Cumene Market Size, Growth Analysis and Forecast To 2023 | Industry Research Report

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Industry Segmental Insights:

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

By 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 the global cumene market is segregated into chemical intermediate and solvent.

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Top Eminent Players:

  • Royal Dutch Shell Plc. (Netherlands)
  • Exxon Mobil Corporation (U.S.)
  • SABIC (Saudi Arabia)
  • 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)

Market Highlights:

The global cumene market is majorly driven by its use as a chemical intermediate to produce phenol and acetone. The phenol and its derivatives produced from cumene are used in various applications such as electrical & electronics, automotive, paints & coatings, cosmetics, and others. The acetone is used as a solvent for plastics & synthetic fibers, a volatile component in various paints & varnishes, the excipient in pharmaceuticals, nail polish remover, and others.  The various technology to manufacture cumene includes zeolite catalyst based, solid phosphoric acid, and aluminum chloride. Among these, the cumene production with the zeolite as a catalyst is the leading segment due to its regenerative nature which can be used for several cycles. Further, the use of zeolite reduces the disposable water problems associated with solid phosphoric acid, and aluminum chloride. Also, these processes have disadvantages such as environmental hazard, high corrosion, and catalyst regeneration. 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.

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Regional Detailed Summary:

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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