Cumene Hydroperoxide Market Research Share Analysis and Trends By 2031

Posted 2022-04-13 10:14:32

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.

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.

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.

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.