Cumene: By Product (Zeolite, Solid phosphoric acid, and Aluminum chloride), By Application (Phenol/Acetone, Paints and Enamels, High-octane Aviation Fuels, and Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Global Cumene to surpass USD 45.8 billion by 2031 from USD 21.1 billion in 2021 at a CAGR of 8.1% in the coming years, i.e., 2021-31
Cumene, also known as isopropyl benzene, is a volatile chemical compound formed when aromatic hydrocarbons are substituted with aliphatic hydrocarbons. It's a flammable, colorless liquid. It's a key ingredient in the production of refine crude oil and fuels, as well as a chemical base for the production of cumene hydro peroxide, phenol, and acetone. It's also used to make thinners, preservatives, enamels, lacquers, adhesives, sealants, and solvents in paints, among other petroleum-based items. As a result, it is widely used in a variety of industries, including chemical, petrochemical, plastic, and oil and gas.
Global Cumene market is expected to project a notable CAGR of 8.1% in 2031.
Global Cumene to surpass USD 45.8 billion by 2031 from USD 21.1 billion in 2021 at a CAGR of 8.1% in the coming years, i.e., 2021-31. Cumene's market is driven by the growing demand for fennel in the plastics industry. Plastic is made using fennel, and acetone is used as a solvent. The growing usage of plastics in the automotive, packaging, consumer goods, and cosmetic industries, among other industries, is propelling the cumene market forward.
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Phenol/Acetone segment to grow with the highest CAGR during 2021-31
Based on Application global Cumene is segmented into Phenol/Acetone, Paints and Enamels, High-octane Aviation Fuels, and Others. During the projected period, phenol/acetone segment is projected to grow. Due to rising demands for phenolic resins and bisphenol-A, as well as increased use of acetone or its derivatives, the phenol/acetone segment has the most market potential. Furthermore, the growing usage of cumene in adhesives & sealant chemicals is propelling the market forward. Due to rising demand for polycarbonates and steady expansion with per capita disposable income, cumene's application in paints and enamels has seen significant growth. In the future, investment in Research and development activities are projected to give prospects for growth.
Zeolite segment to grow with the highest CAGR during 2021-31
Based on Application global Cumene is segmented into Zeolite, Solid phosphoric acid, and Aluminum chloride. For the manufacture of cumene in modern industrial procedures, zeolites are used as a catalyst. Over aluminum chloride, zeolites have a number of advantages. The usage of zeolite helps to avoid the development of olefin oligomers as well as polyalkylbenzenes. Alkylation can also be achieved at lower pressures and temperatures thanks to the catalyst. These reactions can take place in either liquid or gaseous form. However, a gaseous phase is used to achieve high conversion & stable products.
Increasing demand of phenol
Cumene is used to make phenol, which is one of its most common uses. Cumene hydro peroxide is formed by the liquid phase oxidizing of cumene using molecular oxygen, which is then degraded into phenol & acetone with the help of a catalyst. Purified cumene is required for the oxidation process. Sulphuric acid is used as a catalyst to break down cumene hydro peroxide into phenol and acetone. Many industries rely heavily on phenol. Plywood, windows glazing, DVDs & CDs, computer, sports equipment, fiberglass sailboats, automotive parts and components, circuit boards, and flat panel televisions are all examples of phenol usage. Phenol is the major component driving the market growth.
Increasing demand for high-octane cumene
Cumene is also employed in the production of acrylic sheets, laminates, & composites, which are widely used in the construction, automotive, and medical industries. Various product advancements, such as the creation of food-grade cumene’s for polycarbonate plastic-based vessels and bottles, are also helping to drive the market forward. Other factors, such as increased industrialization and rising consumer demand for high-octane cumene derivatives, are expected to further propel the market.
Health risk and environmental concerns
Long-term human exposure to cumene is anticipated to pose a threat to the industry's viability. Cumene can cause minor irritation, discomfort, and redness in the eyes in humans. Long-term exposure to this chemical may pose a serious health risk. Furthermore, government rules relating to environmental concerns have an impact on market growth, limiting the market for cumene.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Cumene market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific was indeed the dominant market, accounting for highest of total market revenue. The region is predicted to increase at a CAGR during forecast period. Growth in the automotive and construction industries, as well as technological advancements, are expected to boost the market in the area over the upcoming years, particularly in some nations.
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Global market for cumene has fallen as a result of the unexpected start of the COVID-19 outbreak, resulting in lower need for cumene phenol & acetone. Due to the effects of COVID-19 on the sector, the region, as well as subsequent supply chain activities reduced phenol demand. Furthermore, the COVID-19 pandemic began to damage cumene's primary end-user sectors, including cosmetics & personal care, enamel paints, high-octane aviation fuels, and polymer industries, where decreased sales as a result of the pandemic dampened cumene demand for a long time. Cumene demand, on the other hand, is likely to recover in the future years.
Market size value in 2021
USD 21.1 billion
Revenue forecast in 2031
USD 45.8 billion
CAGR of 8.1% from 2021 to 2031
Base year for estimation
Revenue in USD million and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, Application and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
Royal Dutch Shell, Exxon Mobil, Sumitomo Chemical, Axiall, SABIC, The Dow Chemical, JX Nippon Oil, KMG Chemicals, KenolKobil, Formosa Plastics and Other Prominent Players.
Cumene market size was estimated at USD 21.1 billion in 2021 and is expected to reach USD 45.8 billion in 2031
Cumene, also known as isopropyl benzene, is a volatile chemical compound formed when aromatic hydrocarbons are substituted with aliphatic hydrocarbons. It's a flammable, colorless liquid.
Phenol/Acetone and Zeolite segment accounted for the largest Cumene market share.
Key players: Royal Dutch Shell, Exxon Mobil, Sumitomo Chemical, Axiall, SABIC, The Dow Chemical, JX Nippon Oil, KMG Chemicals, KenolKobil, Formosa Plastics are the key players in the Cumene market.
The industry's growth is being fueled by the Demand for phenol as well as its derivatives is increasing for a variety of uses and Increasing demand for high-octane cumene.
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