Cumene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Global Cumene Market was valued at 15,066.67 kilotons in 2020 and is expected to grow with a CAGR of 4.88% during the forecast period ( 2021-2026).
The sudden onset of the global pandemic COVID-19 has caused demand for Cumene to decline in the international market, leading to low demand for Phenol and Acetone derivatives of Cumene. The phenol market industry across the globe witnessed a growth rate of only 4% in 2020 owing to the suspension of industrial activities. The demand for phenol decreased due to the higher impact of COVID-19 at the industry level, a regional level, and subsequent supply chain operations. Thus, the demand for cumene contracted 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, the decline in sales due to the pandemic effect weakened the demand for cumene for a long period of time. However, the demand for Cumene is expected to recover in the coming years, as various end-user industries, such as construction and others, which consume cumene and its derivative-based products, are picking the pace.
Key HighlightsThe global cumene market stands to be fragmented in nature, with cut-throat competition among the market players to increase their share in the studied market. Some of the key players in the market include Cepsa, INEOS, KUMHO P&B CHEMICALS.,INC., Dow, and KOCH Industries Inc., among others.
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