How Global Cumene Market Players Should Strategize For 2022-2031
17 Oct, 2022
The global cumene market size is expected to grow from $23.29 billion in 2021 to $24.6 billion in 2022 at a compound annual growth rate (CAGR) of 5.6%. The global cumene market size is expected to grow to $30.28 billion in 2026 at a CAGR of 5.3%.
What is the Global Cumene Market?
The cumene market consists of sales of cumene and related services. Cumene is a colourless, flammable liquid and has a penetrating gasoline-like odor.
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What drives the Global Cumene Market?
Rising demand for phenols and acetones in various industries contributes to the growth of the cumene market. Acetone is used as a solvent in the pharmaceutical and cosmetic industries. Phenols are used for the production of epoxy resins used in paints and coatings. As a result, strong demand for phenols and acetones has resulted in its over-supply. The demand for acetone and phenol is increasing at a significant rate relative to supply, which offers new manufacturers great potential for establishing their facilities. The cumene market is expected to see a high growth rate during the forecast period due to an increase in global demand for acetone. For instance, in 2019, China's acetone consumption was about 2.285 million tons, a rise of 17.18% year on year. The global production capacity of acetone was about 9.142 million tons, and about 90% of the production capacity was concentrated in Asia, the Americas, Europe, and Asia were estimated at 47%. Rising demand for phenols and acetones drove the cumene market.
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Global Cumene Market Segments
The global cumene market is segmented:
By Manufacturing Process: Aluminum Chloride Catalyst, Solid Phosphoric Acid (SPA) Catalyst, and Zeolite Catalyst
By Application: Phenol, Acetone, Chromatography, Other Applications
By End User Industry: Paints Industry, Automotive Industry, Chemical Industry, Plastics Industry, Other End-User Industries
By Geography: The regions covered in the cumene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Cumene Global Market Report 2022provides market size and growth forecasts for the global cumene market, global cumene market share, cumene global market segments and geographies, cumene market competitive landscape including leading competitors’ revenues, profiles and market shares. The cumene market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Cumene Industry Playersinclude Royal Dutch Shell Plc., Exxon Mobil Corporation, BP Plc., Sumitomo Chemical Co Ltd, BASF SE, The Dow Chemical Company, China Petroleum and Chemical Corporation, Ineos Group Limited, and CEPSA. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.