Cumene Market Outlook
According to the report by Expert Market Research (EMR), the global cumene market size is projected to grow at a CAGR of 4.50% between 2024 and 2032. Aided by its extensive use in various industrial applications, the market is expected to grow significantly by 2032.
Cumene, also known as isopropyl benzene, is an organic compound used predominantly as a critical raw material in the production of phenol and acetone. Its production primarily involves the alkylation of benzene with propylene. Cumene finds applications in various industries, notably in the production of resins, polycarbonates, and synthetic fibres.
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The cumene market growth is primarily driven by the expanding phenol and acetone markets. Phenol and acetone, derived from cumene, are essential in manufacturing various products such as plastics, synthetic fibres, and solvents. The growing demand for these products in the automotive, electronics, and construction industries significantly contributes to the cumene market growth.
Additionally, the increasing use of cumene in the production of high-octane fuels and in the pharmaceutical industry for manufacturing various drugs has further bolstered the cumene market demand.
Technological advancements in the production process of cumene have enhanced its efficiency and environmental compatibility. Innovations in catalyst development and process optimisation have led to more sustainable and cost-effective production methods, contributing to market growth.
The Asia Pacific region holds a significant share of the global cumene market, driven by the booming manufacturing sector in countries like China and India. North America and Europe also contribute substantially to the market, supported by advanced industrial and pharmaceutical sectors.
Environmental sustainability is further influencing the cumene market outlook. Manufacturers are focusing on reducing emissions and waste in the production process and developing eco-friendly alternatives to cumene in various applications.
Looking forward, the market is set to continue its growth trajectory, driven by the ongoing demand in the phenol and acetone markets, and the expanding applications in other industrial sectors. The development of environmentally friendly production processes and the exploration of new application areas are expected to shape the future of the market.
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Market Segmentation
The market can be divided based on manufacturing process, application, end use industry, and region.
Market Breakup by Manufacturing Process
- Aluminum Chloride Catalyst
- Solid Phosphoric Acid (SPA) Catalyst
- Zeolite Catalyst
Market Breakup by Application
- Phenol
- Phenol Resins
- Caprolactam
- Bisphenol A
- Alkyl phenols
- Others
- Acetone
- Solvent Use
- Methyl Methacrylate
- Aldol Chemicals
- Others
- Paints and Enamels
- High-octane Aviation Fuels
- Others
Market Breakup by End Use Industry
- Plastics Industry
- Automotive Industry
- Chemical Industry
- Paint Industry
- Rubber Industry
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cumene market. Some of the major players explored in the report by Expert Market Research are as follows:
- Braskem S.A.
- Lummus Technology
- Domo Chemicals GmbH
- Exxon Mobil Corporation
- Borealis AG
- Sumitomo Corporation
- ENEOS Holdings, Inc.
- Others
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