Cumene Market Trend, Share, Growth, Size and Forecast 2030

Global Cumene market size revenue was estimated at USD 18.91 Billion in 2022 and is projected to be valued at nearly USD 26.50 Billion by 2030. The market is slated to grow at a CAGR of nearly 4.31% over 2023-2030.

Cumene Market Overview

Cumene is the popular name for the chemical compound isopropyl benzene. At room temperature, cumene is a volatile colorless liquid with a distinctive harsh, penetrating, distinctive odor. It is water-insoluble, but soluble in alcohol and a variety of other organic solvents. Cumene is a hydrocarbon that belongs to the alkyl aromatic family, which includes toluene (methylbenzene) and ethylbenzene. Cumene can be contained in high-octane gasoline that has been treated, refined fuels, and crude oil. It is a water-insoluble petrochemical used to make compounds like phenol and acetone.

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Global Cumene Market: Growth Factors

The global cumene market is growing at a speedy rate. One of the primary drivers driving the global cumene market's favorable outlook is a significant expansion in the plastics sector throughout the world. Additionally, the extensive use of acetone as an industrial solvent is propelling the market forward. Cumene is used to make phenol, which is one of its most common uses. Cumene hydroperoxide is formed via the liquid-phase oxidation of cumene with molecular oxygen, which is then degraded into acetone and phenol with the help of a catalyst. Numerous industries rely heavily on phenol. Flat-panel televisions, circuit boards, automotive components & accessories, fiberglass boats, sports equipment, computers, DVDs & CDs, window glazing, and plywood are all examples of phenol usage. Acetone is a by-product of cumene that is used to make methyl methacrylate (MMA) and bisphenol A (BPA), which are utilized in a variety of medicinal and cosmetic applications. It's a natural component of crude oil and coal tar, and it may be utilized in gasoline as a blending component.

Cumene is also employed in the production of composites, laminates, and acrylic sheets which are widely used in the medical, automotive, and construction industries. All such factors are fostering the market growth. However, as it is a natural component of petroleum, it is considered an environmental contaminant. Cumene also induces central nervous system (CNS) depression, which can lead to mortality, as well as internal bleeding of many organs, and also irritation of the respiratory system and eyes. These factors may restrain the growth of the global cumene market. Further, in the future, investments in research and development activities are projected to give prospects for growth of the global cumene market.

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Due to the unexpected beginning of the COVID-19 epidemic, global demand for cumene has decreased, resulting in reduced demand for cumene phenol and acetone derivatives. Due to the suspension of industrial activity, the phenol market sector increased at a slower pace in 2020. The impact of COVID-19 on the industry and subsequent supply chain activities reduced phenol demand. As a result, cumene consumption fell in 2020. Furthermore, the COVID-19 pandemic began to damage cumene's primary end-user sectors, including polymer industries, high-octane aviation fuels, paints & enamels, and cosmetics & personal care, where decreased sales as a result of the pandemic dampened cumene demand for a long time.

Cumene Market: Report Scope

Global Cumene Market: Segmentation

The global cumene market is classified based on catalyst type, application, and region. Based on the catalyst, the global market is divided into zeolite catalyst, solid phosphoric acid (SPA) catalyst, aluminum chloride catalyst, and other catalyst types. The application segment is bifurcated into acetone, phenol, aviation fuels, enamel, paints, and others.

By Ingredients

• Benzene
• Propylene

By Production

• Zeolite
• Solid Phosphoric Acid
• Aluminum Chloride

By Application          

• Phenol
• Acetone
• Paints and Enamels
• High-Octane Aviation Fuels
• Others

By Manufacturing Process

• Aluminum Chloride Catalyst
• Solid Phosphoric Acid (SPA) Catalyst
• Zeolite Catalyst

Global Cumene Market: Regional Analysis

Asia Pacific region is likely to dominate the global cumene market based on the current uses of cumene in developing countries. China is projected to lead the Asia Pacific market in terms of revenue contribution. Currently, China accounts for more than one-fourth of the world coatings market. Also, the International Energy Agency suggested China will consume 6.2% more jet fuel, gasoline, and diesel over the forecast period. These factors assure strong demand for cumene in China during the forecast period. North America and Europe are mature markets and expected to grow at a steady rate. Countries comprised of the Middle East & Africa are also projected to support strong market growth.

Global Cumene Market: Competitive Players

The leading players that are functioning in the global cumene market are

• Sumitomo Chemical Co.
• BP Plc.
• Total S.A.
• Exxon Mobil Corporation
• Royal Dutch Shell Plc.
• JX Nippon Oil
• The Dow Chemical Company
• BASF SE
• SABIC
• and Axiall Corporation
• among others.

Global Cumene Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.