According to a recent study by Future Market Insights, the cumene market is anticipated to have a prodigious CAGR of + during the period of 2022-2032. The market is anticipated to reach US$ 42.7 Billion in 2032, from US$ 25.1 Billion in 2022. The market was valued at US$ 23.5 Billion in 2021, and is expected to grow with a Y-O-Y growth rate of 6.8%. The overall absolute dollar growth of the global market is US$ 17.6 Billion.
The increasing use of cumenes for various applications is expected to drive market expansion over the forecast period. The rise in demand for phenolic resins and bisphenol-A, as well as the increased consumption of acetone and its derivatives, are projected to drive the expansion of the cumene market over the forecast period. Furthermore, the increased use of cumene in adhesives and sealant chemicals, as well as the consumer preference for high octane output, are moving the cumene market forward.
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Product advancements, such as the development of food-grade cumene for polycarbonate plastic-based containers and bottles, are projected to provide market participants with profitable prospects during the projection period. Cumene is widely used in the manufacturing of phenol, which is one of its most important applications. Cumene hydroperoxide is formed via the liquid-phase oxidation of cumene with molecular oxygen, which is then degraded into phenol and acetone using a catalyst. Purified cumene is required for the oxidation process. Sulphuric acid is used as a catalyst to degrade cumene hydroperoxide into phenol and acetone.
Key Takeaways from the Market Study
- The US to account for the highest value share of US$ 14.9 Billion of global market demand for cumene in 2032
- From 2015 to 2021, Cumene demand expanded at a CAGR of 6.3%
- By production, the zeolite segment constitutes the bulk of Cumene Market with a CAGR of 5.6%.
- By application, the phenol segment dominates the cumene market with a CAGR of 5.4%.
“Product innovations, such as the development of food-grade cumene for polycarbonate plastic-based containers and bottles are expected to extend profitable opportunities to the market players during the forecast period,” remarks an FMI analyst.
Market Synopsis
Cumene, also known as isopropylbenzene and gasoline-like odor. It’s a natural component in crude oil and coal tar but can be produced through many processes if you have the right materials at your disposal which includes 90% used for chemical intermediaries to produce phenol with 9%, while 1/10th goes towards making acetone!
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Competitive Landscape
Players in the global Cumene Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market.
Top Key Player in the Global Market
- Braskem
- Cepsa
- Chang Chun Group
- CITGO
- Domo Chemicals
- Dow
- INEOS
- Koch Industries Inc.
- Kumho P&B Chemicals Inc.
- Prasol Chemicals Pvt. Ltd
- Royal Dutch Shell PLC
- SABIC
- Versalis SpA
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Key Segmentation
Cumene Market by Production:
- Zeolite Cumene
- Solid Phosphoric Acid Cumene
- Aluminum Chloride Cumene
Cumene Market by Application:
- Cumene for Phenol
- Cumene for Aceton
- Cumene for Other Applications
Cumene Market by Region:
- North America Cumene Market
- Latin America Cumene Market
- Europe Cumene Market
- Asia Pacific Cumene Market
- Middle East and Africa Cumene Market
About Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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