Cyclohexane Market

The article discusses the increasing demand for cyclohexane globally, with market consumption expected to rise over the next eight years. Market performance is forecasted to accelerate, with both volume and value projected to increase by 2030. The article provides insights into consumption, production, imports, and exports of cyclohexane in various countries, highlighting growth rates and market trends in the global market.

Market Forecast

Driven by increasing demand for cyclohexane worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 12M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market value to $19.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cyclohexane

In 2022, consumption of cyclohexane decreased by -6.1% to 9.3M tons, falling for the fourth consecutive year after two years of growth. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak volume of 11M tons. From 2019 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global cyclohexane market value declined to $12.9B in 2022, with a decrease of -7.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $15.4B. From 2019 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

Russia (4.2M tons) constituted the country with the largest volume of cyclohexane consumption, comprising approx. 45% of total volume. Moreover, cyclohexane consumption in Russia exceeded the figures recorded by the second-largest consumer, China (1.1M tons), fourfold. The third position in this ranking was taken by the United States (655K tons), with a 7% share.

From 2012 to 2022, the average annual growth rate of volume in Russia totaled +2.9%. The remaining consuming countries recorded the following average annual rates of consumption growth: China (-1.3% per year) and the United States (+6.1% per year).

In value terms, Russia ($6B) led the market, alone. The second position in the ranking was taken by China ($1.3B). It was followed by India.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia totaled +2.7%. In the other countries, the average annual rates were as follows: China (-2.9% per year) and India (-1.8% per year).

The countries with the highest levels of cyclohexane per capita consumption in 2022 were Belgium (41 kg per person), Russia (29 kg per person) and Germany (2.7 kg per person).

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +5.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cyclohexane

In 2022, production of cyclohexane decreased by -6% to 9.3M tons, falling for the fourth year in a row after two years of growth. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 12% against the previous year. As a result, production attained the peak volume of 11M tons. From 2019 to 2022, global production growth remained at a lower figure.

In value terms, cyclohexane production contracted to $11.7B in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by 19%. Over the period under review, global production reached the maximum level at $14.6B in 2014; however, from 2015 to 2022, production remained at a lower figure.

Production By Country

Russia (4.2M tons) constituted the country with the largest volume of cyclohexane production, accounting for 45% of total volume. Moreover, cyclohexane production in Russia exceeded the figures recorded by the second-largest producer, China (1.2M tons), fourfold. The United States (767K tons) ranked third in terms of total production with an 8.3% share.

In Russia, cyclohexane production increased at an average annual rate of +2.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-0.9% per year) and the United States (+4.7% per year).

Imports

World Imports of Cyclohexane

In 2022, approx. 826K tons of cyclohexane were imported worldwide; with a decrease of -24% against the previous year. In general, imports showed a perceptible decrease. The pace of growth appeared the most rapid in 2021 with an increase of 16% against the previous year. Over the period under review, global imports hit record highs at 1.3M tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, cyclohexane imports reduced to $1.1B in 2022. Overall, imports showed a noticeable contraction. The most prominent rate of growth was recorded in 2021 with an increase of 96%. Global imports peaked at $1.9B in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports By Country

Belgium prevails in imports structure, recording 546K tons, which was approx. 66% of total imports in 2022. France (78K tons) held a 9.4% share (based on physical terms) of total imports, which put it in second place, followed by Spain (6.7%) and Japan (5.7%). South Korea (21K tons) and Germany (18K tons) took a minor share of total imports.

Imports into Belgium decreased at an average annual rate of -1.2% from 2012 to 2022. At the same time, Spain (+9.2%) and South Korea (+2.0%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of +9.2% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, France (-7.1%) and Germany (-11.4%) illustrated a downward trend over the same period. While the share of Belgium (+17 p.p.), Spain (+6.7 p.p.) and Japan (+1.9 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-2.5 p.p.) and France (-3.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belgium ($740M) constitutes the largest market for imported cyclohexane worldwide, comprising 66% of global imports. The second position in the ranking was held by France ($108M), with a 9.6% share of global imports. It was followed by Spain, with a 6.5% share.

In Belgium, cyclohexane imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: France (-6.9% per year) and Spain (+9.4% per year).

Import Prices By Country

In 2022, the average cyclohexane import price amounted to $1,361 per ton, rising by 22% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 69%. Over the period under review, average import prices hit record highs at $1,457 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in France ($1,389 per ton) and Belgium ($1,354 per ton), while South Korea ($1,215 per ton) and Japan ($1,230 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cyclohexane

In 2022, approx. 765K tons of cyclohexane were exported worldwide; with a decrease of -24.6% against the previous year's figure. In general, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2018 when exports increased by 8.1% against the previous year. Over the period under review, the global exports attained the peak figure at 1.4M tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, cyclohexane exports shrank modestly to $1B in 2022. Overall, exports showed a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 74%. The global exports peaked at $1.9B in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, Saudi Arabia (248K tons) was the largest exporter of cyclohexane, making up 32% of total exports. Germany (118K tons) ranks second in terms of the total exports with a 15% share, followed by the United States (15%), Belgium (9.2%), the Netherlands (8.3%) and Thailand (7.1%). China (33K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to cyclohexane exports from Saudi Arabia stood at -1.2%. At the same time, China (+50.7%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in the world, with a CAGR of +50.7% from 2012-2022. By contrast, Belgium (-1.6%), the United States (-1.8%), Germany (-3.0%), Thailand (-5.1%) and the Netherlands (-14.0%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+12 p.p.), the United States (+4.8 p.p.), China (+4.3 p.p.), Germany (+3.7 p.p.) and Belgium (+3.1 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the Netherlands (-12.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($343M) remains the largest cyclohexane supplier worldwide, comprising 34% of global exports. The second position in the ranking was taken by Germany ($160M), with a 16% share of global exports. It was followed by the United States, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia totaled +1.9%. In the other countries, the average annual rates were as follows: Germany (-2.9% per year) and the United States (-3.0% per year).

Export Prices By Country

The average cyclohexane export price stood at $1,312 per ton in 2022, increasing by 27% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 63% against the previous year. Over the period under review, the average export prices hit record highs at $1,430 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the Netherlands ($1,428 per ton) and Belgium ($1,418 per ton), while Thailand ($1,060 per ton) and the United States ($1,170 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform