The developed automotive industry in Europe is anticipated to boost the expansion of the United Kingdom cumene market. The region’s growing urbanization and rising disposable income among consumers are contributing to an increase in cumene market consumption.
The simple accessibility of raw materials like natural gas and crude oil is also anticipated to support the expansion of the cumene industry. The UK is anticipated to occupy a sizable share of the worldwide cumene market, growing at a CAGR of 4.4% to reach US$ 1.9 billion during the forecast period of 2022 to 2032.
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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 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. 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.
Key Takeaways from the Market Study
- From 2015 to 2021, cumene demand expanded at a CAGR of 3%
- By production, the zeolite segment constitutes the bulk of the cumene market with a CAGR of 6%.
- By application, the phenol segment dominates the cumene market with a CAGR of 4%.
“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,” remarks an FMI analyst.
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Competitive Landscape
Players in the global cumene market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In May 2021, PPG announced the completion of a USD 13 million investment in its paint and coatings plant in Jiading, China, which includes eight new powder coating production lines and an enlarged powder coatings technology centre, which will improve PPG’s research and development capabilities. The extension will almost certainly boost the plant’s capacity by over 8,000 tonnes per year.
- In October 2019, INEOS announced that it had broken ground at its global-scale cumene investment facility at Marl, Germany. With a capacity of 750,000 ton per year of cumene, the plant’s construction was expected to be completed in 2021.
By Key Players
- 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
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Key Segments Covered In The Cumene Market Report
Cumene Market by Production:
- Zeolite Cumene
- Solid Phosphoric Acid Cumene
- Aluminum Chloride Cumene
Cumene Market by Application:
- Cumene for Phenol
- Cumene for Acetone
- Cumene for Other Applications
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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