DUBAI, UAE /PRNewswire/ -- As per Future Market Insights, the global cyclohexylbenzene market will surpass US$ 297 Mn during the forecast period of 2021 and 2031. The market is estimated to forecast steady growth at 4% CAGR between 2021 and 2031.
Application of cyclohexylbenzene in paints & coatings, electric & electronic, and chemical industry is expected to spur the growth. It also is used in the production of phenol and being the key ingredient in production of epoxy resins, adoption is expected to spur.
Alongside this, growing electric vehicle sales are creating lucrative opportunities for manufacturers. As cyclohexylbenzene is used as an additive for lithium-ion battery electrolytes, their adoption is expected to increase with the rise in electric vehicle sales.
Increasing research & development activities are encouraging commercialization of application of cyclohexylbenzene to replace isopropyl benzene. This will widen growth opportunities for market players.
Growing demand for high boiling solvents has further pushed the adoption of cyclohexylbenzene within paints and coatings industry, This, in turn, is expected to increase the sales over the coming years.
However, stringent regulations implemented by governments on the production and application of cyclohexylbenzene due to the hazardous impact on environment might be a restraint growth to an extent.
"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.
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
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
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
Key Questions Covered in the Cyclohexylbenzene Market Report
- The report offers detailed insights into cyclohexylbenzene demand outlook for 2021-2031
- The market study also highlights projected sales growth for cyclohexylbenzene market between 2021 and 2031
- Cyclohexylbenzene market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Cyclohexylbenzene market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/cyclohexylbenzene-market
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