Global Cumene Market By Ingredients (Benzene, Propylene), Production (Zeolite, Solid Phosphoric Acid, Aluminum Chloride), Application (Phenol, Acetone, Paints & Enamels, High-Octane Aviation Fuels, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Cumene Market
Global cumene market is expected to rise to an estimated value of USD 28.94 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the significant rise in the application areas of the product of cumene.
Market Definition: Global Cumene Market
Cumene can be defined as an inflammable organic compound, also known as isopropyl-benzene. The product is produced as an aromatic hydrocarbon consisting of an aliphatic substitution. It is a colourless liquid with an odour similar to that of gasoline, and is a part of crude oil and refined fuels.
This compound is utilized in various production processes of manufacturing phenol, methyl styrene, acetone and acetophenone among others. It also finds its application as a thinner for paints, enamels and lacquers while being utilized as an ingredient of motor fuels.
- High growth in demand for phenol/acetone globally is expected to boost the growth of the market
- Growing utilization of plastics and composites which require the usage of phenolic and acetone in the production process; this factor is expected to drive the growth of the market
- Increasing demand from the paints, coatings, adhesives and sealants market is also expected to drive the growth of the market
- Concerns regarding the harmful health hazards is expected to restrict the growth of the market
- Concerns regarding the vulnerable nature of prices of crude oil is also expected to restrict the adoption rate of the product
Segmentation: Global Cumene Market
- Solid Phosphoric Acid
- Aluminum Chloride
- Phenol Resins
- Bisphenol A
- Alkyl Phenols
- Solvent Use
- Methyl Methacrylate
- Bisphenol A
- Aldol Chemicals
- Paints & Enamels
- High-Octane Aviation Fuels
- Blending Component
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In July 2018, Honeywell announced that their “Connected Plant Technology” is being utilized at Deepak Phenolics Limited’s cumene and phenol plant situated in Gujarat, India. Honeywell’s “UniSim Operations” are being used for training operators for safe, efficient and incident-free operating environment. The technology provides customized manufacturing methods, situations and expanding the knowledge base of operators. The combined applications help built an effective and efficient manufacturing method
- In May 2018, INEOS Phenol announced that they had initiated a “Front End and Engineering” (FEED) study to determine the final decision for the investment. The proposed unit for which the study is being conducted will be situated at Marl, Germany where it will be able to access various existing pipelines having an abundant supply of raw materials. The plant will focus on the development of cumene which is to meet the growing demand of “Phenol” and “Acetone” globally
Global cumene market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of cumene market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global cumene market are Royal Dutch Shell; Exxon Mobil Corporation; JXTG Nippon Oil & Energy Corporation; Saudi Basic Industries Corporation (SABIC); Borealis AG; INEOS; Versalis; Braskem; Cepsa; DOMO Chemicals GmbH; Alfa Aesar, Thermo Fisher Scientific; American Chemistry Council, Inc.; RX MARINE INTERNATIONAL; Prasol Chemicals Pvt. Ltd.; Flint Hills Resources and Merck KGaA among others.
Research Methodology: Global Cumene Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved