NEWARK, Del, June 28, 2022 (GLOBE NEWSWIRE) -- According to Future Market Insights, the worldwide cyclohexylbenzene market will outperform US$ 297 Mn during the figure time of 2021 and 2031. The market is assessed to figure consistent development at 4% CAGR somewhere in the range of 2021 and 2031.
Utilization of cyclohexylbenzene in paints and coatings, electric and electronic, and compound industry is supposed to spike the development. It likewise is utilized in the development of phenol and being the vital fixing underway of epoxy gums, reception is supposed to prod.
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Close by this, developing electric vehicle deals are setting out worthwhile open doors for makers. As cyclohexylbenzene is utilized as an added substance for lithium-particle battery electrolytes, their reception is supposed to increment with the ascent in electric vehicle deals.
Expanding research and advancement exercises are empowering commercialization of utilization of cyclohexylbenzene to supplant isopropyl benzene. This will broaden learning experiences for market players.
Developing interest for high bubbling solvents has additionally pushed the reception of cyclohexylbenzene inside paints and coatings industry, This, thus, is supposed to expand the deals throughout the next few years. Nonetheless, rigid guidelines carried out by states on the creation and utilization of cyclohexylbenzene because of the perilous effect on climate may be a restriction development to a degree.
“Increasing sales of electric vehicles are expected to improve the adoption of cyclohexylbenzene. Hence, key players are shifting their focus towards developing economies, such as China and India, to create capitalize on lucrative opportunities over the coming years.” says the Future Market Insights analyst.
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Key Takeaways from Cyclohexylbenzene Market Survey
- High purity segment will lead the product type, exhibiting a steady growth at 4.5% CAGR through 2021-2031
- Application in chemical production will spur the sales of cyclohexylbenzene, accounting for over 32% of the global value by 2031-end
- The U.S. is expected to be a key market, registering sales of over US$ 51.1 million in 2021
- Thanks to the presence of industry giants across Germany, demand for cyclohexylbenzene is set to rise at nearly 18% during the forecast period
- China is anticipated to be the most lucrative market, accounting for over 32% of global market share
- With expansion of electric and electronics industry across India, sales of cyclohexylbenzene are estimated to spur creating incremental opportunity of US$ 7.1 Mn through 2031
Key Drivers
- Increasing demand for solvent chemicals and rising application of cyclohexylbenzene in chemical industry will propel the growth
- Increasing research & development activities for the commercialization of cyclohexylbenzene will accelerate the demand
Key Restraints
- Stringent government regulations by governing bodies on the manufacturing and application of cyclohexylbenzene is likely to hamper the market growth
More Valuable Insights on Cyclohexylbenzene Market
FMI, in its new report, offers an unbiased analysis of the global cyclohexylbenzene market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in cyclohexylbenzene market with detailed segmentation:
By Product Type:
- Standard
- High Purity
By Application:
- Plastics
- Paints & Coatings
- Adhesives
- Electrical & Electronics
- Chemical Production
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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Competitive Landscape
Key players in this market are adopting strategies such as strategic mergers and acquisitions to expand their customer base and maintain a strong foothold in the industry.
Market players are investing heavily in the research and development activities to commercialize the application of cyclohexylbenzene replacing isopropyl benzene.
Thermo Fisher announced the acquisition of Alfa Aesar, a global manufacturers of research chemicals, to expand its consumer base and increase its global foothold
Some of the leading players operating in the cyclohexylbenzene market profiled by Future Market Insights are:
- Schultz Canada Chemicals Ltd.
- Biosynth Carbosynth
- Henan Tianfu Chemicals Co. Ltd.
- Changsha Easchem Co., Ltd.
- Hefei TNJ Chemical Co. Ltd.
- Jiangsu Zhongneng Chemical Technology Co., Ltd.
- SAGECHEM
- Xingrui Industry Co. Ltd.
- Syntechem Co. Ltd.
- Others
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What is the Impact of the COVID-19 Crisis on the Cyclohexylbenzene Market?
Lockdowns and travel restrictions imposed across various countries have negatively impacted the market. Limited production and transportation-related delays owing to movement restrictions created challenges and have held back short-term growth.
With consecutive waves of the novel coronavirus tightening its noose, any efforts at reviving economic activity were affected significantly or delayed. These factors have had a negative impact on the market.
End use sectors of cyclohexylbenzene such as paints and coatings, automobiles, and electrical and electronics have been impacted significantly, resulting in sluggish growth in 2020.
However, this study projects a speedy recovery for the global cyclohexylbenzene market in the long term due to various initiatives taken to control the pandemic and stimulate an economic recovery.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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