Cyclohexane – Marker Dynamics
The global Cyclohexane market is on a roll at the moment and it can be majorly attributed to the speedy advancement in the automotive and textile sectors. Market Research Future released a report on ‘Global Cyclohexane Market’ wherein it was mentioned that this market will grow CAGR 3.6% at a lightning speed in the forthcoming forecast period of 2021-2030.
Cyclohexane is a versatile chemical agent that is flammable and colorless in nature. It is produced at an industrial level through the catalytic hydrogenation of benzene. Its major application is for the manufacturing of caprolactam and adipic acid. Both of these elements are integral to the production of nylon. Cyclohexane can also be utilized for the formation of cyclohexanol and cyclohexanone. Apart from that this compound is also employed as a starting material for KA Oil and used as a substitute for benzene.
At present, the demand for this compound is on an all-time high in the textile industry. Owing to this it is being considered that the global cyclohexane market will expand enormously throughout the forecast period. It is predicted to move ahead at an encouraging CAGR and the estimated revenue turnover figures look great as well.
The sudden surge in the production of nylon based cyclohexane uses thermoplastics happens to be a major factor propelling the growth of the cyclohexane market. It is also being employed to create fuel-efficient automotive parts. Apart from these aspects, additional factors like rapid development in the oil gas industry and increase in the number of crude oil refining processes also tend to positively affect the expansion of the market.
The market may, however, encounter some minor restraints like stringent government rules. The stakeholders of this market are taking the necessary steps to mitigate such small issues and soon enough a plausible solution will be discovered.
Market Segmentation
The research report by Market Research Future on ‘Cyclohexane Market’ has an entire section that offers a broad segmental analysis of the market. Here are some integral insights from that segment of the report.
By end users – Electrical, food packaging, defense, automobile, textiles and electrical. Out of these, the textiles segment accounts for the largest share of the market and it is expected to continue with its lead in the forthcoming forecast period as well.
By application – Nylon 6, polyester polyol and nylon 66. Nylon 6 surfaced as the dominant segment which holds about 55% of the entire market share.
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Comprehensive Regional Analysis
The cyclohexane market has successfully spread its business across various areas of the world. Some of the major regions where it has a strong hold can be listed as Europe, Latin America, North America, Asia Pacific, Middle East Africa and Rest of the World.
The research report distributed by Market Research Future mentions that Asia Pacific will be the one with the lead for the forthcoming forecast period. It tallies for the largest sum of the market share and is expected to grow at a promising CAGR during this term. Europe commands the competitive landscape after APAC and accounts for the second largest market share.
Industry News
January 29, 2018 – SABIC, a Saudi Arabia based company that specializes in making chemicals recently bought 25% stakes of Clariant, a Swiss chemical giant. After this news surfaced, the experts of the cyclohexane market believe that in near future both the organizations might embark upon a joint venture.
Key Players Market Strategies
Some of the most successful and renowned players in this market can be listed as Idemitsu Kosan Co., CITGO Petroleum Coporation, Reliance Industries Limited, CEPSA, The Dow Chemical Company and Clariant.
To stay ahead in the competitive arena these brands have to continuously evolve themselves according to the changing industry standards. Apart from that they also employ certain growth strategies like acquisitions, planned partnerships with other organizations and expansion of business in other countries.
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