The global cumene market is segmented on the basis of the product, production technology, application, and region.
Based on the product, the global cumene market is segregated into phenol and acetone.
The production technology of cumene is segmented into zeolite catalyst based, solid phosphoric acid, and aluminum chloride.
On the basis of the application segment, the global cumene market is segmented into chemical intermediate and solvent.
- Royal Dutch Shell Plc.
- Exxon Mobil Corporation
- BASF SE
- Sumitomo Chemical Co. Ltd
- The Dow Chemical Company
- Westlake Chemical Corporation
- Taiwan Cement Corp.
- China Petrochemical Corporation
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The global cumene market is majorly driven by its application as a chemical intermediate to produce phenol and acetone. The phenol and its derivatives produced from cumene accounted to have the major share due to wide applications in various end-use industries such as electrical & electronics, automotive, paints & coatings, cosmetics, and others. The cumene is further used as a solvent for paints, lacquers, and enamels which find their uses in automotive and furniture. The various technology to manufacture cumene include into zeolite catalyst based, solid phosphoric acid, and aluminum chloride. Additionally, the use of zeolite reduces the water disposable problems associated with solid phosphoric acid, and aluminum chloride. Moreover, the use of cumene as a component of high fuel octane is further driving the market growth due to its application in automotive and transportation sector.
September 2017- Formosa Chemicals and Fibre Corporation (FCFC) announced an expansion of cumene and phenol plant in Ningbo, China and gave a contract for the license and engineering design to CB&I (CBI). The original plant was licensed in 2010 by CB&I based on Versalis technology and will now be re-engineered to achieve even higher capacity.
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July 2017- INEOS announced to build a Cumene plant in Germany. INEOS is the world’s largest producer of phenol and acetone and the largest consumer of cumene, which is an essential raw material. INEOS phenol and acetone plants located in Gladbeck and Antwerp is expected to get steady supply of raw material cumene from its new unit at Germany. The company also confirmed that the unit will use Badger cumene technology for manufacturing cumene.
The global cumene market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is anticipated to lead the global cumene market owing to the high demand for phenolic based products from electronics, automotive, paints & coatings, and end-use industries. Developing countries such as China, India, and Japan are the major contributors to the regional market due to the growing demand for electronics and automotive along with the high disposable income. Furthermore, regulations such as “Globally Harmonized System of Classification and Labelling of Chemicals” (GHS) implemented in 11 Asia Pacific countries including China, Japan, South Korea, and Singapore among others to enhance human and environmental health protection while handling such chemicals. Moreover, the use of acetone in the textile industry for degreasing wool and degumming silk is expected to offer substantial opportunities in this region. Moreover, it is also used as a food additive, which is likely to propel the demand for cumene from the food industry during the review period.
North America is likely to witness a considerable market growth owing to the growing demand from the electronics sector. The high level of disposable income and luxurious lifestyle are likely to drive the cumene market in this region. Furthermore, the U.S. Food and Drug Administration has listed acetone as an indirect food additive and identified it as “Generally Recognized as Safe” (GRAS) up to certain concentrations.
The European market is mainly driven by the increasing demand for cumene from the plastic and composites industries from major western countries such as Germany, Italy, and France.
Mexico is driving the regional market in Latin America due to the high demand from the automotive sector.
Lastly, the Middle East & Africa is expected to showcase a considerable market growth due to increasing demand for consumer electronics in this region.
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