Press release
Global Cumene Market Size to Grow at a CAGR of 4.50% in the Forecast Period of 2023-2028
Cumene Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.50%
The demand for cumene is being driven by the growing production of acetone and phenol, owing to their heightened usage across various end use industries. The growing expansion of pharmaceutical, rubber, and chemical industry is fuelling the demand for phenol which is in turn bolstering the cumene market growth. Meanwhile, acetone is witnessing an escalated demand in the personal care industry which is in turn bolstering the demand for cumene. Acetone is likely to witness a great demand in the form of nail polish removers, paint removers, lacquers for furniture maintenance, and as a remover of grease or gum from wood.
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Downstream products of cumene including paints, thinners, and lacquers are witnessing a great demand from the automotive industry. In this regard, the growing expansion of the automotive infrastructure is fuelling the incorporation of cumene. Over the forecast period, the increasing demand for passenger and commercial cars is expected to bolster the cumene market growth.
Cumene is also involved in the manufacturing process of plastics. Hence, the increasing application of plastics across the packaging industry is propelling the demand for cumene. Additionally, the anticipated increase in demand for premium packaged food products and consumer goods is expected to add to the market growth in the forecast period.
Cumene Industry Definition and Major Segments
Cumene is a clear chemical compound with an aromatic odour. Prolonged exposure to cumene can cause great discomfort to humans and might cause unconsciousness. It is insoluble in water but soluble in alcohol and has a boiling point of 152.4º C. Cumene is versatile, and is extensively used across the industrial sector, leading to a decent growth of the global cumene market.
Based on manufacturing process, the market can be segmented into:
• Aluminum Chloride Catalyst
• Solid Phosphoric Acid (SPA) Catalyst
• Zeolite Catalyst
On the basis of application, the market can be categorised into:
• Phenol
• Phenol Resins
• Caprolactam
• Bisphenol A
• Alkyl phenols
• Others
• Acetone
• Solvent Use
• Methyl Methacrylate
• Aldol Chemicals
• Others
• Paints and Enamels
• High-octane Aviation Fuels
• Others
By end use industry, the market has been segmented into:
• Plastics Industry
• Automotive Industry
• Chemical Industry
• Paint Industry
• Rubber Industry
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Cumene Market Trends
The key trends in the global cumene market include the increasing usage of cumene as an oxidising intermediate in pharmaceutical applications. Increasing production capacities of pharma plants are leading to an increased demand for aldol chemicals which are the crucial downstream products of cumene. Moreover, aldol chemicals are used in the manufacturing of perfumes. In this regard, the increasing standards of living and growing urban population are fuelling the demand for downstream beauty and personal hygiene products.
The growing research infrastructure and robust product innovations in the field of aerospace is expected to propel the demand for acetone as an aviation fuel. In addition, the rising military expenditure is likely to boost the demand for production of aircrafts, which in turn is expected to provide impetus to the cumene market.
In geographical terms, Asia Pacific accounts for a significant share in the market. The increasing domestic demand for petroleum is generating the demand for cumene in developing countries such as India and China. Rapid urbanisation, increasing investments towards the development of residential and commercial complexes, and emerging government initiatives across the developing economies are some of the factors propelling the demand for cumene to increase the production of paints and rubber.
Key Market Players
The major players in the Global Cumene Market are :
• Braskem S.A.
• Lummus Technology
• Domo Chemicals GmbH
• Exxon Mobil Corporation
• Borealis AG
• Sumitomo Corporation
• ENEOS Holdings, Inc.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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