✷ Report Code: A01654 | Pages: 290 | Mar 2022 | 17707 Views | ||
Author(s) : Mamta S , Eswara P | Tables: 150 | Charts: 102 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Cumene Market
Request Now !The global Cumene market size was valued at $18.6 billion in 2020, and is projected to reach $28.0 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
Statement for COVID-19 banner: COVID-19 pandemic has resulted in slowdown in the growth of cumene in the global market, owing to the disruptions in supply chain operations.
Cumene in chemical form is known as isopropyl benzene, an organic compound based on aromatic hydrocarbons with aliphatic substitution. It is a flammable and colorless liquid with high boiling points of around 152°C, and is a constituent of crude oil and refined fuels. Industrially, cumene is manufactured by Friedel Crafts alkylation method. It is converted into an intermediate known as cumene hydroperoxide for further applications.
The global cumene market has witnessed significant growth opportunities globally, owing to growth in demand for phenol and acetone and their derivatives. Furthermore, economic growth, rise in per capita disposable income, and upsurge in the use of phenolic resins & bisphenol-A are anticipated to boost the market growth during the forecast period. Moreover, increasing demand for phenol in various industries such as plastics, composites, and laminates are anticipated to fuel the global market. However, fluctuation in crude oil price and hazardous health effects of cumene are expected to hamper this growth.
For the purpose of analysis, the global cumene market is segmented into production technology, application, and region. Depending on production technology, the market is categorized into zeolite, Solid Phosphoric Acid and Aluminum Chloride. On the basis of application, it is segmented into phenol, acetone and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players have economically made high capital investments in R&D activities to develop advanced products to cater to the requirements of the market. These players operating in the industry include Royal Dutch Shell Plc., Exxon Mobil Corporation, Total S.A., BP Plc., Sumitomo Chemical Co., Axiall Corporation, SABIC, BASF SE, The Dow Chemical Company, and JX Nippon Oil.
The other players in the value chain (profiles not included in the report) include CPCC, KMG Chemicals, CNPC, Chang Chun Plastics Co. LTD., KenolKobil, Formosa Plastics Group, Taiwan Cement Corporation, China Petrochemical Development Corporation, Georgia Gulf Corporation, Ineos Group Limited, Koch Industries, Petroleos de Venezuela S.A. Mitsui & Co. LTd., CEPSA, Eni Spa, Sunoco, Aramco Services Company, Domo Investment Group, Flint Hills Resources LP, and Guangzhou VA-SO Plastics Co., Ltd.
The Cumene market is analyzed in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the cumene market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
By technology, the Zeloite segment held the largest market share in 2020. There are several disadvantages of using aluminum chloride and solid phosphoric acid as catalysts for the production process of cumene such as high corrosion, environmental hazard and catalyst non-renewability. This has resulted growth in the use of Zeolite as catalysts for production
By application, the phenol segment garnered the highest market share in 2020. This is attributed to increasing use phenol in various industries such as electrical & electronics, automotive, paints & coatings, cosmetics, and others. Furthermore, it is used as a solvent for paints, lacquers, and enamels, which find their uses in automotive and furniture.
Asia-Pacific garnered the highest share in the cumene market in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. Developing countries such as China, India, and Japan are driving the regional market due to the high consumption of electronics in this region. Growth is also supported by growing automotive industry in China, India and South Korea.
COVID-19 pandemic has resulted in slowdown in the growth of cumene in the global market, leading to low demand for phenol and acetone derivatives of cumene. The demand for phenol decreased due to the impacts of COVID-19 on the industry, the region, and disruptions in supply chain operations. Thus, the demand for cumene declined in 2020. Moreover, the COVID-19 pandemic started to affect the major end-user industries of cumene, such as cosmetics and personal care, paints and enamels, high-octane aviation fuels, polymer industries, where declined sales due to the pandemic weakened the demand for cumene for a long period. However, cumene market is expected to recover by the first quarter of 2021, and expected to grow with a CAGR of 4.3% as COVID-19 vaccination has begun in various economies across the globe, which is expected to improve the global economy.
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Cumene Market Report Highlights
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Significant growth in the plastic industry across Asia pacific region is one of the key factors for fueling the growth of cumene market. Increasing demand for phenolic based products used for various applications such as electronics, paints & coatings, automotive, electronics and others are the key drivers for Asia pacific market growth. China is expected to lead the Asia Pacific market in terms of revenue contribution. Other countries such as India, and Japan are driving the regional market due to the high consumption of electronics in this region
Key factors which are driving the growth of cumene market in Asia-pacific increasing use of in cumene a wide range of applications, such as manufacturing methyl methacrylate (MMA) and BPA, and as a solvent in the pharmaceutical and cosmetics industries.? Acetone is used as solvent in cosmetic industry. Growing cosmetic industry is in turn driving the demand for acetone. Rapid industrialization with combination of increasing consumer demand for high octane cumene-derivatives, are anticipated to drive the market further.
Renowned global market leaders such as Royal Dutch Shell Plc., Exxon Mobil Corporation, Total S.A., BP Plc., Sumitomo Chemical Co., SABIC etc. are adopting various key growth strategies to strengthen their market position. Furthermore, these companies are focused on agreement, business expansion, product launch and partnership to cater to the increasing demand for cumene and to maintain the position in the global Cumene market.
Among the analyzed regions, Asia-Pacific is likely to account for the highest revenue in the market throughout the forecast period, followed by Europe, North America and LAMEA.
A. Rising demand of paints and enamel, rising fashion industry are the major driving factor for the market. In addition, rising aviation industry create lucrative opportunities for the market.
A. Agreement, business expansion and product launch are the key growth strategy of global cumene market players.
A. Asia-Pacific will provide more business opportunities for global cumene in future
A. Royal Dutch Shell Plc., Exxon Mobil Corporation, Total S.A., BP Plc., Sumitomo Chemical Co., Axiall Corporation, SABIC, BASF SE, The Dow Chemical Company, and JX Nippon Oil are the leading market players active in the cumene market.
A. Phenol segment holds the maximum share of the global cumene market
A. Aviation industry, cosmetics industry and paint companies are the major customers of global cumene market.
A. The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global cumene market from 2020 to 2030 to determine the prevailing opportunities.
A. Rise in urbanization, increase in demand of paints & enamels and continuous increase in dependency on phenols are expected to drive the adoption of cumene.
A. Technological evolution of cumene, increasing interior decoration and rising cosmetic products are the current trend expected to influence the global cumene market in the next few years.
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