Cyclohexanone Market Size, Share, Growth Analysis, By Type(Solvent, Chemical Intermediate, and Others), By Application(Paints and Coatings, Chemicals, and Pharmaceuticals), By Region - Industry Forecast 2024-2031

Global Cyclohexanone Market size was valued at USD 11.06 billion in 2022 and is poised to grow from USD 11.59 billion in 2023 to USD 16.87 billion by 2031, growing at a CAGR of 4.8% during the forecast period (2024-2031).

The global market for cyclohexanone is primarily propelled by its extensive use in the production of caprolactam, followed by adipic acid. Caprolactam plays a crucial role in manufacturing nylon, which finds wide-ranging applications in the automotive, construction, consumer goods, and electronics sectors. Cyclohexanone is a colorless and flammable organic liquid primarily derived from cyclohexane. Some manufacturers have also developed innovative technologies to directly produce this chemical from phenol. Approximately three-quarters of the global cyclohexanone production is sourced from cyclohexane, while the remaining portion is obtained from phenol. Many companies have vertically integrated operations, utilizing cyclohexanone for caprolactam production. This high level of captive consumption results in a limited volume of cyclohexanone being traded internationally. North America stands out as a significant market for cyclohexanone due to the increasing demand for caprolactam and adipic acid in the United States and Canada. In 2023, the U.S. accounted for approximately 30% to 35% of global adipic acid consumption, with adipic acid being primarily used in the production of nylon 66, which, in turn, is employed in various textile applications such as apparel, carpets, and upholstery. The carpet manufacturing sector accounts for about 30% of adipic acid demand in the United States. Many textile yarn manufacturers in the United States and Canada are making substantial investments in this market to capitalize on evolving consumption patterns and the growing demand for clothing and home furnishing products. The changing lifestyle and increasing health consciousness in the United States have led to a robust demand for sports apparel and gym equipment made primarily from nylon 6 and 66, positively impacting the industry.

Nylon offers several advantages such as high water absorption, ease of dyeing, and a high melting point, making it suitable for numerous applications including textiles, parachutes, camping fabrics, and fishing lines. The development of engineered plastics, advancements in 3D printing technology, and innovations in the textile industry are expected to create lucrative opportunities for nylon globally.

US Cyclohexanone Market is poised to grow at a sustainable CAGR for the next forecast year.