Cumene Market

Cumene Market Statistics – 2030

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.

Cumene market, by production technology

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

Cumene market, by application

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.

Cumene market, by region

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 impact on the market

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.

Key Benefits For Stakeholders

• The report provides an extensive qualitative and quantitative analysis of the current market trends and future estimations of the global cumene market from 2021 to 2030 to determine the prevailing opportunities.
• A comprehensive analysis of the factors that drive and restrict Cumene market growth is provided.
• Estimations and forecast are based on factors impacting the cumene market growth, in terms of value.
• Profiles of leading players operating in the cumene market are provided to understand the global competitive scenario.
• The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable cumene market growth.

 Cumene Market Report Highlights