Cumene Market

The global cumene market is expected to witness steady growth in consumption over the next eight years, with market volume projected to reach 2.9M tons by 2030. Market performance is forecasted to accelerate with an anticipated CAGR of +2.5%. In 2022, global consumption of cumene increased by 5.5% to 2.3M tons. The countries with the highest consumption were China, Belgium, and Japan. Cumene production declined slightly in 2022, with the Netherlands, Japan, and Singapore dominating production. Imports and exports of cumene also saw fluctuations in 2022, with China and Belgium leading imports, and the Netherlands and Singapore leading exports. Despite price fluctuations, global demand for cumene remains strong.

Market Forecast

Driven by increasing demand for cumene worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 2.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cumene

For the third year in a row, the global market recorded growth in consumption of cumene, which increased by 5.5% to 2.3M tons in 2022. In general, consumption saw a relatively flat trend pattern. Global consumption peaked at 2.4M tons in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

The global cumene market value rose markedly to $2.6B in 2022, picking up by 11% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a mild downturn. Global consumption peaked at $3.3B in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (559K tons), Belgium (453K tons) and Japan (325K tons), together comprising 57% of global consumption. The Netherlands, Spain, Singapore, Russia, the United States, Finland, India, Germany and Italy lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +38.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest cumene markets worldwide were China ($691M), Belgium ($571M) and the Netherlands ($269M), together comprising 58% of the global market. Japan, Russia, Spain, Singapore, the United States, India, Germany, Italy and Finland lagged somewhat behind, together comprising a further 37%.

In terms of the main consuming countries, India, with a CAGR of +36.6%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of cumene per capita consumption was registered in Belgium (39 kg per person), followed by the Netherlands (18 kg per person), Singapore (15 kg per person) and Finland (11 kg per person), while the world average per capita consumption of cumene was estimated at 0.3 kg per person.

From 2012 to 2022, the average annual growth rate of the cumene per capita consumption in Belgium stood at -5.1%. In the other countries, the average annual rates were as follows: the Netherlands (+7.7% per year) and Singapore (-15.9% per year).

Production

World Production of Cumene

Global cumene production contracted to 2.2M tons in 2022, declining by -3.2% compared with 2021. Overall, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 4.3%. Over the period under review, global production hit record highs at 2.2M tons in 2021, and then contracted slightly in the following year.

In value terms, cumene production declined to $1.9B in 2022 estimated in export price. Over the period under review, production continues to indicate a noticeable setback. The pace of growth was the most pronounced in 2017 with an increase of 18% against the previous year. Over the period under review, global production hit record highs at $2.8B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the Netherlands (708K tons), Japan (551K tons) and Singapore (488K tons), together accounting for 81% of global production. Spain, Russia, Germany and Finland lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +5.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cumene

In 2022, purchases abroad of cumene decreased by -20% to 1.3M tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 26%. As a result, imports reached the peak of 1.8M tons. From 2015 to 2022, the growth of global imports remained at a lower figure.

In value terms, cumene imports declined to $1.7B in 2022. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 93% against the previous year. Over the period under review, global imports hit record highs at $2.6B in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports By Country

China (559K tons) and Belgium (455K tons) dominates imports structure, together generating 76% of total imports. The United States (57K tons), India (54K tons), Taiwan (Chinese) (43K tons), Italy (38K tons), the Netherlands (31K tons) and Brazil (26K tons) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Brazil (with a CAGR of +271.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, China ($691M), Belgium ($617M) and India ($67M) constituted the countries with the highest levels of imports in 2022, with a combined 82% share of global imports. The United States, Italy, Taiwan (Chinese), Brazil and the Netherlands lagged somewhat behind, together comprising a further 14%.

Brazil, with a CAGR of +214.3%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average cumene import price stood at $1,256 per ton in 2022, growing by 14% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 58%. Global import price peaked at $1,463 per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($1,531 per ton), while the Netherlands ($854 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (-0.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Cumene

In 2022, the amount of cumene exported worldwide shrank markedly to 1.2M tons, dropping by -31.3% against 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 57% against the previous year. The global exports peaked at 1.7M tons in 2021, and then contracted significantly in the following year.

In value terms, cumene exports contracted dramatically to $1.3B in 2022. Overall, exports saw a noticeable slump. The most prominent rate of growth was recorded in 2021 with an increase of 92%. The global exports peaked at $2.3B in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, the Netherlands (421K tons) and Singapore (400K tons) were the major exporters of cumeneacross the globe, together comprising 71% of total exports. It was distantly followed by Japan (227K tons), achieving a 20% share of total exports. The United States (41K tons) and Germany (34K tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the United States (with a CAGR of +0.5%), while the other global leaders experienced a decline in the exports figures.

In value terms, Singapore ($486M), the Netherlands ($469M) and Japan ($247M) constituted the countries with the highest levels of exports in 2022, with a combined 92% share of global exports. The United States and Germany lagged somewhat behind, together accounting for a further 5.4%.

The United States, with a CAGR of -3.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced a decline in the exports figures.

Export Prices By Country

In 2022, the average cumene export price amounted to $1,135 per ton, with an increase of 12% against the previous year. Over the period under review, the export price, however, recorded a mild decrease. The most prominent rate of growth was recorded in 2021 when the average export price increased by 59% against the previous year. Over the period under review, the average export prices hit record highs at $1,433 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Singapore ($1,214 per ton) and the Netherlands ($1,114 per ton), while Germany ($932 per ton) and the United States ($962 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-1.6%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform