North America Vinyl Cyclohexane Market size surpassed USD 17,662 thousand in 2019 and is anticipated to showcase a CAGR of 5.2% from 2020 to 2026. Rise in application for polymerization and the growing polymer industry to drive the demand for vinyl cyclohexane.
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Vinyl cyclohexane is extensively used in the manufacturing of polyvinyl cyclohexane (PVCH) and provides the compound high thermal stability and excellent dielectric properties. Vinyl cyclohexane-based polymer has witnessed substantial growth in the demand owing to the characteristics, such as molding flexibility, low birefringence, and high transparency. The major consumers of these polymers belong to several industries, including chemicals, automotive, defense, packaging, and healthcare. The favorable properties of the vinyl cyclohexane-based polymers make them a suitable compound for numerous industrial applications. Another key factor aiding the increasing consumption of vinyl cyclohexane is its ability to substitute other metal or mineral-based products in the end-use industries.
Moreover, North America consists of a highly organized healthcare sector and has observed tremendous growth in the past. Growing per capita expenditure, increasing research and development activities, and boosting investment in the sector has substantially supported the industry evolution. For instance, healthcare spending in the United States both in terms of the percent of the GDP and the absolute value is among the highest across the globe. Moreover, the healthcare sector in the country has been growing faster than the national economy. Therefore, the surging production of medical equipment, such as microscopic slides, microfiber plates, breathing tubes, analytical vessels, contact lenses, etc. is significantly fueling the consumption of vinyl cyclohexane.
On the other hand, the outbreak of the COVID-19 disease has been hampering the growth of the market in North America. The United States has the highest number of COVID-19 cases and has severely disrupted that economical activities in the region. As a result of ceased manufacturing operations and reduced consumer demand, the vinyl cyclohexane industry witnessed a downfall of over 8% in 2020. However, the industry is likely to regain its previous growth trend following several government initiatives to boost the economy and the augment of coronavirus vaccines.
Vinyl cyclohexane having purity equivalent to or more than 98 percent has been witnessing substantial preference by consumers. The segment is estimated to witness over 5.4% growth through 2026. The demand for high purity vinyl cyclohexane for academics, research institutes, and R&D activities has substantially supported the market size expansion. Increasing investment in research & development activities and an escalating number of laboratories has further fueled the product demand. Additionally, the surging demand for vinyl cyclohexane for chemical synthesis processes is another major factor aiding the growth of market size.
Among the application, the chemical sector has been a major consumer of the product and contributed almost 90% to the North American vinyl cyclohexane market in terms of revenue and is estimated to expand at over 5.3% CAGR till 2026. Vinyl cyclohexane is widely used as an intermediate for numerous chemical synthesis processes. The chemical sector in North America plays a significant role in market development. For instance, in 2017, the chemical industry in the United States generated more than USD 765 billion in revenue and recorded an FDI of over USD 700 billion within the same year. Also, according to the estimate produced by the ACC, the chemical products in the country are likely to experience a rise of 3.9% in 2021 and many industries are expected to ramp up the manufacturing.
Moreover, the presence of international players is further catalyzing the market growth. These companies are heavily injecting investments into research activities, thereby, driving the consumption of vinyl cyclohexane. Additionally, the constant search for new compounds by polymer industry to achieve relatively superior properties than the prevailing traditional polymers. Therefore, an increasing number of studies and furthering R&D expenditure by the key players in the chemical industry are expected to drive the market demand.
Some of the key players involved in the manufacturing of vinyl cyclohexane include FUJIFILM Wako Pure Chemical Corporation, Sigma Aldrich, Norquay Technology, Inc., Tokyo Chemical Industry Co., Ltd., Alfa Aesar, BOC Sciences, AK Scientific, Inc., Santa Cruz Biotechnology, Inc., Matrix Scientific, City Chemical LLC, and Beantown Chemical Corporation.