Cumene Market Research Report - Forecast to 2030

Cumene Market by Product (Phenol And Acetone), Production Technology (Zeolite-Based Catalyst, Solid Phosphoric Acid, Aluminum Chloride), Application (Chemical Intermediate and Solvent) and Region - Forecast Till 2030

ID: MRFR/CnM/4290-HCR | 100 Pages | Author: Chitranshi Jaiswal | March 2024         

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Cumene Market

Cumene Market is projected to be worth USD 28.02 Billion by 2030, registering a CAGR of 4.32% during the forecast period (2022 - 2030).

Segmentation
By Product Phenol Acetone
By Production Technology Zeolite-Based Catalyst Solid Phosphoric Acid Aluminum Chloride
By Application Chemical Intermediate Solvent
Key Players
Companies Profiled   Royal Dutch Shell Plc. (Netherlands)    Exxon Mobil Corporation (U.S.)    BASF SE (Germany)    Sumitomo Chemical Co. Ltd (Japan)    The Dow Chemical Company (U.S.)    Westlake Chemical Corporation (U.S.)    Taiwan Cement Corp. (Taiwan)    Braskem (Brazil)    China Petrochemical Corporation (China)   SABIC (Saudi Arabia).
Drivers
Market Driving Forces   Use of phenol and its derivatives in various applications.   Increasing building & construction activities in developing countries along with rising use of cumene based products.
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Cumene Market Overview


Cumene Market is projected to be worth USD 28.02 Billion by 2030, registering a CAGR of 4.32% during the forecast period (2022 - 2030). Cumene is a clear liquid that has a gasoline-like odor. It's a pretty stable chemical, but when exposed to oxygen, it tends to create peroxides. Before distillation or heat treatments, it's generally examined for peroxide content. Because of rising automobile production and sales in developing countries, the Cumene market is likely to increase over time. Furthermore, the market is likely to be fueled by increased development and construction activities. The market is also expected to surge as components of high-octane fuels owing to cumenes' high adoption rate.


The global Cumene market is usually propelled by the use of phenol and its derivatives in different applications such as electronics, automotive, coatings, and others. Product, Production Technology, Application, and Region are the segments of this market. Cumene is made mostly from phenol and acetone. It is produced using three different technologies: zeolite catalyst-based, solid phosphoric acid, and aluminum chloride. Region-wise, the Cumene market is dominated by Asia-Pacific.


Cumene Market- Segmentation


The global cumene market is segmented on the basis of the product, production technology, application, and region.


On the basis of the product, the global cumene market is categorized into phenol and acetone.


Based on the production technology, the global cumene market is further segmented into zeolite catalyst based, solid phosphoric acid, and aluminum chloride.


The application segment of global cumene market is segregated into chemical intermediate and solvent.


Geographically, the global cumene market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.


Key Players


Some of the prominent manufacturers in the global cumene market are Royal Dutch Shell Plc. (Netherlands), Exxon Mobil Corporation (U.S.), BASF SE (Germany), Sumitomo Chemical Co. Ltd (Japan), The Dow Chemical Company (U.S.), Westlake Chemical Corporation (U.S.), Taiwan Cement Corp. (Taiwan), Braskem (Brazil), China Petrochemical Corporation (China), and SABIC (Saudi Arabia).Market Synopsis


Cumene, also known as isopropylbenzene, is a colorless liquid, volatile in nature, and gasoline-like odor. It is a flammable organic compound and boils at around 152ºC. The compound is a natural component of crude oil and coal tar. It is also used as a blending component in gasoline. Friedel-Crafts alkylation process is used to manufacture cumene commercially.


About 90% of cumene is used as a chemical intermediate to produce phenol, and the rest is used for acetone production. However, the market outlook majorly depends on the performance of phenol derivatives. The global cumene market is majorly driven by the use of phenol and its derivatives in various applications such as electrical & electronics, automotive, paints & coatings, cosmetics, and others. Furthermore, it is used as a solvent for paints, lacquers, and enamels, which find their uses in automotive and furniture. The growing population and their demand for these products are likely to propel the market growth during the review period. Furthermore, increasing building & construction activities in developing countries along with rising use of cumene based products is expected to drive the growth of the market. The growing automotive production and sales in emerging economies such as China, Brazil, Mexico, and Japan coupled with a high adoption rate of cumene as a component of high octane fuels are estimated to propel the market demand. The increasing growth of the plastics & composites industries is another major driving factor of the global cumene market. However, the rising material cost and hazardous effect on human health of cumene may challenge the market growth. For instance, Directive 98/24/EC on the protection of the health and safety of workers from the risks related to chemical agents at work. Nevertheless, the increasing growth for chemical manufacturing and their demand in various end-use industries such as automotive, infrastructure, and others may offer substantial opportunities and further fuel the market growth in coming years.


Global Cumene Share, by the Production Technology (%) Cumene Share


Regional Analysis


The global cumene market is segmented into five regions Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.


The Asia Pacific is anticipated to dominate the global cumene market due to the high demand for phenolic based products used for various applications such as electronics, paints & coatings, automotive, and others. Developing countries such as China, India, and Japan are driving the regional market due to the high consumption of electronics in this region.


North America is another major region in the global cumene market owing to the high demand for technological electronic appliances such as smartphones, laptops, and gaming devices. The U.S. is the major contributor to the regional market due to the above-mentioned reason along with the high disposable income.


The European market is majorly driven by the demand for cumene from plastics and composites in countries such as Germany, Italy, the U.K, France, and others.


The Latin American market is primarily driven by the growing automotive sector in Mexico.


The Middle East & Africa is likely to showcase a significant market growth on account of the increasing demand for consumer electronics in this region.Recent Development


BPCL has shelved an Rs 11,130 crore project to set up a specialist petrochemicals plant to produce polyols at its Kochi refinery, citing higher revised cost estimates as the cause. The Kochi refinery's polyols facility was built to produce specialty petrochemicals that are used to make polyurethanes for footwear, foam, and other uses. The six separate process units that were created were propylene oxide, ethylene oxide, polyols, an ethylene recovery unit, and a cumene unit.


In Marl, Germany, INEOS Phenol announced plans to develop a world-scale, state-of-the-art cumene facility. The existing pipeline connections between INEOS' phenol and acetone manufacturing site in Gladbeck, the Evonik Chemiepark in Marl, and the BP refinery and cracker complex in Gelsenkirchen will be used for the new 750,000-tonne unit. Its position will improve the plant's efficiency by allowing raw materials from the refinery. The property also benefits from the link to the Marl Harbor canal.


Intended Audience



  • Cumene Manufacturers

  • Traders and distributors of cumene

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratory

Report Scope:

Report Attribute/Metric Details
  Market Size   2030 : USD 28.02 Billion
  CAGR   2030 : 4.32% CAGR
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product, Production Technology, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Royal Dutch Shell Plc. (Netherlands), Exxon Mobil Corporation (U.S.), BASF SE (Germany), Sumitomo Chemical Co. Ltd (Japan), The Dow Chemical Company (U.S.), Westlake Chemical Corporation (U.S.), Taiwan Cement Corp. (Taiwan), Braskem (Brazil), China Petrochemical Corporation (China), and SABIC (Saudi Arabia)
  Key Market Opportunities   Growing population and their demand for phenol and its derivatives
  Key Market Drivers Use of phenol and its derivatives in various applications increasing building & construction activities in developing countries along with rising use of cumene based products




Frequently Asked Questions (FAQ) :

Cumene is majorly used to produce phenol and acetone.

Major production technologies for cumene include zeolite catalyst-based, solid phosphoric acid, and aluminum chloride.

The growing demand for phenol and its derivatives in a number of end-use industries is the major driver for the global cumene market.

Asia Pacific dominates the global cumene market.

Leading players in the global cumene market include Shell, ExxonMobil, and BASF, among others.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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