TAGS: Epoxy Coatings
Cyclohexylbenzene application in paints and coatings, plastic, chemicals and electrical and electronic industries will guarantee steady consistent sales through 2031, finds Future Market Insights (FMI) in a recent research study. As per FMI, the cyclohexylbenzene market is anticipated to witness a growth rate of 4.0%, surpassing US$ 297 Mn during the assessment period.
Growing Demand in Paint and Coating Applications
Applications as a solvent in paints and plastic products used in the automobile industry will also remain a chief growth driver. Considering this, demand in the automotive sector is expected to increase, especially with the influx of electric vehicles (EVs) and consistent development in automobile components.
Cyclohexylbenzene is primarily used in the manufacturing of phenol, which is a component used to produce epoxy resins that are used in paints, adhesives, coatings and primers. Continuous rise in demand for paints, coatings, primers, and adhesives across the globe is elevating scope for application in epoxy resins, which will in turn drive the market for cyclohexylbenzene.
Growing demand for high boiling solvents and penetrants in various industries including chemical industries, paints and coatings and plastic industries are anticipated to fuel growth in the coming years.
However, stringent government regulations imposed on the production and use of cyclohexylbenzene owing to its harmful effects on environment and human health is a longstanding challenge for manufacturers to overcome.
Key Takeaways from Cyclohexylbenzene Market Study
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China is a key market for cyclohexylbenzene, accounting for over 78% of the global sales, owing to manufacturer friendly policies in the country
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Application in chemical production will drive cyclohexylbenzene consumption. The industry will account for over 32% of the global value share by the end of the assessment period
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Standard cyclohexylbenzene holds over 70% of the overall value share, owing to cost benefits and wide scope of applications
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Russia followed by Germany will lead Europe with a cumulative value share of over 37% by 2031 owing to increasing investment in manufacturing and automotive sectors
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The U.S., will account for over 85% of the North America market through the end of 2031, supported by the presence of major end users
Source: FMI