The "Cumene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Cumene Market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
Exxon Mobil Corporation
Royal Dutch Shell plc
Sumitomo Chemical Co., Ltd
Prasol Chemicals Pvt. Ltd
Key Market Trends
Growing Usage in Acetone Application
More than 95% of the global acetone production is used as a by-product of phenol production, which involves cumene use. The demand for acetone is primarily driven by its use as a solvent in products, such as nail polish removers, lacquers and finishes, and adhesives.
Acetone is used in a wide range of applications, such as manufacturing methyl methacrylate (MMA) and BPA, and as a solvent in the pharmaceutical and cosmetics industries.
MMA is widely used for the production of PMMA resins, which are increasingly being used to produce acrylic sheets in the construction industry. Automotive parts and medical devices are other applications of MMA.
The pharmaceutical industry is continuously expanding, increasing the demand for acetone, thus driving the cumene market. As of the end of 2019, the global pharmaceutical market was valued at USD 1,250.4 billion. The pharmaceutical market has grown at a rapid pace in 2020 due to the COVID-19 outbreak.
Additionally, the growing cosmetic industry is increasing the demand for acetone for use as a solvent. According to Statista market forecast, the revenue generated by cosmetics has reached USD 87 billion in 2020 witnessing a decline by 3% compared to 2019. It is estimated to reach USD 118.5 billion by 2025.
Due to the increase in demand for acetone globally and the setting up of new phenol/acetone production facilities, the cumene market is expected to witness a high growth rate during the forecast period.
China to Dominate the Asia-Pacific Market
In Asia-Pacific, China is the largest economy in terms of GDP. In 2019, the country witnessed about ~6.1% growth in its GDP, despite facing trade disturbances due to its trade war with the United States. Currently, the Chinese economy has been severely hit by the COVID-19 pandemic. According to the International Monitory Fund (IMF) projections, the Chinese GDP growth has registered a 1.9% in 2020, due to the COVID-19 pandemic. It is expected to recover and reach 8.2% by the end of 2021.
With the investments from various chemical manufacturers, the production facilities of bisphenol-A, phenol, and acetone have been increasing in the country. This, in turn, is projected to drive the demand for cumene in the country in the coming years.
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand for Phenol from the Plastic Industry
4.1.2 Increasing Use of Acetone as a Solvent
4.2.1 Harmful Effects due to Extended Exposure
4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Feedstock Analysis
4.6 Technological Snapshot
4.7 Trade Analysis
4.8 Price Index
4.9 Regulatory Policy Analysis
5 MARKET SEGMENTATION
5.1 Manufacturing Process
5.1.1 Aluminum Chloride Catalyst
5.1.2 Solid Phosphoric Acid (SPA) Catalyst
5.1.3 Zeolite Catalyst
5.2.3 Paints and Enamels
5.2.4 High-octane Aviation Fuels
5.2.5 Other Applications
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Investments for New Capacity Additions
For more information about this report visit https://www.researchandmarkets.com/r/euyq73
View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005872/en/
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