The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global cumene market is on a steady growth trajectory, poised to increase from $26.24 billion in 2022 to $27.22 billion in 2023, with a projected CAGR of 3.7%. Looking ahead, the market is expected to reach $31.35 billion in 2027, maintaining a robust CAGR of 3.6%. This growth is attributed to the rising demand for phenols and acetones in various industries, contributing to the oversupply of these essential chemicals.

1. Driving Forces: Rising Demand for Phenols and Acetones:

• Versatile Applications:
  • Phenols and acetones find applications in diverse industries, including pharmaceuticals, cosmetics, paints, and coatings.
  • Acetone serves as a solvent in pharmaceutical and cosmetic industries, while phenols contribute to epoxy resin production for paints and coatings.
• Oversupply Dynamics:
  • The strong demand for phenols and acetones has resulted in an oversupply of these chemicals in the market.
  • The increasing demand relative to supply offers significant potential for new manufacturers to establish facilities, fostering the growth of the cumene market.
• Global Acetone Production:
  • According to the 2021 acetone market development report by ECHEMI, global acetone production capacity is expected to grow steadily at an average rate of 2.1% from 2018 to 2022.
  • This steady growth indicates a rising global demand for acetone, contributing to the upward trajectory of the cumene market.

2. Industry Players and Investments:

• Key Market Players:
  • Major players in the cumene market include Royal Dutch Shell PLC., Exxon Mobil Corporation, BP PLC., and BASF SE.
  • These industry leaders play a crucial role in shaping the cumene market through strategic initiatives and innovations.
• Investments to Meet Future Demand:
  • Companies in the cumene market, such as INEOS Phenol, are investing to meet the future demand for phenols and acetones.
  • INEOS Phenol made a new cumene investment in Germany at the Evonik Chemiepark in Marl, utilizing existing pipeline connections for improved supply protection.
• Successful Plant Acceptance:
  • Lummus Technology achieved successful plant acceptance from Formosa Chemicals and Fibre Corp. for a cumene and phenol plant expansion in Ningbo, China.
  • The plant now boasts a 600 kMTA cumene and 400 kMTA phenol capacity, showcasing the industry’s commitment to meeting the growing demand.

3. Market Segmentation:

• Diverse Manufacturing Processes:
  • The global cumene market is segmented based on manufacturing processes, including Aluminum Chloride Catalyst, Solid Phosphoric Acid (SPA) Catalyst, and Zeolite Catalyst.
  • These processes cater to varied production methods, allowing flexibility in the industry.
• Applications Across Industries:
  • Cumene finds applications in various industries, with segmentation based on applications such as Phenol, Acetone, Chromatography, and Other Applications.
  • This diverse range of applications highlights the versatility of cumene in meeting industry needs.
• End-User Industries:
  • Cumene serves diverse end-user industries, including the Paints Industry, Automotive Industry, Chemical Industry, Plastics Industry, and other sectors.
  • The broad spectrum of end-user industries showcases the widespread use of cumene in different economic sectors.

4. Regional Dynamics:

• Asia-Pacific’s Dominance:
  • In 2022, Asia-Pacific emerged as the largest region in the cumene market.
  • The region’s dynamic industrial landscape and growing economies contribute to its dominance in cumene consumption.

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https://www.thebusinessresearchcompany.com/report/cumene-global-market-report 

The Cumene Global Market Report 2023  provides an overview of the cumene market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cumene market forecast analyzes cumene market size, cumene market share, leading competitor and their market positions.

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