Cumene Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Cumene Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6072059 •
  • Format: PDF
Major players in the cumene market are Royal Dutch Shell Plc., Exxon Mobil Corporation, BP Plc., Sumitomo Chemical Co Ltd, BASF SE, The Dow Chemical Company, China Petroleum and Chemical Corporation, Ineos Group Limited and CEPSA.

The global cumene market is expected to grow from $15.97 billion in 2020 to $18.34 billion in 2021 at a compound annual growth rate (CAGR) of 14.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $17.63 billion in 2025 at a CAGR of -1%.

The cumene market consists of sales of cumene and related services.It is used as a raw material in the synthesis of other organic compounds, such as phenol, acetone, acetophenone, and methyl styrene.

It is also used as a thinner for paints and lacquers. Cumene is a colorlesscolourless, flammable liquid and has a penetrating gasoline-like odor.

Rising demand for phenols and acetones in various industries contributes to the growth of the cumene market.Acetone is used as a solvent in the pharmaceutical and cosmetic industries.

Phenols are used for the production of epoxy resins used in paints and coatings.As a result, strong demand for phenols and acetones has resulted in its over-supply.

The demand for acetone and phenol is increasing at a significant rate relative to supply, which offers new manufacturers great potential for establishing their facilities.The cumene market is expected to see a high growth rate during the forecast period due to increase in global demand for acetone.

For instance, in 2019, China’s acetone consumption was about 2.285 million tons, a rise of 17.18% year-on-year. The global production capacity of acetone was about 9.142 million tons, and about 90% of the production capacity was concentrated in Asia, the Americas, Europe, and Asia were estimated at 47%. Rising demand for phenols and acetones drove the cumene market.

Rising demand for phenols and acetones in various industries contributes to the growth of the cumene market.Cumene is used as a feed-stock in the production of phenol and acetone.

Acetone is used as a solvent in the pharmaceutical and cosmetic industries where as phenols are used for the production of paints and coatings.Thus, strong demand for phenols and acetones has resulted in rise in the demand for cumene.

For instance, in 2019, China’s acetone consumption was about 2.285 million tons, a rise of 17.18% year-on-year. The global production capacity of acetone was about 9.142 million tons, and about 90% of the production capacity was concentrated in Asia, the Americas, Europe, and Asia were estimated at 47%. Thus, the rising demand for phenols and acetones positively drives the growth of the cumene market.

The cumene market covered in this report is segmented by end-user industry into paints industry, automotive industry, chemical industry, plastics industry and others. It is also segmented by application into phenol, acetone, chromatography, others.

Companies in the cumene market are investing in order to meet the future demand.For instance, in Germany, in 2019, INEOS Phenol, the world’s largest producer of acetone and phenol has done new cumene investment at the Evonik Chemiepark in Marl.

The fully integrated unit will use existing pipeline connections between the production of INEOS phenol and acetone in Gladbeck, the Marl site of Evonik Chemiepark and the Gelsenkirchen refinery and cracker complex of BP. The new 750,000 tonnes cumene unit would be completed by 2021 and will meet future demand and improves supply protection for INEOS plants in Gladbeck and Antwerp.

In 2018, Cabot Microelectronics Corporation, a USA-based company specialized in supplying consumable materials to semiconductor manufacturers and pipeline companies, acquired KMG Chemicals for $1.6 billion. The acquisition helped Cabot Microelectronics Corporation in broadening its position as the leading supplier of consumable materials in the semiconductor industry. Additionally, the combination will result in the global supply of performance products and services to improve pipeline operations. KMG Chemicals, Inc. is a USA-based company that specializes in manufacturing specialty chemicals for electronics, industrial wood preservation, and industrial lubricant markets.