Cumene Market: Global Industry Analysis And Forecast (2022-2029)

Cumene Market size was valued at US$ 892.86 Mn. in 2021 and the total Cumene revenue is expected to grow at 3.7% from 2022 to 2029, reaching nearly US$ 1194.02 Mn.
Cumene Market Overview:
Cumene is commercially produced using Friedel–Crafts alkylation of benzene with propylene. Cumene manufacturers contribute around 22% of total benzene consumption. The initial way for producing cumene was by the liquid phase alkylation of benzene with sulfuric acid as a catalyst, however, due to the intricate neutralization and reuse procedures necessary, as well as corrosive environment issues, this approach has been substantially superseded. As a substitute, the catalyst was solid phosphoric acid supplemented by alumina.

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Commercial manufacturing has used zeolite-based catalysts since the late-1990s. Cumene production efficiency in this technique is typically 71-80 percent. The remaining ingredients are mostly polyisopropyl benzenes. A new cumene method has been devised that leverages aluminum chloride as a catalyst. For this procedure, the total conversion of cumene can be as high as 85%.

In this report, the Cumene market's growth reasons, as well as the market's many segments (Catalyst Type, Application, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Cumene market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Cumene market situation.
Cumene Market Dynamics:
The unexpected outbreak of the coronavirus disease has reduced international demand for cumene, resulting in reduced demand for cumene phenol and acetone equivalents. Due to the postponement of industrial activity, the phenol segment witnessed a decline in its growth in 2021. The effects of the outbreak on the industry, and consequent supply chain activities reduced phenol demand. As a result, cumene’s industrial consumption declined in 2021.

Additionally, the outbreak began to damage cumene's primary end-user sectors, including cosmetic products and hygiene products, paints and enamels, aviation fuels, and polymer manufacturers. The decreased sales owing to the viral outbreak undermined cumene demand for a long time. It is likely to witness lucrative growth opportunities in the forecast period because of its growing use as a catalyst in chemical synthesis reactions. End-user sectors that utilize cumene and its derivative-based goods e.g. construction are growing quickly, positively influencing the market in question.

The healthcare concerns associated with cumene are expected to restrain the overall market growth. Cumene is found in a wide range of oil products. In humans, short-term inhalation exposure to cumene can result in migraines, nausea, sleepiness, minor mental confusion, and fainting. Cumene has a powerful central nervous system depressive activity in animals, with a gradual induction period and long persistence of psychoactive effects. Cumene is an irritant to the skin and the eyes. There is no evidence known of cumene's chronic, hormonal, neurodevelopmental, or malignant impacts on human health. Animal studies have found that inhaling cumene causes increased hepatic, nephrological, and other problems. Cumene has been categorized by the Environmental Protection Agency as a Group D substance, meaning it is not carcinogenic to humans.
Cumene Market Segment Analysis:
By Application, the Phenol segment is expected to grow at a CAGR of 3.4% in the aforementioned forecast period. Phenol is used extensively in a variety of sectors. Hardwood, window panes, DVDs, electronics, sports gear, fiberglass sailboats, automobile parts and peripherals, motherboards, and flat-panel displays are some of the most popular phenol applications.

Cumene is widely used in the manufacturing of phenol, which is one of its most important uses. Cumene hydroperoxide is formed via the liquid-phase combustion of cumene with oxygen molecules, which are then degraded into phenol and acetone using only a catalyst. The oxidation reaction necessitates the usage of pure cumene.

The manufacturing of Bisphenol A, which is made from phenol and acetone, is the single largest marketplace for phenol. BPA is then commonly used in the manufacture of polycarbonate and epoxy resins. Because polycarbonate and epoxy resins are utilized in a variety of industries, phenol is a critical element or product in the cumene industry. Phenol is also a vital ingredient of phenolic sealants, which are utilized in timber production e.g. plywood and wood composite board. It's also utilized to make phenolic resins, which are used to make thermal-resistant elements for home appliances, tabletop and floor laminates, and factory molds. Additionally, it is an important intermediary in the manufacture of cleansers, agrochemicals, pharmaceuticals, and colors.
Cumene Market Regional Insights:
China is expected to dominate the cumene market at the end of the forecast period due to the high demand for gasoline, jet fuels, and diesel in the country. Additionally, the Civil Aviation Administration of China reports that the country is one of the biggest markets for domestic flight travelers. For the previous 6 years, the country's civilian aircraft industry has gradually grown. As per the Boeing Commercial Aircraft estimations, the country's commercial aircraft deliveries would be over 8500 by 2040, which is anticipated to boost the country's use of aviation fuel. Moreover, Chinese flight firms want to acquire around 7,700 new aircraft for nearly US$1.1 trillion over the next 20 years, which is likely to drive the market demand for cumene in gasoline-based blends for aviation fuel in China.

In the past, phenol production statistics were erratic, but in recent years, they have stabilized. In 2021, the United States produced 1.1 million tons of phenol. The output of phenol in India has also witnessed a change. In India, phenol output in the Fiscal year 2021 was nearly 57 thousand tons, from 65 thousand tons in 2021. Cumene was the world's 2074th most traded product in 2021, with a total trade value of $861 million. Cumene exports fell by 34 % between 2021 and 2029, from $1.31 billion to $861 million. Cumene commerce accounts for 0.0051% of total global trade. Singapore ($280 million), the Netherlands ($210 million), Japan ($135 million), Germany ($56 million), and the United States ($48 million) were the leading Cumene exporters in 2021.

The objective of the report is to present a comprehensive analysis of the Cumene market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Cumene market dynamics, structure by analyzing the market segments and projecting the Cumene market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Cumene market make the report investor’s guide.
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Global Cumene Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 892.86 Mn.


Forecast Period 2022 to 2029 CAGR:
3.7 %
Market Size in 2029:
US $ 1194.02 Mn.


 Segments Covered:
by Catalyst Type
• Aluminium Chloride Catalyst
• Solid Phosphoric Acid (SPA) Catalyst
• Zeolite Catalyst
• Other Catalyst Types


by Application
• Phenol
• Acetone
• Aviation Fuel
• Chromatography
• Others



Cumene Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Cumene Market Key Players
• Braskem
• Cepsa
• Chang Chun Group
• CITGO
• Domo Chemicals
• Dow
• INEOS
• Koch Industries Inc.
• Kumho P&B Chemicals Inc.
• Prasol Chemicals Pvt. Ltd
• Royal Dutch Shell PLC
• SABIC
• Versalis SpA
• China Petrochemical Development Corporation
• Georgia Gulf Corporation

FAQs:

1. Which is the potential market for Cumene in terms of the region?
Ans. China is expected to dominate the cumene market at the end of the forecast period.

2. What are the challenges for new market entrants?
Ans. The healthcare concerns associated with cumene are expected to restrain the overall market growth.

3. What is expected to drive the growth of the Cumene market in the forecast period?
Ans. Cumene is widely used in the manufacturing of phenol, which is one of its most important uses.

4. What is the projected market size & growth rate of the Cumene Market?
Ans. Cumene Market size was valued at US$ 892.86 Mn. in 2021 and the total Cumene revenue is expected to grow at 3.7% from 2022 to 2029, reaching nearly US$ 1194.02 Mn.

5. What segments are covered in the Cumene Market report?
Ans. The segments covered are Catalyst Type, Application, and Region.