Cyclohexylbenzene Global Market Report 2024

The global cyclohexylbenzene market has grown steadily in recent years. It will grow from $2.57 billion in 2023 to $2.69 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth observed in the historical period can be attributed to factors such as the availability of raw materials, the regulatory environment, the competitive landscape, consumer preferences, and trade policies.

The global cyclohexylbenzene market is expected to see strong growth in the next few years. It will grow to $3.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The anticipated growth in the forecast period can be attributed to factors such as market expansion, the influence of environmental regulations, emerging market trends, the global economic outlook, and political stability. Major trends expected in this period include ongoing technological advancements, shifts in global trade dynamics, market consolidation, increased technological adoption in end-use industries, and continued investments in research and development (R&D) across various sectors.

The cyclohexylbenzene market is anticipated to experience growth, propelled by the expanding electronics industry. The electronics sector plays a pivotal role in fostering economic growth, job creation, and advancements in various sectors. Cyclohexylbenzene's significance as an anti-overcharge additive in electric and electronic LCDs positions it as a crucial component for the electronic industry. A report from the Ministry of Electronics & IT in January 2022 outlined projections for India's electronics manufacturing sector, aiming to transform from a $75 billion hub to a $300 billion manufacturing powerhouse. This growth encompasses various electronic products, such as mobile phones, IT hardware, consumer electronics, industrial electronics, auto electronics, electronic components, and more. Consequently, the surge in electronics manufacturing and demand will drive the cyclohexylbenzene market.

The growth of the cyclohexylbenzene market is further fueled by the increasing adoption of electric vehicles. Cyclohexylbenzene serves as an electrolyte additive in lithium-ion batteries (LIBs), contributing to overcharge protection. The rising demand for safer and more efficient battery technologies in electric vehicles emphasizes the need for electrolyte additives like cyclohexylbenzene, enhancing the safety and performance of LIBs. According to the International Energy Agency (IEA) in September 2022, sales of electric vehicles nearly doubled to 6.6 million in 2021, representing almost 9% of total sales. The total number of electric vehicles on the road reached 16.5 million. Hence, the increasing adoption of electric vehicles serves as a driving force for the cyclohexylbenzene market.

A notable trend in the cyclohexylbenzene market is the emphasis on product innovation by major market players. Companies are directing their efforts towards developing innovative cyclohexylbenzene products to gain a competitive edge. In May 2021, Schultz Canada Chemicals Ltd., a Canadian chemical company, introduced a new high-purity cyclohexylbenzene product. This product possesses ultra-high purity characteristics, making it an ideal material for displayers. It acts as an additive to the electrolyte of lithium-ion batteries, improving the circulation pattern of these batteries. This focus on product innovation enhances the market's dynamism and competitiveness.

Major players in the cyclohexylbenzene market are strategically incorporating Industry 4.0 solutions to enhance their competitive edge. Industry 4.0 represents the fourth industrial revolution, marked by the integration of smart technologies such as the Internet of Things (IoT), big data, artificial intelligence (AI), and robotics into manufacturing processes. This integration aims to create efficient, data-driven, and interconnected smart factories. As an example, in May 2022, BASF SE, a leading German chemicals company, successfully implemented its Industry 4.0 solution, StyroSim, at SP Chemicals' styrene plant in China. This implementation marked the first domestic styrene plant to adopt such advanced technology. StyroSim utilizes big data analysis, process modeling, and automated data transfer to optimize styrene catalyst productivity. The solution ensures enhanced data timeliness, enabling real-time monitoring of catalyst performance through encrypted operation data sent to BASF servers. SP Chemicals, a long-time user of BASF's styrene catalysts, reported improved operational accuracy and efficiency after adopting StyroSim.

In November 2021, KKR & Co. Inc., a prominent US-based investment company, successfully acquired Biosynth Carbosynth for an undisclosed amount. This strategic acquisition contributes to the global expansion of Biosynth Carbosynth's business operations. Biosynth Carbosynth, headquartered in Switzerland, specializes in providing carbohydrates, nucleosides, and enzyme substrates. The acquisition aligns with KKR & Co. Inc.'s efforts to strengthen Biosynth Carbosynth's market presence on a global scale. This move reflects KKR & Co. Inc.'s commitment to fostering growth and expanding its portfolio through strategic investments.

Major companies operating in the cyclohexylbenzene market report are Thermo Fisher Scientific Inc., The Merck Group, TCI Chemicals Co. Ltd., Santa Cruz Biotechnology Inc., Alfa Chemical Co. Ltd., Schultz Chemicals Limited, Biosynth International Inc., Henan Tianfu Chemicals Company Limited, Syntechem Company Limited, Amadis Chemical Company Limited, Hangzhou Hairui Chemical ltd., Oakwood Products Inc., Dynovac Industreies Inc., Anshika Polysurf Limited, Eastman Chemical Company, Samsung Group, BASF SE, MITSUBISHI Corporation, Jintan Jinnuo Chemical Co. Ltd., Anhui Fulltime Specialzed Solvents & Reagents Co.Ltd., Jiaxing Buyun Fuxin Chemical Factory, CEC Limited core competency, Nanjing Qisheng Chemical Industry Co. Ltd., Changsha Easchem Co. Ltd., Hefei TNJ Chemical Co. Ltd., Zhejiang Weihua Chemical Co. Ltd., Dayangchem Co. Ltd., Haihang Industry Co. Ltd., Jinan Haohua Industry Co. Ltd., Shanghai Hanhong Chemical Co. Ltd.

Asia-Pacific was the largest region in the cyclohexylbenzene market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cyclohexylbenzene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cyclohexylbenzene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cyclohexylbenzene is available in two main types such as standard and high purity. Standard cyclohexylbenzene, with a purity level of 97% and above, is employed as a penetrant in plastics, painting, and adhesives. Its applications span across various industries, including plastics, paints and coatings, adhesives, electrical and electronic equipment, and chemical production.

This report provides cyclohexylbenzene market statistics, including cyclohexylbenzene industry global market size, regional shares, competitors with a cyclohexylbenzene market share, detailed cyclohexylbenzene market segments, market trends and opportunities, and any further data you may need to thrive in the cyclohexylbenzene industry. This cyclohexylbenzene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cyclohexylbenzene market consists of sales of electronic-grade and industry grade cyclohexylbenzene. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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