According to a recent study by Future Market Insights, the cumene market is poised for remarkable growth with an anticipated Compound Annual Growth Rate (CAGR) of 5.4% from 2022 to 2032. Projections suggest that the market is set to reach an impressive US$ 42.7 Billion by 2032, marking a significant increase from US$ 25.1 Billion in 2022. With a valuation of US$ 23.5 Billion in 2021 and an expected Year-on-Year (Y-O-Y) growth rate of 6.8%, the cumulative absolute dollar growth for the global market is projected to be US$ 17.6 Billion. This underscores a promising trajectory for the cumene market over the next decade, reflecting substantial expansion and economic value.
Growing utilization of the cumene 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.
Request a Sample Report and Explore New Growth Opportunities Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-14882
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
- The US to account for the highest value share of US$ 14.9 Billion of global market demand for cumene in 2032
- From 2015 to 2021, Cumene demand expanded at a CAGR of 3%
- By production, the zeolite segment constitutes the bulk of 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.
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.
Unlock the potential for future growth by requesting your personalized custom report Now! https://www.futuremarketinsights.com/customization-available/rep-gb-14882
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
Cumene Market by Region:
- North America Cumene Market
- Latin America Cumene Market
- Europe Cumene Market
- Asia Pacific Cumene Market
- Middle East and Africa Cumene Market
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube