Cyclohexanone market size is expected to grow substantially over 2022-2028, as a result of the broadening scope of cyclohexanone in applications that are sensitive to peroxide or oxygen. Rising government initiatives to boost the production of textiles in developing economies will also drive cyclohexanone utilization, given the use of caprolactam derived from this compound in the production of nylon fabrics. Cyclohexanone refers to chemical solvents that are available in both natural and synthetic forms. This compound is insoluble in water but is soluble in common organic solvents like ethanol, ethyl ether, and acetone. It can be used as an intermediate in the production of paints and varnishes, among other applications.
High emphasis on the development of next-generation, fully transparent electronic devices is among the key factors characterizing the cyclohexanone market trends over 2022-2028. Over the years, researchers have sought electronics based on semiconducting oxides, whose optical transparency may lead to the development of transparent electronics. This factor could propel the product demand, given the use of nylon as a building block of such electronic products. In addition, the significant recovery of building and construction activities from the coronavirus pandemic could boost the deployment of paints and coatings and consequently amplify industry size over the forthcoming years. However, the rising awareness about potential cyclohexanone hazards, including skin irritation and serious eye damage, may hinder industry outlook to some extent.
With regards to application, the solvent segment will account for a major share in the cyclohexanone industry by 2028, on account of the growing expansion of agricultural activities. As per the Economic Survey 2020-2021, the agriculture share in India’s GDP reached nearly 20% for the first time in over a decade, which could add impetus to the market growth, considering the use of cyclohexanone as an excellent solvent in organic phosphorus pesticides and insecticides.
Based on end-use, the pharmaceutical segment is poised to depict a high growth rate through the forecast spell. This can be credited to the remarkable increase in research and development activities for new drug development, which could proliferate the adoption of the product’s derivatives in the synthesis of pharmaceuticals.
Latin America cyclohexanone market is projected to amass considerable profits by 2028, due to the rise in textile production and the strong focus on wastewater treatment in the region. For example, in May 2021, the government of Brazil agreed to privatize and improve the water and sewage treatment of Rio de Janeiro for $4 billion, in order to improve sewage infrastructure and access to potable water. Initiatives such as these could generate opportunities for cyclohexanone market expansion, given the robust use of PVC adhesive glue in drainage and wastewater pipelines.
Key cyclohexanone industry players include Arihant Chemicals, Innova Corporate, Jigchem Universal, Fibrant, Shreeji Chemicals, DOMO Chemicals, Gujarat State Fertilizers & Chemicals, and Dow Chemical, among others. These firms are implementing strategies including business expansions, new product launches, and collaborations to boost their presence in the competitive market.
COVID-19 to Assert Impact on Cyclohexanone Market Trends:
Implementation of strict restrictions to curb the spread of the novel coronavirus has resulted in a dramatic reduction in construction activities, mainly during the peak of the crisis. Factors such as these may have hindered the cyclohexanone industry expansion in recent months. However, the gradual ease in COVID-19 restrictions and the high emphasis on improving automobile production may aid industry recovery. Various automakers have been focusing on meeting pent-up demand, clearing backlogs, and reducing waiting times on their products, which could bolster the need for cyclohexanone, as nylon washers are used as an alternative to metallic washers in auto manufacturing, due to their resistance to corrosion and other attributes.