The Cumene Market is anticipated to register a CAGR of 5.4% during the period of 2022 to 2032. The cumene market is anticipated to reach USD 42.7 Billion in 2032, from USD 25.1 Billion in 2022. The market was valued at USD 23.5 Billion in 2021, and is expected to grow with a Y-O-Y growth rate of 6.8%.
Product innovations, such as the development of food-grade cumene for polycarbonate plastic-based containers and bottles are expected to extend profitable opportunities to the market players during the forecast period.
| Attributes | Details |
|---|---|
| Cumene Market CAGR (2022 to 2032) | 5.4% |
| Cumene Market (2022) | USD 25.1 Billion |
| Cumene Market (2032) | USD 42.7 Billion |
Major factors that are expected to boost the growth of the cumene market in the forecast period are the rise in the demand for phenolic resins and bisphenol-A, and the increase in the consumption of acetone and its derivatives.
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Increased Utilization of Cumenes across Various Industries spurring Demand
The growing utilization of the cumenes for various applications is estimated to boost the market growth over forecast period. Major factors that are expected to boost the growth of the cumene market in the forecast period are the rise in the demand for phenolic resins and bisphenol-A, and the increase in the consumption of acetone and its derivatives.
Furthermore, the rise in the usage of cumene in adhesives and sealant chemicals and the upsurge in the preference for the consumers towards high octane production are further propelling the growth of the cumene market.
The factors such as increased industrialization and rising consumer demand for high-octane cumene derivatives, are expected to further propel the growth rate of cumene market. In addition, the expansion of the end use industries which are projected to bolster the growth of the market over the analysis period.
Product Innovations and Developments paving way for New Launches
The product innovations, such as the development of food-grade cumene for polycarbonate plastic-based containers and bottles are expected to extend profitable opportunities to the market players during the forecast period.
Moreover, the rise in the development for chemical manufacturing will further expand the future growth of the cumene market.
Negative Impact on Health
Humans may experience headaches, dizziness, drowsiness, minor incoordination, and unconsciousness as a result of acute (short-term) inhalation exposure to cumene. Cumene has a depressive effect on the central nervous system (CNS).
Cumene vapors may cause mild discomfort and redness in the eyes. Prolonged or repeated skin contact may cause slight irritation, with local redness, and drying or flaking of the skin. Excessive inhalation of cumene vapors may cause irritation of the nose, throat and upper respiratory tract.
If ingested or swallowed in small amounts, cumene has a low order of toxicity, meaning that health effects will likely be minimal or mild. When swallowed in larger amounts, cumene may cause gastrointestinal irritation, and may be aspirated during vomiting.
These dangerous side effects on the human health will prove to be a demerit for the cumene market. Therefore, this factor will challenge the cumene market growth rate.
High Material Cost
An increase in the material cost is expected to put a mild restraint over the growth of the market in the next five years although, and is further responsible for the downfall of the cumene market during the forecast period.
Increasing Demand from Phenol Segment
One of the major applications of cumene is in the production of phenol. The liquid-phase oxidation of cumene with molecular oxygen forms cumene hydroperoxide, which is further decomposed into phenol and acetone using a catalyst. The oxidation process requires the use of purified cumene. The catalyst used to decompose cumene hydroperoxide into phenol and acetone is sulphuric acid.
Phenol plays a major role in many industries. Some of the common phenol applications include plywood, window glazing, DVDs and CDs, computers, sports equipment, fiberglass boats, automotive parts and accessories, circuit boards, and flat-panel televisions.
The largest single market for phenol is in the production of Bisphenol A (BPA), which is manufactured from phenol and acetone. BPA, in turn, is used in the manufacturing of epoxy and polycarbonate resins.
Both polycarbonate and epoxy resins are used in many different sectors, making phenol a major component or application for the cumene market. Therefore, all the aforementioned factors are likely to significantly impact demand for the market studied.
By production, zeolite segment is expected to hold the largest market share of 5.6%. There are several disadvantages of using aluminum chloride and solid phosphoric acid as catalysts for the production process of cumene such as high corrosion, environmental hazard and catalyst non-renewability. This has resulted growth in the use of Zeolite as catalysts for production.
Modern industrial processes employ the usage of zeolites as a catalyst for the production of cumene. Zeolites have various advantages over aluminum chloride. The use of zeolites helps to reduce the formation of olefin oligomers and polyalkylbenzenes, which thus enables attain a yield of 98%. The catalyst also enables to attain alkylation at lower pressure and temperatures.
By application, the phenol segment is expected to reach at the highest CAGR of 5.4%. This is attributed to increasing use phenol in various industries such as electrical & electronics, automotive, paints & coatings, cosmetics, and others. Furthermore, it is used as a solvent for paints, lacquers, and enamels, which find their uses in automotive and furniture.
The phenol resins derived using isopropyl benzene finds its usage in the home construction sector in the form of adhesives for structured wood panels, and in the production of mineral wool insulations as binders.
The Asia-Pacific region dominates the cumene market in terms of both consumption and production. The growing automotive industry in growing economies such as China, India, and South Korea. New product launches in consumer and cosmetics industry are expected to support the market growth for cumene market.
China accounts for more than one-fourth of the global coatings market presently. According to the China National Coatings Industry Association, the sector has been registering a growth of 7% in recent years.
Since 2019, the construction of at least ten large coatings investment projects in China has been reported publicly. Nippon has been tapping into this market by upgrading its coatings production process across its new plants in China. ?
China is expected to represent the highest CAGR of 4.6% in the cumene market during the forecast period, to reach USD 2.9 Billion. On the other hand, Japan is expected to represent the highest CAGR of 4.7% in the Cumene Market during the forecast period, to reach USD 2.4 Billion.
In North America, growing technological advancement in the region is augmenting the market growth. Established automotive industry and rising demand for growing lightweight automobiles are other major factors that are driving the market for cumene market. The US is expected to represent the highest CAGR of 5.0% in the cumene market during the forecast period, to reach USD 14.9 Billion.
Cumene Market in UK to Witness Better Growth Opportunities
Established automobile market in Europe is expected to support the market growth for cumene. The consumption of cumene market is also increasing in the region due to growing urbanization and growing disposable income among the consumers to drive the market growth.
Easy availability of raw materials such as natural gas and crude oil is further expected to augment the market growth of cumene.UK is expected to hold a significant position in the global cumene market, experiencing a CAGR of 4.4% during the forecast period, to reach USD 1.9 Billion.
Braskem, Cepsa, Chang Chun Group, CITGO, Domo Chemicals, Dow, INEOS, Koch Industries Inc., Kumho P&B Chemicals Inc., Prasol Chemicals Pvt. Ltd., Royal Dutch Shell PLC., SABIC, and Versalis SpA, among others are the top companies in the global cumene market.
With a sizable cumene market share, these main firms are concentrating on growing their consumer base into new countries. These businesses are making use of strategic collaboration initiatives to grow their market share and profits.
Mid-size and smaller businesses, on the other hand, are expanding their market presence by gaining new contracts and entering new markets, thanks to technical developments and product innovations.
As of 2021, the market for cumene was valued at USD 23.5 Billion, as per FMI
By 2022-end, sales of cumenes closed at a value of USD 25.1 Billion
From 2015 to 2021, cumene demand expanded at a CAGR of 6.3%
From 2022 to 2032, cumene sales are expected to flourish at a CAGR of 5.4%
By 2032, the market value of cumene is expected to reach USD 42.7 Billion.
From 2022 to 2032, cumene demand in the US is expected to surge at a CAGR of 5.0%
By production, the zeolite category constitutes the bulk of market share with a CAGR of 5.6%.
By application, the phenol category of cumene is expected to dominate the market with a CAGR of 5.4%.
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