Cyclohexanone Market Size

Cyclohexanone Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Cyclohexanone is the name of a liquid that is soluble in alcohol and soluble in ether. The cyclohexanone market is valued at $ 5.19 billion in 2023, and is projected to reach $ 6.5 billion in 2032, at a CAGR of 2.47% from 2024 to 2032. This steady growth indicates that the demand for cyclohexanone is steady. Its demand is mainly driven by the use of cyclohexanone in the manufacture of coatings, solvents, and nylon. As the industry develops, the demand for cyclohexanone as an intermediate chemical will increase, which will also promote the development of the market. The driving force of the market is mainly the development of new production methods and the increasing investment in research and development. The development of cyclohexanone synthesis is especially notable. The main market players, such as BASF, ExxonMobil, and Covestro, are mainly based on strategic cooperation and new product launches to enhance their market positions. The development of cyclohexanone synthesis is especially notable. For example, BASF has focused on sustainable production, which not only satisfies the demand for eco-friendly products, but also satisfies the demand for sustainable production. The strategic layout of these companies will also promote the development of the cyclohexanone market in the future.

Regional Market Size

Regional Deep Dive

In the following sections, we will consider the market for cyclohexanone. The market is characterized by different dynamics across the globe, which is mainly driven by the differences in the industrial applications, the regulatory framework, and the economic conditions. In North America, the market is mainly driven by the booming chemical industry and the increasing demand from the textile and the automobile industries. In Europe, the emphasis is on sustainable development and innovation, and strict regulations are pushing for greener alternatives. In Asia-Pacific, the fast-paced urbanization and the growing industrialization are driving the market for cyclohexanone in paints, coatings, and adhesives. The petrochemical industry in the Middle East and Africa is booming, and the market for cyclohexanone in Latin America is growing steadily.

North America

• In the United States, the EPA has enacted new regulations that restrict the emissions of VOCs, which has led manufacturers to explore more sustainable methods of producing cyclohexanone.
• In the meanwhile, Eastman and BASF are investing in the development of bio-based cyclohexanone, in line with the growing trend of promoting sustainable chemistry.
• The post-pandemic recovery of the automobile industry is pushing the use of cyclohexanone, used in paints and glues essential for the repair and construction of cars, to an unprecedented level.

Europe

• The European Union’s REACH regulation is affecting the production of cyclohexanone. It is a requirement for companies to meet strict safety and environmental standards. This has prompted them to develop safer chemicals.
• The companies Solvay and Evonik are at the forefront of the development of a process to manufacture cyclohexanone in a sustainable way.
• The circular economy in Europe is promoting the cyclohexanone cycle, which is expected to change the supply chain and reduce the reliance on virgin materials.

Asia-Pacific

• The rapid development of industry in China has notably increased the demand for cyclohexanone, especially for the manufacture of synthetic fibres and plastics.
• In the meantime, the Indian government is pushing its Make in India program, which should boost local production of cyclohexanone and reduce reliance on imports.
• The production methods were constantly improved, and with the development of catalytic methods of manufacture, the output was greatly increased.

MEA

• Production of cyclohexanone has been stimulated by the development of the petrochemical industry in the Kingdom of Saudi Arabia. With the expansion of the petrochemical industry, SABIC has been investing heavily in the chemical industry.
• The United Arab Emirates is establishing a legal framework for the production of cyclohexanone which is sustainable and thus encouraging the local manufacturers to use a greener process for the production of cyclohexanone.
• The increasing demand for paints and coatings in the construction industry in the region is expected to drive cyclohexanone consumption in the MEA region.

Latin America

• In Brazil, the agricultural sector has been increasingly using cyclohexanone in the formulation of agrochemicals, which is expected to drive the market growth in this region.
• The government of Mexico is putting in place measures to promote chemical industry in the country. This may lead to an increase in the availability of cyclohexanone in the domestic market.
• As the manufacturing industry in the developing countries of Latin America develops, the demand for industrial solvents, including cyclohexanone, increases.

Did You Know?

“It is a very important solvent, not only for the chemical industry, but also for the manufacture of Nylon, which is used in a wide variety of applications from clothing to automobile parts.” — American Chemical Society

Segmental Market Size

The cyclohexanone market plays an important role in the production of resins, synthetic fibers, and other chemical intermediates. It is now experiencing a steady rise. The main reasons for the increase are the increasing demand for high-tech materials in the automobile and textile industries, as well as the increasingly stringent policies that encourage the use of safer solvents in chemical processes. Moreover, the production process is continuously improved, resulting in greater efficiencies and lower costs, which in turn further stimulates demand.

At the moment, cyclohexanone has entered a mature stage of development, and the use of it in industry is firmly established. Its main application is as a solvent in paints and varnishes, and as a raw material in the manufacture of caprolactam, a precursor to the manufacture of polyamides. Green chemistry and the sustainable development movement are promoting its development. In the production of products, companies are increasingly focusing on the most sustainable methods of production. The most important developments in this field are the use of advanced catalytic processes and solvent recovery, which are aimed at achieving the most efficient use of resources and reducing waste.

Future Outlook

During the forecast period, the cyclohexanone market will grow at a CAGR of 2.6% from $ 5.19 billion in 2023 to $ 6.47 billion in 2032. It is due to the high demand for cyclohexanone in the production of nylon. Nylon will be consumed in the automobile, textiles and household goods industries. As these industries will increasingly require lightweight and durable materials, the penetration of cyclohexanone in these industries is expected to increase significantly, with the potential for penetration of more than 15% in key applications by 2032.

The cyclohexanone market is expected to be shaped by a combination of technological development and government policy. Technological innovations, such as the development of more efficient catalytic methods, are expected to increase the yield and reduce the impact on the environment, in line with global sustainability goals. Also, the introduction of regulations to reduce the use of VOCs will lead to a greater demand for solvents and intermediates with a lower VOC content, which is expected to increase the demand for cyclohexanone as a solvent and intermediate. Meanwhile, the trend towards bio-based chemicals and the circular economy will also have an effect on the market as more emphasis is placed on sustainable sourcing and production practices.