The Cumene Global Market Report 2023 by The Business Research Company, provides cumene market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Cumene Global Market Report 2023, the market size is expected to grow from $26.24 billion in 2022 to $27.22 billion in 2023 at a compound annual growth rate (CAGR) of 3.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global cumene is expected to grow from $31.35 billion in 2027 at a CAGR of 3.6%.
Rising demand for phenols and acetones in various industries contributes to the growth of the cumene market. Acetone is used as a solvent in the pharmaceutical and cosmetic industries. Phenols are used for the production of epoxy resins used in paints and coatings. As a result, strong demand for phenols and acetones has resulted in their oversupply. The demand for acetone and phenol is increasing at a significant rate relative to supply, which offers new manufacturers great potential for establishing their facilities. The cumene market is expected to see a high growth rate during the forecast period due to an increase in global demand for acetone.
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The cumene market is segmented:
1) By Manufacturing Process: Aluminum Chloride Catalyst, Solid Phosphoric Acid (SPA) Catalyst, and Zeolite Catalyst
2) By Application: Phenol, Acetone, Chromatography, Other Applications
3) By End Userr Industry: Paints Industry, Automotive Industry, Chemical Industry, Plastics Industry, Other End-User Industries
Companies in the cumene market are investing to meet the future demand. For instance, in Germany, INEOS Phenol, the world’s largest producer of acetone and phenol, has already made a new cumene investment at the Evonik Chemiepark in Marl. The fully integrated unit will use existing pipeline connections between the production of INEOS phenol and acetone in Gladbeck, the Marl site of Evonik Chemiepark, and the Gelsenkirchen refinery and cracker complex of BP. The new 750,000-tonne cumene unit was expected to be completed in 2021, will meet future demand and improve supply protection for INEOS plants in Gladbeck and Antwerp. In addition, in August 2021, Lummus Technology, a global licensor of proprietary petrochemical, refining, gasification and gas processing technologies achieved successful plant acceptance from Formosa Chemicals and Fibre Corp., a Taiwan-based chemicals company for the firm’s cumene and phenol plant expansion in Ningbo, China. The plant now boasts a 600 kMTA cumene and 400 kMTA phenol capacity.
The cumene market report table of contents includes:
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