Global Cumene Market to Grow at 4.1% During 2024-2032, Propelled by Significant Growth in the Chemical Industry

November 25, 2021 | Chemical & Materials

According to the latest report by IMARC Group, titled "Cumene Market Report by Manufacturing Process (Aluminum Chloride Catalyst, Solid Phosphoric Acid (SPA) Catalyst, Zeolite Catalyst), Application (Phenol, Acetone, Paints and Enamels, High-Octane Aviation Fuels, and Others), End Use Industry (Plastics Industry, Automotive Industry, Chemical Industry, Paint Industry, Rubber Industry, and Others), and Region 2024-2032," the global cumene market reached a value of US$ 21.2 Billion in 2023. Cumene refers to an organic flammable and colorless liquid with an aromatic odor. It is generally derived from the distillation of coal tar and petroleum or via the reaction of benzene and propylene over an acid catalyst. It is widely utilized in the manufacturing of various chemicals, including acetone and phenol. Apart from this, it is also used as a solvent in the production of lacquers, paints, and enamels and a key component in the manufacturing of crude oil and fuels.

Global Cumene Market Trends:

The global market is primarily driven by significant growth in the chemical industry. Along with this, the increasing demand for acetone and phenol as an industrial solvent in the manufacturing of plastic product variants is providing an impetus to the market growth across the globe. Moreover, the widespread utilization of acetone across the pharmaceutical sector as an active ingredient and fillers in syrups is positively influencing the market growth. Furthermore, significant growth in the automotive sector has led to escalating demand for fuels, which is creating a positive outlook for the market across the globe. The market is further driven by the rising usage of cumene in the manufacturing of polycarbonate (PC) resins that are widely used in the production of electronic devices, such as smartphones and laptops. Some of the other factors contributing to the market growth include the increasing investments by key players to introduce improved product variants in the market and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 4.1% during 2024-2032.

Market Summary:

On the basis of the manufacturing process, the market has been classified into aluminum chloride catalyst, solid phosphoric acid (SPA) catalyst and zeolite catalyst.
Based on the application, the market has been categorized into phenol, acetone, paints and enamels, high-octane aviation fuels and others.
On the basis of the end use industry, the market has been segregated into plastics industry, automotive industry, chemical industry, paint industry, rubber industry and others.
Based on the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players 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).

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Manufacturing Process, Application, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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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Global Cumene Market to Grow at 4.1% During 2024-2032, Propelled by Significant Growth in the Chemical Industry

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