05-Dec-2022 | Zion Market Research
The global cyclohexylbenzene market size was worth around USD 375 million in 2021 and is predicted to grow to around USD 560 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.5% between 2022 and 2030.
Cyclohexylbenzene is an organic compound. It’s a benzene derivative with cyclohexyl as a substituent. It is produced by the process of alkylation of benzene with cyclohexene. Cyclohexylbenzene is a solvent with a high boiling point and a penetrant that can be used in several industries including adhesives, plastics, and painting.
The global cyclohexylbenzene market is growing at a substantial rate. Factors such as a rise in demand for electronic products, a rise in disposable income, and a rise in the use of cyclohexylbenzene as a solvent are spurring the growth of the cyclohexylbenzene market. Cyclohexylbenzene is used for the preparation of common intermediates for chemical products such as cyclohexanone and phenol.
Cyclohexanone has a wide range of applications in industries. It is used as a chemical intermediate for the manufacture of specific target molecules, used as a fuel, adhesive, laboratory chemical, and as a paint & coating additive. It is also been used as a solvent for spot removers, degreasers, resins, copolymers, polymers, and for the manufacture of antihistamines.
This has led to a rise in demand for cyclohexanone thereby increasing the demand for cyclohexylbenzene. In addition to this, to improve the safety of the battery, cyclohexylbenzene is used as an anti-overcharge additive for lithium-ion battery electrolytes. Cyclohexylbenzene is the most important raw material used to produce LCD material intermediates such as 4-ethyl cyclohexyl benzoic acid.
Due to such a wide range of applications of cyclohexylbenzene, there is significant growth in the global market. Moreover, the increase in demand for cyclohexylbenzene in the automotive sector and the rise in R&D which requires chemical intermediates are also some of the key factors that are contributing to the growth of the market.
Furthermore, technological advancements in the electronic and automotive sectors will result in huge opportunities for the growth of the global cyclohexylbenzene market during the forecast period. However, strict government rules for the use and manufacturing of cyclohexylbenzene may hamper the growth of the cyclohexylbenzene market.
The global cyclohexylbenzene market is segmented based on type, application, and region.
The global market is divided into electronic grade and industry grade based on type. In 2021, the electronic grade market category held the biggest market share, and it is anticipated that it would continue to dominate during the projected period. The intermediate 4-ethyl cyclohexyl benzoic acid utilized in the production of LCD materials is made primarily from cyclohexylbenzene. LCD devices are used as an anti-overcharge addition in lithium-ion battery electrolytes to increase battery safety.
Only a few of the common lithium-ion battery chemistries that have gained significant adoption in a range of applications are manganese oxide, lithium cobalt oxide, and lithium-ion phosphate batteries. The implementation of favorable regulations to promote electric vehicles, as well as increased economies of scale and overcapacity in component manufacturing, have dramatically reduced the per kWh cost of batteries, hence increasing demand for lithium-ion batteries. Furthermore, rising smartphone and PC sales will increase global demand for electronic-grade cyclohexylbenzene.
The global cyclohexylbenzene market is divided into the intermediate, solvent, and other segments based on application. Over the projection period, the solvent segment is anticipated to increase at the highest CAGR. Numerous end-use industries offer extensive application opportunities for cyclohexylbenzene. Chemical engineers utilize it as a high boiling point solvent, and the plastics, paint, and adhesives industries employ it as a penetrant. They are also employed as aerosol and disinfectant carriers. The manufacturers' reorientation toward R&D to create greener, more effective goods and to grow their businesses in the possible application industries will also be a market driver.
The Asia Pacific is expected to keep a significant hold on the global cyclohexylbenzene market. Asia Pacific is the largest market for phenol derivatives and cyclohexylbenzene is highly used in the manufacturing of phenol, hence the demand for cyclohexylbenzene is always high in Asia Pacific. Moreover, the growing automotive sector in the region is another factor that influences the market growth. On the other side, North America is expected to stay in the second position in the cyclohexylbenzene market followed by Europe.
The global cyclohexylbenzene market is dominated by players like Sigma Aldrich, Thermo Fischer, Kishida Chemical, TCI Chemicals, Schultz Chemicals, J&H Chemical, Santa Cruz Biotechnology, AA Blocks, Sinfoo Biotech, ABCR Gmbh, Alfa Chemistry, among others.
This review is based on a report by Zion Market Research, titled “Cyclohexylbenzene Market By Type (Electronic Grade and Industry Grade), By Application (Intermediate, Solvent and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/cyclohexylbenzene-market
The global cyclohexylbenzene market is segmented as follows:
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