Cumene Market Size, Share & Industry Analysis, By Application (Phenol, Acetone) and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
The global cumene market is witnessing high growth owing to its widespread use in various industrial applications. Cumene also known as isopropylbenzene is a organic compound that is centered on an aromatic hydrocarbon also with a aliphatic substitution. It is a colorless and flammable liquid with a boiling point of 152 °C where it is used as a component of refined fuels and crude oil. All the cumene which is being produced through various methods such as Friedel–Crafts alkylation of benzene, solid phosphoric acid (SPA), Zeolites-based catalysts, and through aluminium chloride cataylsts. Cumene has major application in production of phenol and acetone, where it is used as chemical intermediate. As these chemicals are used for plastic production, thus growth in the plastic industry is expected to spport market growth of cumene.
The market for cumene is driven by the rising demand for phenol from plastic industry. Phenol is used for production of palstic and acetone is used as solvent. Increasing use of plastics in automotive industry, packaging industry, consumer goods industry, cosmetics industry, and others act as a driving factor for cumene market growth.
Key Market Driver -
Rising demand for phenol from plastic industry
Key Market Restraint -
Harmful effects of cumene from long exposure
Harmful effects of cumene from long exposure to humans is likely to challenge the industry profitability. Human exposure to cumene may cause slight irritation, discomfort and redness in eyes. Prolonged exposure of this chemical to body may cause a high risk to health. Moreover, governmental regulations over environmental concerns also affect the market growth, thus restraining the market for cumene.
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Cumene Markets market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Cumene Market Segmentation:
Based on application, the market is segmented into phenol and acetone. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
- JX Holdings
- ExxonMobil Corporation
- BASF SE
- China Petroleum & Chemical Corporation
- Borealis
- Sinopec Group Ltd.
- Borealis
- Shell Global
- Total S.A.
- Braskem
Regional Analysis:
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The cumene market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-Pacific region dominates the cumene market in terms of both consumption and production. The growing automotive industry in growing economies such as China, India, and South Korea. New product launches in consumer and cosmetics industry is expected to support the market growth for cumene market. In North America, growing technological advancement in the region is augmenting the market growth. Established automotive industry and rising demand for growing lightweight automobiles is driving the industry for cumene market. Moreover, established automovile market in europe is expected to support the industry growth for cumene. The consumption of cumene market is also increasing in Latin America and Middle East & Africa due to growing urbanisation and growing disposable income among the consumers to drive the market growth. Easy availability of raw materials such as natural gas and crude oil is further expected to augment the cumene market growth of cumene.
Segmentation
ATTRIBUTE | DETAILS |
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By Geography |
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Cumene Market Developments
- In October 2019, Ineos cumene production plant in Germany will be completed in 2021. The plant will have production capacity of 75 kiloton per annum. This will provide the growing future demand from consumers and will help optimize efficiency.
- In October 2015, INEOS Americas LLC acquired Axiall Corporation in $62.9 million. The acquisition comprises of cumene plant with a production capacity of 900,000 tons and will help the company to expand its portfolio and expansion of in market while also serving the consumer demand.
- Ongoing
- 2023
- 2019-2022
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