Cumene Market Research with Industry, Applications, Growth, Demand with Analysis Report 2023
Cumene Market: Overview
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.
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).
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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.
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.
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.
Cumene Market by Segments:
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.
The global cumene market is segmented into five regions North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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.
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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 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.
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.
- Cumene Manufacturers
- Traders and distributors of cumene
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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