According to a recent study by Future Market Insights, the cumene industry is anticipated to have a prodigious CAGR of 5.4% during the period of 2022 to 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.
Growing utilization of the cumene for various applications is estimated to boost the market growth over the forecast period. Major factors that are expected to boost the growth of the cumene market in the forecast period are the rise in the demand for phenolic resins and bisphenol-A, and the increase in the consumption of acetone and its derivatives. Furthermore, the rise in the usage of cumene in adhesives and sealant chemicals and the upsurge in the preference for consumers towards high octane production are further propelling the growth of the cumene market.
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The 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. One of the major applications of cumene is in the production of phenol. The liquid-phase oxidation of cumene with molecular oxygen forms cumene hydroperoxide, which is further decomposed into phenol and acetone using a catalyst. The oxidation process requires the use of purified cumene. The catalyst used to decompose cumene hydroperoxide into phenol and acetone is sulphuric acid.
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 the 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!
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. Some of the recent developments among the key players are:
- 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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- In May 2021, PPG announced the completion of a USD 13 million investment in its paint and coatings plant in Jiading, China, which includes eight new powder coating production lines and an enlarged powder coating technology centre, which will improve PPG’s research and development capabilities. The extension will almost certainly boost the plant’s capacity by over 8,000 tons per year.
- In October 2019, INEOS announced that it had broken ground at its global-scale cumene investment facility at Marl, Germany. With a capacity of 750,000 ton per year of cumene, the plant’s construction was expected to be completed in 2021.
Know More About What the Cumene Market Report Covers
Future Market Insights offers an unbiased analysis of the global Cumene Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032.
To understand opportunities in the Cumene Market, the market is segmented on the basis of production, and application across five major regions.
Key Segments Covered in The Cumene Market Report
By Production:
- Zeolite Cumene
- Solid Phosphoric Acid Cumene
- Aluminum Chloride Cumene
By Application:
- Cumene for Phenol
- Phenol Resins
- Caprolactum
- Bisphenol A
- Alkylphenols
- Others
- Cumene for Acetone
- Solvent Use
- Methyl Methacrylate
- Bisphenol A
- Aldol Chemicals
- Others
- Cumene for Other Applications
By Region:
- North America Cumene Market
- Latin America Cumene Market
- Europe Cumene Market
- Asia Pacific Cumene Market
- Middle East and Africa Cumene Market
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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