North America driven by the U.S. cyclohexane market size should register steady gains over the forecast 2018-2024.
Sellbyville, DE -- (SBWIRE) -- 12/12/2018 -- Asia Pacific, led by India, China and Japan cyclohexane market size may witness significant growth over the projected timespan. Shift in consumer preference towards owned cars then public transport as all-purpose transportation medium along with increasing consumer spending on luxury and comfort has led to rise in car production from 2013 which was 65 million to 72 million in 2016 in the region. Coatings are used to protect the vehicle from UV radiation, foreign particles and extreme temperature and boosts the durability and appearance of the vehicle, thus stimulating regional industry growth.
North America driven by the U.S. cyclohexane market size should register steady gains over the forecast period. Nylon is an end-use product, which is used to manufacture thread and can be further transformed to clothing and textile. In 2016, U.S. textile, man-made filament & fiber, and apparel shipments was valued to be over USD 70 billion, an increase of over 10% since 2009. Growing number of single houses along with increased usage of textiles in bedding, apparel, kitchen, upholstery, handbags, medical, fashion, and clothing accessories will boost product demand.
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Europe cyclohexane market size, driven by Germany, France and UK may register significant gains by 2024 owing to increased product usage in automotive sector. Light vehicles represent an important market for plastics and polymer composites and is likely to grow over the forecast timeframe. The typical light vehicle may contain over 1,000 plastic parts and may account for over 18% of the average vehicle's weight. Shift in consumer preference for light weight vehicles along with rapid industrialization rate will result into increased product demand in the region.
High production cost and increased product usage in automobile, construction, paints & coatings and textile industries may challenge industry profitability and affect cyclohexane market price trend. Strict regulation regarding VOC emissions have encouraged manufacturers to used bio-based raw materials for producing cyclohexane, thus creating an opportunity for market growth.
Global cyclohexane market share is concentrated and competitive with prominent industry participants include Huntsman Corporation, Chevron Philips, Sinopec Limited, Sunoco Chemicals, ExxonMobil, DSM, and BASF. In 2015, DSM entered into a partnership with CVC Capital Partners to enhance its product portfolio in Composite Resins and Polymer Intermediates such as acrylonitrile and caprolactam, through the formation of a new company, ChemicaInvest B.V.
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Cyclohexane Market size is mainly stimulated by paints & coatings, textiles and automotive industries. Increase in demand for nylon products in engineered plastics and automotive sector along with strict regulatory norms regarding its safe usage in food & beverage industries will boost product demand.
Cyclohexane is manufactured through cracking of gasoline and hydrogenation of benzene. Global benzene market size may surpass 60 million tons, registering over 4% growth. Increased usage of benzene as feedstock in production of various chemicals along with strong application outlook in various end-use industries such as construction, electrical & electronics and textile should stimulate cyclohexane market demand.
Rising demand for adipic acid and caprolactam owing to positive application scope in automotive industries should propel cyclohexane market demand. Adipic acid is widely used in the production of nylon compounds which are then used in making of automotive components. Nylon compounds are also used in home furnishings, apparels and various other industrial uses owing to their abrasion resistance and high tensile strength.
Caprolactam produced from cyclohexane is used in manufacturing of nylon 6 resins and fibers. Over 70% of the caprolactam is used in the manufacturing of nylon 6 fibres for carpet, textiles and industrial yarns and rest 30% is used for engineering resins and films. Nylon 6 is used in carpets and rugs, as it offers good abrasion resistance and are easy to clean & resistant to staining, thereby driving cyclohexane market size.
Increasing consumer awareness regarding safety and protection in electronics & electrical industries may boost nylon 6,6 demand, thus stimulating cyclohexane market size. Nylon 6,6 is well suited to electronic and electrical applications owing to high performance, dielectric breakdown strength and specific volume resistivity. They are widely used in making of general insulating materials such as pressure terminals, switch parts, connectors and coil bobbins. These are bad conductors of electricity, resistance to UV & chemicals, and provide insulation against heat which makes it applicable for usage in building commercial or residential buildings.
Increasing plastics market for automotive components has changed advantages in cyclohexane applications. Adipic acid is used in production of Nylon 6, which is indeed used in making of automotive components such as gears, wheels, bearings and cams. In automotive applications, engineering thermoplastic accounted for 40% of the total application share. Nylon resins are used as engineering thermoplastics in automotive applications as it offers good physical properties such as high tensile strength, excellent chemical, abrasion, and heat resistance, thus promoting cyclohexane market demand.
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