Global Cyclohexanone Market Size, Share, Growth Analysis, By Type(Solvent, Chemical Intermediate), By Application(Paints and Coatings, Chemicals) - Industry Forecast 2024-2031

Global Cyclohexanone Market size was valued at USD 11.06 billion in 2022 and is poised to grow from USD 11.59 billion in 2023 to USD 16.87 billion by 2031, growing at a CAGR of 4.8% during the forecast period (2024-2031).

The global cyclohexanone market is characterized by a mix of established players and emerging companies. The market is moderately fragmented, with several manufacturers operating on a regional and global scale. These companies focus on strategic initiatives such as mergers and acquisitions, partnerships, and product innovation to gain a competitive edge. Additionally, there is a growing emphasis on research and development activities to enhance production processes, improve product quality, and meet the evolving demands of end-use industries. Market players are also investing in sustainable practices and exploring bio-based alternatives to address environmental concerns and stay competitive in the market. 'Chevron Phillips Chemical Company LLC', 'Exxon Mobil Corporation', 'Cepsa', 'Merck KGaA', 'BASF SE (Ludwigshafen, Germany)', 'Domo Chemicals (Gent-Zwijnaarde, Belgium)', 'OSTCHEM (Donetsk region, Ukraine)', 'Fibrant (Urmond, Netherlands)', 'UBE INDUSTRIES, LTD. (Tokyo, Japan)', 'TPCC (Taipei City, Taiwan)', 'Qingdao Hisea Chem Co., Ltd (Qingdao, China)', 'ARIHANT SOLVENTS AND CHEMICALS (Tamil Nadu, India)', 'JIGCHEM UNIVERSAL (Maharashtra, India)', 'Shreeji Chemical (Thane, India)', 'LUXI GROUP (New York, U.S.)', 'Honeywell International Inc (North Carolina, U.S.)', 'Sumitomo Chemical Co., Ltd. (Japan)', 'Asahi Kasei Corporation (Tokyo, Japan)', 'Gujarat State Fertilizers & Chemicals Ltd (GSFC) (Gujarat, India)'

One key driver in the global cyclohexanone market is the increasing demand for caprolactam, which is a major application of cyclohexanone. Caprolactam is extensively used in the production of nylon, which finds widespread use across various industries including automotive, construction, consumer goods, and electronics. The growing demand for nylon-based products in these sectors, driven by factors such as urbanization, population growth, and technological advancements, fuels the need for cyclohexanone.

One key market trend in the global cyclohexanone market is the growing adoption of 3D printing technology across various industries. 3D printing offers advantages such as high production efficiency, design flexibility, and cost-effectiveness, driving its demand globally. As 3D printing finds applications in sectors like automotive, healthcare, consumer goods, and aerospace, the demand for nylon-based materials, which utilize cyclohexanone, is expected to rise. The increasing value of the 3D printing market and its expanding use in healthcare, consumer goods, electronics, and automotive industries contribute to the positive market trend for cyclohexanone.

North America emerges as the dominating region in the global cyclohexanone market. The market in North America is primarily driven by the increasing consumption of caprolactam and adipic acid in the United States and Canada. The United States, in particular, holds a significant share of the global adipic acid consumption, accounting for approximately 30% to 35% in 2023, according to the U.S. Environmental Protection Agency (EPA). Adipic acid is extensively used in the production of nylon 66, which finds applications in various industries including automotive, textiles, and consumer goods. The demand for carpets, a major application of nylon 66, is also growing in the region, further boosting the demand for adipic acid. Additionally, the North American market benefits from investments made by textile yarn manufacturers due to changing consumption patterns and increasing demand for clothing and home furnishing products.