Cumene Market By Production technology (Zeloite, Solid Phosphoric Acid, Aluminum Chloride), By Application (Phenol, Acetone, Others): Global Opportunity Analysis And Industry Forecast, 2021-2030.” According to the report, the global cumene industry generated $18.6 billion in 2020, and is expected to reach $28.0 billion by 2030, witnessing a CAGR of 4.3% from 2021 to 2030.
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
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Cumene is primarily used as a raw material in the production of phenol and acetone, which are widely utilized in various industries such as automotive, construction, electronics, and pharmaceuticals. The growing demand for these end-use products directly drives the demand for cumene. The construction sector plays a significant role in the demand for cumene-based products. As economies develop and urbanization increases, there is a rising need for construction materials, coatings, adhesives, and sealants, which rely on cumene-derived products. The chemical industry is a major consumer of cumene. Cumene is used as a solvent in the manufacture of various chemicals, including resins, polycarbonates, and synthetic fibers.
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Advances in technology and process optimization have led to improved production efficiency and cost-effectiveness in cumene manufacturing. Enhanced catalysts, process modifications, and integration of renewable feedstocks have positively influenced the cumene market, making it more competitive and sustainable. With increasing environmental concerns and sustainability goals, there is a growing interest in bio-based alternatives and sustainable manufacturing practices. Some companies are exploring bio-based routes to produce cumene, utilizing renewable feedstocks instead of traditional fossil fuel sources. This trend is likely to impact the cumene market and create opportunities for bio-based cumene production.
COVID-19 impact on the 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 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.
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Key Market Players:
► Royal Dutch Shell Plc
► Exxon Mobil Corporation
► Total S.A
► BP Plc
► Sumitomo Chemical Co
► Axiall Corporation
► SABIC
► BASF SE
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