Cumene Market Size Expected to Reach $28.0 Billion by 2030

According to a new report published by Allied Market Research, titled, "Cumene market by technology, application and region: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global Cumene market size was valued at $18.6 billion in 2020, and global Cumene market forecast projected to reach $28.0 billion by 2030, with global Cumene market forecast expected at a CAGR of 4.3% from 2021 to 2030.

Cumene is an alkylbenzene that is benzene carrying an isopropyl group. It is also known as isopropylbenzene, 2-phenylpropane, or (1-methylethyl) benzene, and it is a colourless, volatile liquid with a gasoline-like odor. It is a natural component of coal tar and crude oil, and also can be used as a blending component in gasoline. It is a building-block chemical and almost all cumene (approximately 98 percent) is consumed as a chemical intermediate in the production of phenol and acetone which are the two chemicals that are widely used to make plastics. In addition, cumene in minor amounts is used as a solvent during the manufacture of paints, lacquers, and enamels. Moreover, Cumene is not generally sold for consumer use.

Furthermore, rising demand of paint, lacquers and other such product may act as the major driving factor for the market. Moreover, Acute (short-term) inhalation exposure to cumene may cause headaches, dizziness, drowsiness, slight incoordination, and unconsciousness in humans which may act as the major restraining factor for the cumenes market.

The global Cumene market is segmented on the basis of technology, application and region. Depending on technology, the market is categorized into Zeloite, Solid Phosphoric Acid, Aluminum Chloride. On the basis of Application, it is classified into Phenol, Acetone and Others. Region wises it is analyzed across North America, Europe, Asia-Pacific and LAMEA.

The global Cumene market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report 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 global Cumene market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the 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.

Impact Of Covid-19 On The Global Cumene 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 findings of the study

• Depending on technology, the Zeloite segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• As per application, the phenol segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• Region wise, Asia-Pacific region registered the highest market share and is projected to maintain the same during the forecast period.