Cyclohexylbenzene Market Analysis

Cyclohexylbenzene Market Analysis

Cyclohexylbenzene market for electronic grade segment was valued at over USD 245 million in 2020 and is anticipated to grow at over 4.5% CAGR up to 2027. Cyclohexylbenzene is a major raw material for producing LCD material intermediate 4-ethyl cyclohexyl benzoic acid. LCD electronics are used as an anti-overcharge additive for lithium-ion battery electrolyte to improve battery safety. Lithium iron phosphate, lithium cobalt oxide, and manganese oxide batteries are few of the prominent lithium-ion battery chemistries that have witnessed significant adoption rates across a wide range of applications. Introduction of favorable policies to promote electric vehicles, increasing economies of scale and overcapacity in component manufacturing has significantly brought down the per kWh cost of batteries which will augment the lithium-ion battery demand.

In addition, the surging sales of smartphones and PC will boost the utilization of electronic grade cyclohexylbenzene across the globe. For instance, in 2019, global smartphone sales reached 1.37 million units, while personal computer sales reached 2.2 million units. This should boost the overall cyclohexylbenzene market statistics.

The global cyclohexylbenzene market as a solvent exceeded USD 195 million in 2020 and is anticipated to witness over 4.8% CAGR from 2021 to 2027. Cyclohexylbenzene finds wide application scope in numerous end-use industries. It is used as high boiling point solvent in chemical engineering and as a penetrant in plastics, painting, and adhesives industries. They are also used as carriers for disinfectants and aerosols. The shifting focus of manufacturers towards R&D to develop more efficient renewable and environmentally friendly products and to expand business in the potential application industries will also drive the market size.
 

Favorable government trade policies such as NAFTA, Chemical Tariff Harmonization Agreement (CTHA), The UK-Japan Comprehensive Economic Partnership Agreement (CEPA), ASEAN-India Free Trade Area (AIFTA), and United States-Mexico-Canada Agreement (USMCA) will augment the chemicals, electronics, automotive, and construction business revenue, thus propelling the overall industry landscape.
 

Asia Pacific cyclohexylbenzene market size is expected to cross USD 245 million by 2027growing at a CAGR over 4.5%. Growing global demand of lithium-ion batteries and liquid crystal display (LCD) augmenting the utilization of cyclohexylbenzene in Asia Pacific. This majority share is predominantly due to rising product utilization in the production of lithium-ion batteries and liquid crystal display (LCD). Countries such as China, India, South Korea, Japan are the main clusters of lithium-ion batteries, ICs, LCDs, semiconductors, and relevant electronic components. These components have been utilised in consumer electronics such as laptop, cell phones, computers. TVs and other consumer electronics owing to favourable factors such as long life, high efficiency, and high gravimetric & volumetric energy.