Cumene Market to Garner $28.0 Billion, Globally, By 2030 at 4.3% CAGR, Says Allied Market Research
Rise in demand for phenol, acetone, and their derivatives and increase in usage of phenolic resins & bisphenol-A drive the growth of the global cumene market.
PORTLAND, Ore., April 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "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.
Drivers, Restraints, and Opportunities
Rise in demand for phenol and acetone & their derivatives and increase in usage of phenolic resins & bisphenol-A drive the growth of the global cumene market. However, fluctuation in crude oil price and hazardous health effects restrain the market growth. Contrarily, rapid expansion of the aviation industry and surge in demand for paint & enamels create new opportunities in the coming years.
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Covid-19 Scenario
- Owing to decline in demand for phenol and acetone derivatives from application industries and disruptions in the supply chain, the cumene market impacted negatively during the Covid-19 pandemic.
- The demand from end-user industries such as cosmetics and personal care, high-octane aviation fuels, paints and enamels, polymer industries, and others decreased considerably due to partial or complete stoppage of daily operations with lockdown restrictions in place. However, the demand is expected to rise steadily post-lockdown.
The zeolite segment to continue its leadership status by 2030
Based on type, the zeolite segment accounted for the highest market share in 2020, contributing to more than half of the global cumene market, and is projected to continue its leadership status by 2030. Moreover, this segment is estimated to manifest the highest CAGR of 4.4% during the forecast period. This is attributed to its crucial role in the chemical industry and usefulness as a catalyst for several reactions involving organic molecules. The research also analyzes the segments including solid phosphoric acid and aluminum chloride.
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The phenol segment to continue its lead position by 2030
Based on application, the phenol segment held the highest market share in 2020, contributing to nearly three-fourths of the global cumene market, and is projected to continue its lead position by 2030. Moreover, this segment is expected to witness the largest CAGR of 4.4% during the forecast period. This is attributed to its increased usage in the healthcare industry, manufacturing of household products, and as intermediates for industrial synthesis. The report also analyzes the segments including acetone and others.
Asia-Pacific, followed by Europe and North America, to maintain its dominant share throughout the forecast period
Based on region, Asia-Pacific, followed by Europe and North America, contributed the highest market share in 2020, accounting for nearly half of the total market share of the global cumene market, and is estimated to maintain its dominant share throughout the forecast period. Moreover, this region is projected to register the largest CAGR of 4.6% during the forecast period. This is due to rise in industrialization and surge in usage in manufacturing of cosmetics and personal care products.
Leading Market Players
- Royal Dutch Shell Plc.
- Exxon Mobil Corporation
- Total S.A.
- BP Plc.
- Sumitomo Chemical Co.
- Axiall Corporation
- SABIC
- BASF SE
- The Dow Chemical Company
- JX Nippon Oil
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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