Asia-Pacific: Cumene Market 2024

Cumene Market Size in Asia-Pacific

After two years of decline, the Asia-Pacific cumene market increased by 12% to $X in 2021. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Cumene Production in Asia-Pacific

In value terms, cumene production amounted to $X in 2021 estimated in export price. In general, production showed a pronounced decline. The pace of growth appeared the most rapid in 2017 with an increase of 13%. The level of production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Cumene Exports

Exports in Asia-Pacific

After three years of decline, overseas shipments of cumene increased by 18% to X tons in 2021. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when exports increased by 82% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, cumene exports surged to $X in 2021. Over the period under review, exports showed tangible growth. The growth pace was the most rapid in 2014 when exports increased by 80% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore represented the largest exporter of cumene in Asia-Pacific, with the volume of exports accounting for X tons, which was approx. 58% of total exports in 2021. It was distantly followed by Japan (X tons), creating a 38% share of total exports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by South Korea (with a CAGR of +25.2%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest cumene supplying countries in Asia-Pacific were Singapore ($X), Japan ($X) and South Korea ($X), with a combined 99% share of total exports.

South Korea, with a CAGR of +21.0%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, growing by 52% against the previous year. Overall, the export price, however, saw a perceptible downturn. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-3.0%), while the other leaders experienced a decline in the export price figures.

Cumene Imports

Imports in Asia-Pacific

In 2021, imports of cumene in Asia-Pacific reached X tons, growing by 13% against the previous year's figure. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +11.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 99%. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, cumene imports soared to $X in 2021. Over the period under review, imports saw a strong increase. The pace of growth was the most pronounced in 2013 with an increase of 118% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) represented the major importer of cumene, comprising 76% of total imports. It was distantly followed by Taiwan (Chinese) (X tons) and South Korea (X tons), together committing a 22% share of total imports. India (X tons) held a little share of total imports.

China was also the fastest-growing in terms of the cumene imports, with a CAGR of +33.2% from 2012 to 2021. At the same time, India (+22.5%) displayed positive paces of growth. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, South Korea (-9.5%) illustrated a downward trend over the same period. China (+61 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese) and South Korea saw its share reduced by -27.1% and -31.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cumene in Asia-Pacific, comprising 78% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 16% share of total imports. It was followed by South Korea, with a 3.6% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +29.2%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-3.7% per year) and South Korea (-16.3% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, growing by 45% against the previous year. Overall, the import price, however, saw a pronounced descent. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, 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 India ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-3.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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