Cumene Market 2024 - By Size, Share Analysis, Trends And Growth Forecast By 2033

"The Business Research Company recently released a comprehensive report on the Global Cumene Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The cumene market size has grown strongly in recent years. It will grow from $27.24 billion in 2023 to $28.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increasing demand for phenol and acetone, growing demand for cumene-based resins, growing demand for plastics, expanding industrialization, rising disposable incomes, increasing awareness of the benefits of cumene-based products.

The cumene market size is expected to see strong growth in the next few years. It will grow to $36.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to expanding urbanization, increasing consumption of consumer goods, growing pharmaceutical and chemical industries, economic growth, bio-based cumene alternatives, expanding automotive sector, construction and building sector. Major trends in the forecast period include biobased cumene, advanced phenol derivatives, digitalization and industry 4.0, green chemistry and sustainability, advanced cumene.

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Market Drivers and Trends:

The growing automotive industry is expected to propel the growth of the cumene market going forward. The automotive industry is a vast sector that encompasses a wide range of companies and organizations involved in various activities related to motor vehicles. Cumene is primarily used as a raw material in the production of phenol and acetone, which are widely utilized in the automotive industry. For instance, according to the Bureau of Transportation Statistics, a US-based government agency, the total number of passenger cars and commercial vehicles produced in the US was 9.16 million in 2021, an increase of 8.81 million compared to 2020. Additionally, the total number of passenger cars and commercial vehicles sold in 2021 was 11.8 million, which was an increase compared to the 11.6 million reported in 2020. Thus, the growing automotive industry is driving the cumene market.

Major companies operating in the cumene market are undergoing strategic partnerships to mark their place in the market. These partnerships can help companies reach new customers, expand their audience, enter new markets, and expand their business. For instance, in August 2021, Lummus Technology LLC, a US-based technology company partnered with Formosa Chemicals and Fibre Corporation, a Taiwan-based chemical company for the company's cumene and phenol plant expansion in Ningbo, China using a Lummus technology license and engineering design. The expansion added 600 kMTA cumene and 400 kMTA phenol capacity to an existing 450 kMTA cumene and 300 kMTA phenol plant. The expansion project was expected to improve the plant's efficiency and reduce its environmental impact, making it more competitive and sustainable in the cumene market. The expansion project was a significant development in the cumene market, as it added to the global cumene production capacity and contributed to the growth of the cumene market.

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Major Key Players of the Market:

Shell plc, Exxon Mobil Corporation, BP plc, Sumitomo Chemical Co. Ltd., BASF SE, Dow Chemical Company, China Petroleum and Chemical Corporation, Ineos Group Limited, Compañía Española de Petróleos SAU, Chang Chun Group, Braskem SA, Saudi Arabia's Basic Industries Corporation, KMG Chemicals Inc., China National Petroleum Corporation, China Petrochemical Development Corporation, Koch Industries Inc., Mitsui & Co. Ltd., Eni spa, Sunoco LP, Aramco Services Company, Flint Hills Resources LLC, Axiall Corporation, Sigma-Aldrich, TotalEnergies SE, Borealis AG, Total Petrochemicals & Refining USA Inc., Kumho Petrochemical Co. Ltd., Asahi Kasei Chemicals Corporation, LG Chem Ltd., Chevron Phillips Chemical Company, Idemitsu Kosan Co. Ltd., PTT Phenol Company Limited, CEPSA Química SA, Reliance Industries Limited, Indian Oil Corporation Limited

Cumene Market 2024 Key Insights:

• The cumene market size is expected to see strong growth in the next few years. It will grow to $36.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Cumene Market Thrives With The Surging Automotive Industry
• Strategic Partnerships Powering Growth In The Cumene Market
• Asia-Pacific was the largest region in the cumene market in 2023

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This release was published on openPR.