COVID-19 Impact on Cumene Hydroperoxide Market
- The COVID-19 outbreak has hindered the demand for cumene hydroperoxide in several applications. Governments of various countries across the globe enforced lockdown measures to curb the spread of the coronavirus. This resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for cumene hydroperoxide.
- One of the major end-use industries of the cumene hydroperoxide market is the adhesive & sealant industry. Building & construction and packaging industries are major end-users of adhesives and sealants. These industries were majorly hit due to COVID-19 lockdowns. This created a gap in the supply and demand for cumene hydroperoxide, thereby restricting its demand.
- The COVID-19 outbreak directly affected the production and demand for cumene hydroperoxide. Key players operating in the market are located in Asia Pacific and U.S. These regions accounted for large numbers of COVID-19 Infections, leading to long lockdowns. This hampered the supply of cumene hydroperoxide polymers, thus negatively affecting the market.
Key Drivers of Cumene Hydroperoxide Market
- The adhesive and adhesive remover sector is a prominent consumer of hydroperoxide. Expansion of the building & construction sector is estimated to propel the adhesive industry. Furthermore, adhesives are extensively utilized in the packaging industry, which is expanding at a considerable pace due to globalization. Rise in usage of cumene hydroperoxide in the manufacture of cumene hydroperoxide polymer for adhesives is estimated to boost the cumene hydroperoxide market during the forecast period.
- Cumene is used in the production of phenol and acetone, which are further used in the manufacturing of bath, hair, and skin care products. Phenol is also used in skin peels and is present in many sunscreen and lip balms. Acetone is used in nail polishes and their removers. Phenol is also used in plastic manufacturing industries, cosmetic industries, and in the study and extraction of bio-molecules.
Restraints of Cumene Hydroperoxide Market
- Cumene hydroperoxide is hazardous, with acute toxicity. This is likely to hamper the market in the near future. Cumene hydroperoxide can cause irritation to the respiratory system and eyes. It can also affect the central nervous system, causing depression as well as internal bleeding of many organs, in some serious cases. Focus on environmental sustainability has increased in the U.S. and Asia Pacific, which are key regions of the cumene hydroperoxide market. Continuous monitoring of production by regulatory bodies can hamper the cumene hydroperoxide market.
Asia Pacific to Constitute Significant Share of Global Cumene Hydroperoxide Market
- In terms of region, the global cumene hydroperoxide market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020. Asia Pacific is likely to be a prominent market for cumene hydroperoxide in the near future due to the increase in demand for cosmetics in the region.
- North America is also a key region of the global cumene hydroperoxide market. Poly-cumene hydroperoxide is majorly manufactured in the U.S., which contributed to major share of total consumption in North America.
Competitive Landscape of Global Cumene Hydroperoxide Market
There is not much competition in the cumene hydroperoxide market, as very few companies operate in the market. Key players are based in the U.S., U.K., and India; and all the production is based out of these countries. Key players are as follows:
- PRASOL CHEMICALS LTD
- FINETECH INDUSTRY LIMITED
- Suzhou Yacoo Science Co., Ltd.
- Liaoning Fuching Auxiliaries Co., Ltd.
- Tokyo Chemical Industry Co., Ltd.
- Weifang Richem International
- Monomer-Polymer & Dajac Labs
Global Cumene Hydroperoxide Market: Research Scope
Global Cumene Hydroperoxide Market, by Product Type
- Epoxy Resin Curing
- Organic Synthesis
Global Cumene Hydroperoxide Market, by End-use Industry
- Adhesive & Sealant
- Cosmetic & Bathing
- Plastic Manufacturing
Global Cumene Hydroperoxide Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Cumene Hydroperoxide Market Introduction
- cumene hydroperoxide is an oily liquid and is classified as an organic hydroperoxide. cumene hydroperoxide is an intermediate in the cumene process for producing phenol and acetone from benzene and propene.
- It is a colorless or light liquid with sharp odor. It is slightly soluble and denser than water. It is easily soluble in alcohol, hydrocarbons, and acetone; hence, it is used to make acetone and phenol, which are used further as raw materials for manufacturing polycarbonate for the automobile industry. Its dilution properties help in using it as an oxidizing agent.