10,000 kilo tons. Asia-Pacific is anticipated to witness rapid growth of 3.7% until 2032, although Middle East & Africa is projected to register fastest growth.
Cyclohexanol & Cyclohexanone Demand, By Application
In terms of application, around 95% of globally produced cyclohexanone is utilized to produce caprolactam and adipic acid, which are intermediates in the production of nylon. The remaining is consumed in non-nylon markets, including solvents for paints and dyes, as well as an intermediate for pharmaceuticals, films, and coatings. The production of cyclohexanone primarily relies on cyclohexane, a derivative of benzene.
Currently, the global
caprolactam capacity stood at 9,674 kilo tons in 2022, with most of the capacity located in the Asia-Pacific region, making up over 70% of the installed caprolactam capacity. Western Europe, Central & Eastern Europe, and North America are the other regions with significant capacities. Leading producers of caprolactam include Advansix, BASF, DOMO, Fibrant, Lanxess, JSC KuibyshevAzot, Sumitomo Chemical, Capro Co., and Chinese domestic manufacturers.
In 2022, global
adipic acid capacity was estimated to be over 4,500 kilo tons. The Asia-Pacific region, particularly China, holds the largest capacity, accounting for nearly 60% of the total adipic acid capacity in the region. The USA ranks second with an 18% capacity share, followed by Western Europe with 17%. Major adipic acid producers include Invista, Ascend, BASF, Solvay, Asahi Kasei, and other Chinese domestic manufacturers.
Cyclohexanol & Cyclohexanone Market Drivers
Growing purchasing power in the developing economies is seen as a key driver for cyclohexanol & cyclohexanone market. The economy in Asia-Pacific has been thriving on account of the advancements in the automotive production. The sector accounts for a significant share of exports for major countries like Japan, China, and South Korea in Asia-Pacific. Large quantities of the world’s automotive electronics come from the ASEAN region. The market for electric vehicles in India is expected to rise on account of government subsidies and reduced car prices. High growth in automotive manufacturing and auto parts that require engineering plastics for window and non-window applications are expected to drive the automotive plastics demand growth in the long-term forecast. This will also drive cyclohexanol & cyclohexanone market in the automotive applications.
Further, with rising growth opportunities, companies from North America and Europe are investing in the Asia-Pacific region by bringing up new manufacturing facilities and via joint ventures. The manufacturing, product development and R&D activities in the automotive industry have shifted to Asian countries in past decade as this region has witnessed a growth on account of increasing disposable income and standard of living.
Key Players in Cyclohexanol & Cyclohexanone Market
Sunoco Chemicals, Gujarat State Fertilizers & Chemicals Ltd, Asahi Kasei Corporation, Domo Chemicals, Jigchem Universal, Innova Corporate, Arihant Chemicals, Fibrant, Asahi Kasei Corporation, Grodini Azot, Grupa Azoty, Kemerovo, Kuibyshevazot, Shchekinoazot, Exxonmobil, Cepsa, BP, BASF, Holborn, Chevron Philips, Huntsman are some of the key players in Cyclohexanol & Cyclohexanone market.
Need help
How can we help you?
Reach us with your research requirements and we shall provide the optimum solution to suit your needs.