The Latest Cumene Industry Statistics Explained
The global cumene market size was valued at an estimated USD 18.57 billion in 2019.
The statistic indicates that the total value of the global cumene market was estimated to be USD 18.57 billion in the year 2019. Cumene is a key chemical compound used primarily in the production of phenol and acetone, which are essential raw materials for various industries such as plastics, resins, and pharmaceuticals. The market size value reflects the total revenue generated from the production and sale of cumene worldwide in 2019. This figure serves as a key indicator of the overall economic significance and scope of the cumene industry on a global scale, providing insights into the market’s size, growth potential, and competitive landscape.
North America dominated the cumene market with a share of 32.2% in 2019.
In 2019, North America held a significant position in the global cumene market by dominating with a share of 32.2%. This statistic indicates that North America was the leading region in terms of cumene production and consumption, surpassing other regions in the market. The dominance of North America suggests that the region had a strong influence on the overall dynamics of the cumene market, potentially due to factors such as production capacity, market demand, technological capabilities, or industry expertise in cumene production. Overall, this statistic highlights the substantial role played by North America in shaping the global cumene market landscape in 2019.
The global cumene market is projected to expand at a volume based CAGR of 3.8% from 2020 to 2027.
This statistic indicates that the global cumene market is expected to grow steadily over the period from 2020 to 2027, with a compound annual growth rate (CAGR) of 3.8% based on volume. This means that the volume of cumene produced and consumed worldwide is projected to increase at an average rate of 3.8% per year during this time frame. Such growth in the market suggests a rising demand for cumene, which is a key intermediate used in the production of various chemicals including phenol and acetone. Factors driving this growth could include increasing industrial activities, expanding end-use industries, and technological advancements leading to more efficient production processes. Overall, this projection highlights the anticipated expansion and positive outlook for the global cumene market in the coming years.
In 2020, the Asia Pacific market was projected to witness the fastest CAGR of 5.0% in terms of volume from 2020 to 2027.
The statistic, “In 2020, the Asia Pacific market was projected to witness the fastest Compound Annual Growth Rate (CAGR) of 5.0% in terms of volume from 2020 to 2027,” indicates that the Asia Pacific market is expected to experience significant growth over the seven-year period. The CAGR of 5.0% suggests a steady and consistent increase in the volume of goods or services traded in the market each year. This growth rate is the highest among all regions included in the projection, highlighting the potential for substantial expansion in economic activity within the Asia Pacific region. This statistic is valuable for investors, businesses, and policymakers looking to understand and capitalize on emerging opportunities in the dynamic and rapidly growing Asia Pacific market.
The Asia Pacific region accounted for 29.6% of total global demand in 2020.
The statistic stating that the Asia Pacific region accounted for 29.6% of total global demand in 2020 indicates the significant economic influence and consumption power of this particular geographic area. This means that nearly one-third of the world’s demand for goods and services originated from countries in the Asia Pacific region in the year 2020. The high proportion highlights the region’s growing importance in global trade and commerce, as well as its impact on industries worldwide. This statistic underscores the need for businesses and policymakers to closely monitor trends and developments in the Asia Pacific region to effectively navigate the evolving landscape of global market demand.
Europe is predicted to experience steady growth at a CAGR of 3.1% from 2021 to 2026.
This statistic indicates that Europe is expected to witness consistent growth over the period from 2021 to 2026, with a Compound Annual Growth Rate (CAGR) of 3.1%. CAGR is an important metric used to measure the annual growth rate of an investment or market over a specified period of time. In this context, the CAGR of 3.1% suggests that the economy of Europe is projected to expand steadily at a rate of 3.1% annually, highlighting a positive outlook for the region’s economic performance in the coming years. The forecasted growth trajectory implies potential opportunities for businesses, investors, and policymakers to make informed decisions and capitalize on the anticipated growth in Europe.
The total capacity of cumene production was 11.6 million metric tons in China in 2020.
The statistic indicates that the cumene production capacity in China in 2020 reached a total of 11.6 million metric tons. Cumene is an important chemical compound used primarily in the production of phenol and acetone. The capacity of 11.6 million metric tons signifies the maximum amount of cumene that can be produced in a given period under optimal operating conditions. This statistic highlights China’s significant role in the global cumene market and suggests a substantial capability for meeting domestic demand as well as potential for export. Additionally, it may reflect the country’s commitment to industrial production and growth in the chemical sector.
In 2005, the total capacity of cumene production was 6.5 million metric tons in China.
The statistic indicates that in 2005, the total capacity for cumene production in China was 6.5 million metric tons. Cumene is a compound primarily used in the production of phenol and acetone. This statistic suggests that China had the capability to produce up to 6.5 million metric tons of cumene within that year, highlighting the country’s industrial capacity and potential impact on the global market for these chemicals. It is important to note that capacity refers to the maximum amount that can be produced under ideal conditions and may not necessarily reflect actual production levels.
The US’s production capacity for cumene was over 11 million metric tons in 2016.
The statistic “The US’s production capacity for cumene was over 11 million metric tons in 2016” indicates that the United States was capable of producing more than 11 million metric tons of cumene, a key industrial chemical used in the production of phenol and acetone, in the year 2016. This production capacity highlights the significant potential output of cumene within the country during that period, suggesting a strong presence and competency in the cumene manufacturing industry. The information is important for assessing the country’s capability to supply the chemical domestically and potentially for export, contributing to a better understanding of the industrial landscape and economic potential related to cumene production in the United States.
Between 2005 and 2016, production of cumene in Belgium dropped by roughly 230,000 metric tons.
The statistic stating that between 2005 and 2016, the production of cumene in Belgium dropped by roughly 230,000 metric tons indicates a significant decline in the output of cumene over that time period. Cumene is an important industrial chemical used in the production of acetone and phenol, among other applications. A decrease of 230,000 metric tons suggests a substantial shift or challenge in the cumene production process within Belgium. This could be influenced by various factors such as changes in market demand, technological advancements, regulatory restrictions, or shifts in global supply chains. Analyzing the reasons behind this decline in cumene production can provide valuable insights for stakeholders in the chemical industry and policymakers to adapt strategies and maintain industrial competitiveness.
More than 98% of all manufactured cumene is used to produce phenol and acetone.
The statistic stating that more than 98% of all manufactured cumene is used to produce phenol and acetone highlights the significant role of cumene in the production of these two chemicals. Cumene is a key intermediate chemical in the synthesis of phenol and acetone through a process known as the cumene process. Phenol is widely used in the production of various consumer goods such as plastics, resins, and pharmaceuticals, while acetone is commonly utilized as a solvent in industrial processes. The dominance of cumene in supplying the raw material for phenol and acetone production underscores its importance in the chemical industry and its impact on various aspects of everyday life.
A 3.9% CAGR is projected for the cumene market from 2017 to 2023.
The statement “A 3.9% compound annual growth rate (CAGR) is projected for the cumene market from 2017 to 2023” means that it is estimated that the cumene market is expected to grow at a steady pace of 3.9% per year over the specified time period. This growth rate takes into account the compounding effect, which means that the market size is expected to increase by an average of 3.9% each year. This projection provides insight into the potential growth and expansion of the cumene market over the specified timeframe, indicating a positive trend in demand and market performance for cumene-based products.
The primary derivatives of cumene, phenol, and its co-product acetone, together represented larger than 98% of cumene consumption in 2020.
The statistic indicates that in 2020, the primary derivatives of cumene, namely phenol and acetone, accounted for a significant proportion of cumene consumption, surpassing 98% of the total consumption. This suggests that the vast majority of cumene produced was utilized in the production of phenol and acetone. Phenol and acetone are important chemicals used in various industries such as pharmaceuticals, plastics, and adhesives, highlighting the economic significance of cumene as a feedstock. This statistic underscores the strong dependency of the market on these key derivatives and reflects the strategic importance of cumene in the chemical industry supply chain.
By 2023, global consumption of cumene is expected to reach 17.1 million metric tons.
The statistic “By 2023, global consumption of cumene is expected to reach 17.1 million metric tons” indicates the forecasted level of worldwide demand for cumene, a key chemical compound primarily used in the production of phenol and acetone. Cumene is an essential component in various industries such as pharmaceuticals, plastics, and resins. The projected consumption of 17.1 million metric tons by 2023 suggests a significant growth in demand for cumene, likely driven by expanding industrial activities, economic development, and increasing global consumer preferences for products derived from phenol and acetone. This statistic is important for stakeholders in the cumene industry to anticipate market trends, plan production capacities, and make informed business decisions to capitalize on the expected growth in demand.
The global cumene market growth is driven primarily by increasing demand for phenol and acetone in various end-use industries.
The statistic suggests that the global cumene market is showing positive growth mainly due to the rising demand for phenol and acetone across a diverse range of industries. Cumene is a key raw material used in the production of phenol and acetone, both of which have widespread applications in sectors such as pharmaceuticals, plastics, electronics, and automotive. The increasing demand for these end products indicates healthy growth opportunities for the cumene market as companies aim to meet the market’s needs. This trend highlights the significance of phenol and acetone in driving the growth of the cumene industry and highlights the interconnectivity of various sectors within the global economy.
The cumene market is also influenced by the expansion of the polystyrene industry which utilizes cumene-based products extensively.
The statement suggests that the cumene market is interconnected with the expansion of the polystyrene industry due to the extensive use of cumene-based products within the industry. Cumene is a key raw material in the production of various cumene derivatives that are vital components in the manufacturing of polystyrene. As the polystyrene industry grows and demands more cumene-based products, it in turn influences the cumene market by creating a higher demand for cumene. This mutually beneficial relationship between the cumene market and the polystyrene industry highlights the importance of understanding the dynamics and interdependencies within the chemical industry to make informed decisions and forecast potential market trends.
The surface coating sector is the primary end-user of the cumene industry, with an expected CAGR of 4% from 2021 to 2026.
This statistic indicates that the surface coating sector is the main consumer of cumene, a chemical compound used in the production of various industrial applications. The statistic further predicts that the compound annual growth rate (CAGR) for this sector is expected to be 4% over the period from 2021 to 2026. This implies that demand for cumene by the surface coating industry is likely to increase steadily at a rate of 4% annually during this time frame. This information is crucial for stakeholders in the cumene industry, including producers and suppliers, as it highlights a specific market segment that is anticipated to drive growth and impact their business strategies in the coming years.
The Middle East and Africa has the smallest share in the cumene market, with less than 5% in 2020.
The statistic indicates that the Middle East and Africa region has a relatively small presence in the cumene market, accounting for less than 5% of the market share in 2020. This suggests that cumene production, consumption, or trade in the Middle East and Africa is limited compared to other regions worldwide. Factors such as lower demand, limited production capacity, or higher competition from other regions may contribute to this smaller market share. Companies interested in the cumene market may need to consider these regional dynamics and potential challenges when developing strategies for market entry or expansion in the Middle East and Africa.
India represents one of the most profitable regional markets for cumene, having registered a double-digit growth rate from 2020 to 2021.
The statistic indicates that India is among the top-performing regional markets for cumene, a chemical compound used in various industries such as manufacturing, pharmaceuticals, and plastics. The statement highlights that the market in India experienced significant growth, with a double-digit increase in sales or production of cumene from 2020 to 2021. This suggests a strong demand for cumene in India, likely driven by factors such as industrial expansion, infrastructure development, or increasing consumer consumption. The robust growth rate implies that businesses involved in the cumene market in India are thriving and that the country’s overall economy may be experiencing positive momentum in the relevant sectors.
References
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