The global cyclohexylbenzene market is set to witness robust growth by 2027 on account of soaring demand for electric vehicles (EVs) across key regions. In addition, the rapidly expanding construction sector and electronics industry are estimated to strengthen market development over the forecast period.
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Cyclohexylbenzene finds applications across several industries verticals that have propelled market adoption over the past few years. Additionally, it is widely used as a penetrant and high-boiling-point solvent in various industries, viz. adhesives, plastics, and painting. It is also used in organic synthesis to prepare intermediaries like cyclohexanone and phenol. Most importantly, it is considered to be a crucial raw material in the LCD electronics industry, wherein it is utilized as an anti-overcharge additive in lithium-ion battery electrolytes to increase battery safety, which has played a vital role in product adoption in recent years.
Moreover, rechargeable lithium-ion batteries (LIBs) offer several benefits, including long cycle life, high power capacity, and high energy density, owing to which they have primarily been used in electronic devices like phones, laptops, and tablets, among others. Due to its features, these batteries are extensively utilized in electric vehicles (EVs). Notably, supportive government regulations promoting the adoption of electric vehicles in view of rising climate consciousness globally have accelerated the demand for electric vehicles, thereby supporting product adoption in varied industry verticals, particularly the automotive and semiconductor industries.
In addition, major companies have also been incorporating electric vehicles in their fleet to capitalize on emerging trends in the market, which has fueled the consumption of lithium-ion batteries. Furthermore, heightened reliance on technology during the COVID-19-induced lockdown has led to surging demand for consumer electronics and smart home appliances, which has augmented industry uptake during the pandemic.
The global cyclohexylbenzene market has been segmented on the basis of application, type, and region. From the regional point of view, the Middle East & Africa cyclohexylbenzene market held a valuation of more than USD 22.0 million in 2020 and is projected to exhibit a solid growth trajectory over the forecast period. Prevalent use of organic solvents across the automotive and manufacturing industries in MEA is likely to bolster regional market expansion in the coming time period.
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Meanwhile, the Latin America cyclohexylbenzene market is speculated to progress at a significant growth rate to reach a valuation of around USD 21.0 million by the end of 2027. The booming regional electronics industry and widespread adoption of consumer electronics and smart gadgets owing to surging disposable incomes of consumers in LATAM are estimated to boost product uptake, which is likely to drive regional market development in the future.