The global cumene market (共同市場) is estimated at US$ 26.5 billion in 2023 and is projected to accelerate at a CAGR of 5.5% from 2023 to 2033. Rising demand for cumene for different applications, including plastics, laminates, and composites, is predicted to lead to lucrative opportunities for market players.
Increasing demand for paints, lacquers, and enamel, coupled with the rising usage of cumene in the production of iron, rubber, and steel, is expected to significantly contribute to the revenue stream for manufacturers. Cumene is also utilized as an intermediate compound in the manufacturing of various chemicals for industrial applications.
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The chemical formula for cumene is C9H12 chemical formula and is an aromatic hydrocarbon. It is a constituent of crude oil. Chemical manufacturing industries use it for the production of a wide array of chemicals and solvents, including phenol, acetophenone, methylstyrene, and acetone. Cumene is used as a significant ingredient in refined fuels and crude oil.
Key Takeaways from Market Study
- The global cumene market (공동 시장) stands at US$ 26.50 billion in 2023.
- Worldwide demand for cumene is forecasted to increase at a CAGR of 5.5% from 2023 to 2033.
- The market is set to reach a valuation of US$ 45.30 billion by the end of 2033.
- The United States market is anticipated to reach US$ 15 billion by 2033-end.
- Sales of cumene in the United Kingdom are predicted to rise at a CAGR of 4.5% and reach US$ 2 billion by 2033.
- Demand for phenol is projected to increase at a CAGR of 5.5% through 2033.
- The Japanese market is forecasted to expand at a CAGR of 4.8% and amount to US$ 2.5 billion by 2033-end.
Growth of Chemical and Construction Industries Fueling Demand for Cumene
Cumene is a crucial raw material in the manufacturing of acetone and phenol utilized in several industries, including construction, pharmaceuticals, electronics, and automotive. Rising demand for products from these end-use industries is predicted to influence sales of cumene.
The construction industry is projected to play a pivotal role in the growing demand for products based on cumene. Rapid urbanization is boosting the need for construction materials, adhesives, coatings, and sealants made from cumene-derived products.
Cumene is used as a solvent in the production of polycarbonates, synthetic fibers, and resins. Expansion of the chemical sector is estimated to impact sales of cumene in the coming decade.
Market to Benefit from Sustainable Manufacturing Trend
Process optimization and technological advancements are leading to cost-effectiveness and improved production efficiency in cumene manufacturing. Process modification, integration of renewable feedstocks, and enhanced catalysts are projected to have a positive influence on the sales of cumene.
In recent years, emphasis on sustainable manufacturing practices and use of bio-based alternatives is growing due to sustainability goals and rising environmental concerns. Some companies are exploring new bio-based routes to manufacture cumene with the use of renewable feedstocks instead of conventional fossil fuel sources.
Key Players:
- Braskem
- Chang Chum Group
- Koch Industries Inc.
- Prasol Chemicals Pvt. Ltd.
- Domo Chemicals
- INEOS
- Dow
- CITGO
- Kumbo PB Chemicals Inc.
- Cepsa
- SABIC
- Royal Dutch Shell PLC
- Versalis SpA
Competitive Landscape
Manufacturers of cumene take steps to increase their market share while assuring value addition for their present product line by upholding product standards, enhancing supply chain management systems, implementing quality control measures, and other actions.
Industry participants are focusing on diversifying their customer bases across geographies. To increase their market share and financial success, these companies are forming new strategic alliances.
By entering new markets, smaller and midsize companies are extending their reach. Other endeavours taken by these market participants include product developments and technological advancements.
For instance:
- In May 2021, TPPG made a significant investment of US$ 13 million in its paints and coatings plant located in Jiading, China. The investment includes the expansion of a power coatings technology center and the installation of eight new production lines for powder coatings to enhance the research and development capabilities of PPG. This expansion is projected to increase the plant's capacity by an additional 8,000 tons per year.
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Segmentation of Cumene Industry (Gemeinsamer Markt) Research
- By Production Type :
- Zeolite
- Solid Phosphoric Acid
- Aluminum Chloride
- By Application :
- Phenol
- Acetone
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
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