According to a recent Future Market Insights study, the cumene market is expected to grow at a staggering 5.4% CAGR between 2022 and 2032. The market is expected to grow to $42.7 billion in 2032, up from $25.1 billion in 2022. The market was valued at $23.5 billion in 2021 and is expected to grow at a 6.8% year on year rate. The global market’s overall absolute dollar growth is US$ 17.6 billion.
The increasing use of cumenes for various applications is expected to drive market growth over the forecast period. The rise in demand for phenolic resins and bisphenol-A, as well as the increased consumption of acetone and its derivatives, are expected to drive the growth of the cumene market during the forecast period. Furthermore, the increased use of cumene in adhesives and sealant chemicals, as well as the consumer preference for high octane production, are propelling the cumene market forward.
Product innovations, such as the development of food-grade cumene for polycarbonate plastic-based containers and bottles, are expected to provide market participants with profitable opportunities during the forecast period. Cumene is widely used in the production of phenol, which is one of its most important applications. Cumene hydroperoxide is formed by the liquid-phase oxidation of cumene with molecular oxygen, which is then decomposed into phenol and acetone using a catalyst. Purified cumene is required for the oxidation process. Sulphuric acid is used as a catalyst to decompose cumene hydroperoxide into phenol and acetone.
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Key Takeaways from the Market Study
- The US to account for the highest value share of US$ 14.9 Billion of global market demand for cumene in 2032
- From 2015 to 2021, Cumene demand expanded at a CAGR of 3%
- By production, the zeolite segment constitutes the bulk of Cumene Market with a CAGR of 6%.
- By application, the phenol segment dominates the cumene market with a CAGR of 4%.
“Product innovations, such as the development of food-grade cumene for polycarbonate plastic-based containers and bottles are expected to extend profitable opportunities to the market players during the forecast period,” remarks an FMI analyst.
Competitive Landscape
Players in the global Cumene Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- 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.
- In October 2019, INEOS announced that it had broken ground at its global-scale cumene investment facility at Marl, Germany. With a capacity of 750,000 ton per year of cumene, the plant’s construction was expected to be completed in 2021.
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Key Segments Covered In The Cumene Market Report
Cumene Market by Production:
- Zeolite Cumene
- Solid Phosphoric Acid Cumene
- Aluminum Chloride Cumene
Cumene Market by Application:
- Cumene for Phenol
- Cumene for Acetone
- Cumene for Other Applications
