Global Cumene Market – Industry Trends and Forecast to 2029

Global Cumene Market, By Ingredients (Benzene, Propylene), Production (Zeolite, Solid Phosphoric Acid, Aluminum Chloride), Application (Phenol, Acetone, Paints and Enamels, High-Octane Aviation Fuels, Others), Manufacturing Process (Aluminum Chloride Catalyst, Solid Phosphoric Acid (SPA) Catalyst, and Zeolite Catalyst) – Industry Trends and Forecast to 2029

Market Analysis and Size

Over the last few years, the cumene market has witnessed a favorable outlook, especially across the plastics industry worldwide. Furthermore, the widespread use of acetone as an industrial solvent is propelling market expansion. As a result, with the huge market demand for cumene has largely accelerated the market growth.

Global Cumene Market was valued at USD 19.49 billion in 2021 and is expected to reach USD 28.36 billion by 2029, registering a CAGR of 4.80% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Cumene in chemical form is also known as isopropyl benzene, an organic compound based on aromatic hydrocarbons with aliphatic substitution. It is a flammable and colorless liquid with high boiling point of around 152°C and is a constituent of crude oil and refined fuels. Industrially, cumene is produced by Friedel Crafts alkylation method. It is converted into an intermediate known as cumene hydroperoxide for further applications.

 Cumene Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers                                    

• Increased Utilization of Cumenes

The growing utilization of the cumenes for various applications is estimated to boost the market growth over forecast period. Major factors that are expected to boost the growth of the cumene market in the forecast period are the rise in the demand for phenolic resins and bisphenol-A, and the increase in the consumption of acetone and its derivatives. Furthermore, the rise in the usage of cumene in adhesives and sealant chemicals and the upsurge in the preference for the consumers towards high octane production are further propelling the growth of the cumene market.

The factors such as increased industrialization and rising consumer demand for high-octane cumene derivatives, are expected to further propel the growth rate of cumene market. Additionally, the expansion of the end use industries which are projected to bolster the growth of the market.

Opportunities

• Product Innovations and Developments

Furthermore, the product innovations, such as the development of food-grade cumene for polycarbonate plastic-based containers and bottles extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the rise in the development for chemical manufacturing will further expand the future growth of the cumene market.

Restraints/Challenges

• High Material Cost

On the other hand, increase in the material cost is further estimated to impede the growth of the cumene market in the forecast period.

• Negative Impact on Health

Also, humans may experience headaches, dizziness, drowsiness, minor incoordination, and unconsciousness as a result of acute (short-term) inhalation exposure to cumene. Cumene has a depressive effect on the central nervous system (CNS). These dangerous side effects on the human health will prove to be a demerit for the cumene market. Therefore, this factor will challenge the cumene market growth rate.

This cumene market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cumene market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Cumene Market

The recent outbreak of coronavirus had a negative impact on the cumene market. Due to the unexpected beginning of the COVID-19 pandemic, global demand for cumene has decreased, resulting in reduced demand for cumene phenol and acetone derivatives. The effects of COVID-19 on the industry, the region, and subsequent supply chain activities reduced phenol demand. As a result, cumene demand fell in 2020. Furthermore, the COVID-19 pandemic began to damage cumene's primary end-user sectors, including as cosmetics and personal care, paints and enamels, high-octane aviation fuels, and polymer industries, where decreased sales as a result of the pandemic undermined cumene demand for a long time.

On the brighter side, post COVID, the cumene market is predicted to rebound and develop at a CAGR of 4.3 percent, since COVID-19 vaccination has begun in many economies throughout the world, which is expected to strengthen the global economy.

Recent Development

• In May 2021, PPG announced the completion of a USD 13 million investment in its paint and coatings plant in Jiading, China, which includes eight new powder coating production lines and an enlarged powder coatings technology centre, which will improve PPG's research and development capabilities. The extension will almost certainly boost the plant's capacity by over 8,000 tonnes per year.

Global Cumene Market Scope

The cumene market is segmented on the basis of ingredients, production, application and manufacturing process. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Ingredients

• Benzene
• Propylene

Production

• Zeolite
• Solid Phosphoric Acid
• Aluminum Chloride

Application          

• Phenol
• Acetone
• Paints and Enamels
• High-Octane Aviation Fuels
• Others

Manufacturing Process

• Aluminum Chloride Catalyst
• Solid Phosphoric Acid (SPA) Catalyst
• Zeolite Catalyst

Cumene Market Regional Analysis/Insights

The cumene market is analysed and market size insights and trends are provided by country, ingredients, production, application and manufacturing process as referenced above.

The countries covered in the cumene market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rise in the construction and automotive industry within the region.

On the other hand, North America is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increase in the demand for technological electronic appliances such as smartphones, laptops, and gaming devices in the region. Moreover, the rise in the disposable income is further anticipated to propel the growth of the cumene market in the region over the forecast period.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Cumene Market Share Analysis

The cumene market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cumene market.

Some of the major players operating in the cumene market are

•  Shell (Netherlands)
• Exxon Mobil Corporation (U.S.)
• BASF SE (Germany)
• Sumitomo Chemical Co. Ltd (Japan)
• Dow (U.S.)
• Westlake Corporation (U.S.)
• Taiwan Cement (Taiwan)
• Braskem (Brazil)
• China Petrochemical Corporation (China)
• Versalis S.p.A. (Italy)
• INEOS AG (U.K.)
• JX Nippon Oil & Gas Exploration Corporation (Japan)
• Cepsa (Spain)
• SABIC (Saudi Arabia)
• Sunmarks, LLC (U.S.)
• Koch Industries, Inc. (U.S.)
• Borealis AG (Austria)