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The Cumene Market size is estimated to grow at a CAGR of 4.72% between 2022 and 2027 with the market size forecast to increase by USD 6,120.94 million.
This cumene market report extensively covers market segmentation by application (phenol, acetone, and others), technology (zeolites, solid phosphoric acid, and aluminum chloride), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The growth of the market depends on several factors, including the growing demand for phenol and acetone, the rapid industrialization in emerging economies, and rising technological advancements.
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Cumene, also known as isopropylbenzene, is an aromatic hydrocarbon that can be found in all crude oil and refined fuels. It is a flammable and colorless liquid with a boiling point of 152 degrees C. Cumene is obtained through the distillation of coal tar and petroleum fractions or by the acid-catalyzed alkylation reaction of benzene with propene.
The market share growth by the phenol segment will be significant during the forecast period. The phenol segment in the global cumene market includes the various applications of phenol, which is a major derivative of cumene. It is used in the production of various chemicals, such as bisphenol-A, phenolic resins, and caprolactam, among others.
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The phenol segment was valued at USD 12,307.69 million in 2017 and continue to grow by 2021. Phenols are also used to make a variety of other chemicals such as alkyl phenols, cresols and xylenols that are used in various applications such as lubricants, antioxidants, and surfactants. Hence, the phenolic segment of the market has a range of applications across various industries and is expected to become a significant part of the market during the forecast period. Phenols are also used to make a variety of other chemicals such as alkyl phenols, cresols and xylenols that are used in various applications such as lubricants, antioxidants, and surfactants. Therefore, the phenolic segment of the market has a wide range of applications across different industries and is expected to be manufactured and is a significant part of the market during the forecast period.
Technology Insights
Based on technology, the zeolites segment holds the largest market share. The Zeolite process is a relatively newer technology for cumene production and involves the use of a catalyst based on zeolites. The catalyst promotes the reaction between benzene and propylene to form cumene, which can then be further processed into phenol and acetone. Compared to the traditional Hock process, which uses aluminum chloride as a catalyst, the Zeolite process offers several advantages, such as higher selectivity, lower environmental impact, and reduced operating costs.
APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The APAC region will hold the largest market share in 2022 and is expected to grow steadily due to the high demand for cumene in various chemical processes. Mainly used as an intermediate in the production of phenol and acetone. The cumene market is benefiting from the expanding chemical manufacturing sector and increasing end-user demand in APAC countries.
Moreover, cumene is also used as a gasoline blend in high-octane aviation fuels used in the jet and airliner industries. China is one of the largest markets for domestic passengers and the number of commercial aircraft is steadily increasing. In June 2021, China had a total of 3,066 general aviation aircraft, including 1,583 turboprops and piston airplanes and 1,049 helicopters, as well as 360 business jets and 74 other general aviation aircraft. Thus, rising demand for cumene in the aviation sector is expected to boost the growth of the regional cumene market during the forecast period.
Growing demand for phenol and acetone is the key factor driving the growth of the global cumene market. Cumene is an important intermediate used in the production of phenol and acetone, and the growth of various end-use industries has increased its demand. About 95% of the cumene produced is used for this purpose. Phenol and acetone are used in a variety of industries, including cosmetics, pharmaceuticals, paints and coatings, and aerospace. Acetone is the main ingredient in nail polish removers and is used as a diluent in body lotions and creams.
In the pharmaceutical industry, acetone is used as a solvent for precise dosing of drugs. It is a cleaning solution to oil spills, making it an eco-friendly option. Phenol is widely used in plastic production and disinfectants in household cleaners, with an anti-inflammatory effect in mouthwash. In medical and healthcare applications, phenol injections are used to treat muscle spasticity. Therefore, the growing demand for phenol and acetone is expected to fuel the growth of the market during the forecast period.
Increasing demand for phenol in plastic industry is the primary trend in the enterprise indoor global cumene market. Phenols are commonly used to make plastics such as polycarbonates, epoxies, and phenolic resins. These materials are used in a wide range of applications including construction, automotive, electronics and the packaging industry. Moreover, the demand for phenol is likely to remain high and the demand for cumene is expected to increase during the forecast period. Around 95% of cumene produced is utilized as an intermediary component in the manufacturing of phenol and acetone, which are further employed in the production of plastic.
For instance, in 2020, China's plastic product manufacturing reached 78 million metric tons. The applications of cumene are diverse, ranging from the production of composites, acrylic sheets, and laminates to its extensive use in the medical, automotive, and construction sectors. The revenue growth is further supported by various product advancements, such as the development of food-grade cumene used in polycarbonate plastic-based bottles and containers. Therefore, increasing demand for phenol in the plastic industry is expected to boost the growth of the market during the forecast period.
Rising health hazards with cumene is a major challenge to the growth of the global cumene market. Cumene poses a serious health risk to humans and animals, causing drowsiness, headache, mild incoordination, dizziness and even unconsciousness from acute inhalation or short-term exposure. In animals, the cumene has a powerful central nervous system (CNS). Depressive effects with long induction periods and prolonged narcotic effects. Health hazards associated with exposure to cumene include skin and eye irritation, respiratory problems, neurological effects, and an increased risk of cancer.
The Environmental Protection Agency (EPA) follows a three-step process of prioritization, risk assessment, and risk management to ensure the safety of existing chemicals, including cumene. Governments and regulators around the world set limits on the amount of cumene that can be released into the environment and impose strict safety standards on workers who work with the chemical. The increase is expected to have a negative impact on the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bilcare Ltd.: The company offers raw material cumene through its pipeline connections between INEOS phenol and acetone production in Gladbeck, site in Marl, and Gelsenkirchen.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
BASF SE, Bilcare Ltd., Braskem SA, Chang Chun Group, Compania Espanola de Petroleos SA, Domo Chemicals GmbH, Dow Inc., Eni Spa, Ennore India Chemical International, Exxon Mobil Corp., Kumho Petrochemical Co. Ltd., Merck KGaA, Mitsui Chemicals Inc., Petroleos de Venezuela SA, Parsol chemicals Ltd., Saudi Arabian Oil Co., Shell plc, Sumitomo Chemical Co. Ltd., Taiwan Cement Ltd., and Westlake Corp.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cumene Market Customer Landscape
The outbreak of COVID-19 negatively impacted the growth of the regional cumene market in 2020. However, in 2021, due to the large-scale vaccination drive, several business and industrial activities resumed, such as automotive production and increasing demand from the healthcare sector. Furthermore, rising urbanization and industrialization, along with rising consumer demand for cumene derivatives with a high-octane rating, are expected to fuel the growth of the regional cumene market during the forecast period.
Cumene Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.72% |
Market growth 2023-2027 |
USD 6,120.94 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.5 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BASF SE, Bilcare Ltd., Braskem SA, Chang Chun Group, Compania Espanola de Petroleos SA, Domo Chemicals GmbH, Dow Inc., Eni Spa, Ennore India Chemical International, Exxon Mobil Corp., Kumho Petrochemical Co. Ltd., Merck KGaA, Mitsui Chemicals Inc., Petroleos de Venezuela SA, Parsol chemicals Ltd., Saudi Arabian Oil Co., Shell plc, Sumitomo Chemical Co. Ltd., Taiwan Cement Ltd., and Westlake Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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