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According to the latest report by IMARC Group, titled " Global Cumene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cumene market reached a value of US$ 19.4 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 4.6% during 2022-2027.
Market Summary:
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