Cumene Market by Characteristics, Size and Forecast Trends 2023 | BASF SE, The Dow Chemical Company, Exxon Mobil Corporation, SABIC

Industry Segmentation:

The global cumene market is segmented on the basis of the product, production technology, application, and region.

Based on the product, the global cumene market is segregated into phenol and acetone.

The production technology of cumene is segmented into zeolite catalyst based, solid phosphoric acid, and aluminum chloride.

On the basis of the application segment, the global cumene market is segmented into chemical intermediate and solvent.

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Top Manufacturers:

BASF SE
SABIC
The Dow Chemical Company
Royal Dutch Shell Plc.
Exxon Mobil Corporation
Sumitomo Chemical Co. Ltd
Westlake Chemical Corporation
Taiwan Cement Corp.
Braskem
China Petrochemical Corporation

Market Synopsis:

The global cumene market is majorly driven by its use as a chemical intermediate to produce phenol and acetone. The phenol and its derivatives produced from cumene are used in various applications such as electrical & electronics, automotive, paints & coatings, cosmetics, and others. The acetone is used as a solvent for plastics & synthetic fibers, a volatile component in various paints & varnishes, the excipient in pharmaceuticals, nail polish remover, and others.

The various technology to manufacture cumene includes zeolite catalyst based, solid phosphoric acid, and aluminum chloride. Among these, the cumene production with the zeolite as a catalyst is the leading segment due to its regenerative nature which can be used for several cycles. Further, the use of zeolite reduces the disposable water problems associated with solid phosphoric acid, and aluminum chloride. Also, these processes have disadvantages such as environmental hazard, high corrosion, and catalyst regeneration. Moreover, the use of cumene as a component of high fuel octane is further driving the market growth due to its application in automotive and transportation sector.

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Geographical Insight:

The global cumene market is spanned across five regions Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

The Asia Pacific is expected to lead the global cumene market due to the high demand for phenolic based products used for various applications such as electronics, paints & coatings, automotive, and others in countries such as China, India, and Japan.

The U.S. is the major contributor to the North American market due to the high use of cumene based products in electronics such as laptops, smartphones, and others.

Europe is likely to witness a substantial market growth due to the increasing demand for cumene from plastics and composites industries.

Latin American and the Middle East & Africa are other significant regions in the cumene market primarily driven by the growing automotive sector and consumer electronics respectively.

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This release was published on openPR.