Market Size of Cumene Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cumene Market Analysis
The global cumene market is estimated to reach over 15,700 kilotons by the end of this year and is projected to register a CAGR of over 4.5% during the forecast period.
The sudden onset of the COVID-19 pandemic in 2020 caused demand for cumene to decline in the global market, leading to low demand for phenol and acetone derivatives of cumene. The phenol market segment witnessed a lower growth rate from early 2020 to mid-2021 owing to the suspension of industrial activities. The production of phenol decreased due to the impact of COVID-19 on the industry, the region, and subsequent supply chain operations. Moreover, the pandemic affected the major end-user industries of cumene, such as cosmetics and personal care, paints and enamels, high-octane aviation fuels, and polymer industries, where declined sales weakened the demand for cumene for a long period. However, the market is projected to grow steadily, owing to a rapid headstart in activities of various end-user industries such as construction and others, which consume cumene and its derivative-based products, post the pandemic retraction.
- Over the medium term, the increasing demand for phenol from the plastic industry and the large consumption of acetone as a solvent are major factors driving the growth of the market studied.
- On the flip side, harmful effects ehibited by cumene and its derivatives due to extended exposure is anticipated to significantly hinder the market's growth.
- Nevertheless, the rising investments and applications of bisphenol A (BPA) is likely to create lucrative growth opportunities for the global market soon.
- Asia-Pacific is expected to dominate the global market during the forecast period. Also, it is expected to register the highest CAGR during the forecast period.
