What are the key structural factors in China's cyclohexane market supply and demand through 2025?

What are the key structural factors in China's cyclohexane market supply and demand through 2025?
China's cyclohexane production is largely captive, with major producers like Sinopec, PetroChina, and CNOOC supplying feedstocks for downstream derivatives. Roughly 70% of output feeds chlorocyclohexane production, while other uses include solvents and chemical intermediates. Total domestic output was around 1.2 million tons in 2023, with projections of 1.4 million tons by 2025 as refining capacity expands. Merchant sellers, such as Shijiazhuang Coking Group and Sinopec Nanjing Chemical, serve external buyers. Downstream demand is anchored by pharmaceuticals and agrochemicals, which together consume over 70% of chlorocyclohexane. Supply is expected to remain adequate, but regional imbalances and logistics could create spot price volatility.