Global Cyclohexylbenzene Market size worth over USD 485 million by 2026
Published Date: January 5, 2021 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the global cyclohexylbenzene market size is set to surpass USD 485 million by 2026.
Widespread application of cyclohexylbenzene in intermediate solvent and additive aid to fuel its growth in multiple end use industries such as electronic, chemical, automotive and others. Furthermore, it finds use in the production of adhesives, which has multiple applications such as attaching drywall, fixtures to walls, ceiling applications, bathroom flooring, and molding applications in the construction sector, hence these multiple applications of adhesives should drive the expansion of cyclohexylbenzene market.
Rising demand of electronic gadgets should drive the electronic grade cyclohexylbenzene
The electronic grade segment comprises a substantial share in 2019 and expected to surpass USD 319 million by the end of 2026. This can be attributed to the increasing use of cyclohexylbenzene in the production of lithium-ion battery electrolytes and LCD material intermediates. In addition, the industry players invest extensively in R&D activities to improve and innovate the materials used without affecting the quality of products. Also, surging sales of smartphones and personal computers owing to implementation of online classes and work from home culture in the recent pandemic boost the cyclohexylbenzene market growth globally.
Rising demand for disinfectant agents lead to increase the demand for cyclohexylbenzene in the intermediate application
The spread of novel coronavirus around worldwide causes a drastic change in the demand for disinfectant agents, not only in the hospital but also in the household, office, and other sectors. Cyclohexylbenzene is used to prepare intermediates such as phenol, which is used in slimicides, as a disinfectant and antiseptic. Additionally, phenol-based compounds have been found to have some cancer prevention properties. Hence these various benefits of phenol led to drive cyclohexylbenzene market share.
Intermediate application is anticipated to reach a value of over USD 245 million by the end of 2026 and show a CAGR over 4%. It is owing to the wide used of the product in the production of multiple chemical intermediates used to produce different chemical products. For instance, cyclohexanone produce by cyclohexylbenzene is used as precursors to Nylon production. Hence, this growing application of product should exhibit significant growth of cyclohexylbenzene market over the forecast period.
Browse key industry insights spread across 270 pages with 296 market data tables and 21 figures & charts from the report, “Global Cyclohexylbenzene Market By Type (Electronic Grade, Industry Grade), By Application (Intermediate, Solvent,) Industry Analysis Report, Country Outlook Application Development, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Well Established and growing industrialization & automotive sector expansion are anticipated to propel product demand in North America
Growing industrialization in the U.S has led to generate opportunities for cyclohexylbenzene as a solvent in different industrial products and is likely to surpass USD 100 million in the predicted timeframe. It finds extensive usage as a high boiling point solvent and a penetrant for painting, plastics, and adhesives. The U.S. is the second-largest producer of paints & coatings around worldwide, hence this factor should stimulate the cyclohexylbenzene market over the predicted period.
Moreover, the U.S. is the world’s second-largest market for vehicle sales and production. Also, the U.S. has an extensive network of automotive parts suppliers serving the cyclohexylbenzene industry. Hence, this huge automotive sector drives the demand for paint and plastic and supports market in the United States. On the other side, the spread of novel coronavirus around the world has widely impacted many industries either negatively or positively. Wherein U.S. has observed highest number of cases and strict Lockdowns has affected the purchase of automotive products and cause decline in the demand for raw material in the automotive sector.
Major players in the cyclohexylbenzene industry are adopting implementing various strategies such as innovation in technology and partnership which enhance their performance and product offering around worldwide. For example, In August 2020, Tokyo Chemicals Industry, Co., Ltd announced to launch a digital storefront that was created by Capgemini. The new digital customer platform includes nine languages and currencies, across eight independent regional websites and would support operations in 20 countries. That helps the company to enhance its B2B customer experience and product sales covering around 20 countries globally.
The major players include Sigma Aldrich, Thermo Fischer, Schultz Chemicals, Kishida Chemical, J&H Chemical, TCI Chemicals, Santa Cruz Biotechnology and AA Blocks.