A recent analysis by Future Market Insights has projected a remarkable Compound Annual Growth Rate (CAGR) of 5.4% for the Cumene Market between 2022 and 2032. Starting at a value of US$ 25.1 billion in 2022, the market is poised for substantial expansion, reaching an estimated worth of US$ 42.7 billion by 2032. This growth is particularly noteworthy considering the market’s value of US$ 23.5 billion in the preceding year, 2021, with an anticipated year-on-year (Y-O-Y) growth rate of 6.8%, reinforcing the positive trajectory.
As a crucial component of the global petrochemical industry, the cumene market has undergone significant growth and evolution in recent years. Serving as a key intermediate in phenol and acetone production, cumene finds applications across diverse industries, including plastics, adhesives, pharmaceuticals, and automotive. This article delves into the market’s dynamics, prevalent trends, and promising future prospects, showcasing its vital role within various sectors.
Furthermore, the increasing demand for lightweight materials in the automotive and aerospace sectors has fueled the cumene market. Cumene-based resins are employed in the production of lightweight composites, enhancing fuel efficiency and performance in transportation applications.
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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 3%
- By production, the zeolite segment constitutes the bulk of Cumene Market with a CAGR of 6%.
- By application, the phenol segment dominates the cumene market with a CAGR of 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.
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:
- 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 coatings 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 tonnes 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.
Top Key Players 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 Segments Covered In The Cumene Market Report
Cumene Market by Production:
- Zeolite Cumene
- Solid Phosphoric Acid Cumene
- Aluminum Chloride Cumene
Cumene Market by Application:
- Cumene for Phenol
- Cumene for Acetone
- 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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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