The global cumene market size reached US$ 20.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
Cumene, or isopropyl benzene, refers to an inflammable organic compound derived from the aliphatic substitution of aromatic hydrocarbons. It is a crucial component in the manufacturing of refined crude oil and fuels and is also used as a chemical base to produce cumene hydroperoxide, phenol and acetone. It is also utilized in the manufacturing of various petroleum-based products, such as thinners, additives, enamels, lacquers, adhesives, sealants and solvents in paints. As a result, it finds extensive applications across various industries, such as chemical, petrochemical, plastic and oil and gas.
Significant growth in the plastic industry across the globe is one of the key factors creating a positive outlook for the market. Furthermore, the widespread adoption of acetone as an industrial solvent is providing a thrust to the market growth. Acetone is a widely used as a by-product of cumene that is further used in the manufacturing of bisphenol A (BPA) and methyl methacrylate (MMA) in various pharmaceutical and cosmetic products. It is also a natural component of coal tar and crude oil and can be used as a blending component in gasoline. In line with this, cumene is also used to produce acrylic sheets, laminates and composites, which are extensively utilized in construction, automotive and medical applications. Additionally, various product innovations, such as the development of food-grade cumene for polycarbonate plastic-based containers and bottles, are contributing to the market growth. Other factors, including rapid industrialization, along with the increasing consumer demand for high octane cumene-derivatives, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cumene market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on manufacturing process, application and end use industry.
Breakup by Manufacturing Process:
Aluminum Chloride Catalyst
Solid Phosphoric Acid (SPA) Catalyst
Breakup by Application:
Paints and Enamels
High-octane Aviation Fuels
Breakup by End Use Industry:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being BASF SE, Borealis AG, ExxonMobil Corporation, INEOS Capital Limited, LG Chem Ltd., Merck KGaA, Royal Dutch Shell plc, Saudi Basic Industries Corporation, Sumitomo Chemical Co. Ltd, The Dow Chemical Company (Dow Inc.) and Versalis S.p.A. (Eni S.p.A).
Base Year of the Analysis
Manufacturing Process, Application, End Use Industry, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
BASF SE, Borealis AG, ExxonMobil Corporation, INEOS Capital Limited, LG Chem Ltd., Merck KGaA, Royal Dutch Shell plc, Saudi Basic Industries Corporation, Sumitomo Chemical Co. Ltd, The Dow Chemical Company (Dow Inc.) and Versalis S.p.A. (Eni S.p.A)
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Key Questions Answered in This Report
The global cumene market was valued at US$ 20.3 Billion in 2022.
We expect the global cumene market to exhibit a CAGR of 4.5% during 2023-2028.
The rising utilization of cumene as a solvent for producing lacquers, paints, enamels, etc., and as a key component in the manufacturing of crude oil and fuels is primarily driving the global cumene market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for cumene.
Based on the manufacturing process, the global cumene market can be categorized into aluminum chloride catalyst, Solid Phosphoric Acid (SPA) catalyst, and zeolite catalyst. Currently, zeolite catalyst accounts for the majority of the global market share.
Based on the application, the global cumene market has been segregated into phenol, acetone, paints and enamels, high-octane aviation fuels, and others. Among these, phenol currently exhibits a clear dominance in the market.
Based on the end use industry, the global cumene market can be bifurcated into plastics industry, automotive industry, chemical industry, paint industry, rubber industry, and others. Currently, the plastics industry holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global cumene market include BASF SE, Borealis AG, ExxonMobil Corporation, INEOS Capital Limited, LG Chem Ltd., Merck KGaA, Royal Dutch Shell plc, Saudi Basic Industries Corporation, Sumitomo Chemical Co. Ltd, The Dow Chemical Company (Dow Inc.), and Versalis S.p.A. (Eni S.p.A).
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