Cumene Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cumene Market Analysis
The global cumene market is estimated to reach over 15,700 kilotons by the end of this year and is projected to register a CAGR of over 4.5% during the forecast period.
The sudden onset of the COVID-19 pandemic in 2020 caused demand for cumene to decline in the global market, leading to low demand for phenol and acetone derivatives of cumene. The phenol market segment witnessed a lower growth rate from early 2020 to mid-2021 owing to the suspension of industrial activities. The production of phenol decreased due to the impact of COVID-19 on the industry, the region, and subsequent supply chain operations. Moreover, the pandemic affected the major end-user industries of cumene, such as cosmetics and personal care, paints and enamels, high-octane aviation fuels, and polymer industries, where declined sales weakened the demand for cumene for a long period. However, the market is projected to grow steadily, owing to a rapid headstart in activities of various end-user industries such as construction and others, which consume cumene and its derivative-based products, post the pandemic retraction.
- Over the medium term, the increasing demand for phenol from the plastic industry and the large consumption of acetone as a solvent are major factors driving the growth of the market studied.
- On the flip side, harmful effects ehibited by cumene and its derivatives due to extended exposure is anticipated to significantly hinder the market's growth.
- Nevertheless, the rising investments and applications of bisphenol A (BPA) is likely to create lucrative growth opportunities for the global market soon.
- Asia-Pacific is expected to dominate the global market during the forecast period. Also, it is expected to register the highest CAGR during the forecast period.
Cumene Market Trends
This section covers the major market trends shaping the Cumene Market according to our research experts:
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, further decomposed with a catalyst into phenol and acetone.
- Phenol plays a major role in many industries. Some common applications of phenol include plywood, window glazing, DVDs and CDs, computers, sports equipment, fiberglass boats, automotive parts and accessories, circuit boards, and flat-panel televisions.
- The growth in the automotive sector is imperative to the growth of the phenol market, which in turn increases the demand for cumene. The automotive industry registered massive growth in the past few years. According to OICA, the total number of vehicles produced in 2021 was 80,145,988, a growth of 3% compared to 2020.
- Phenol is also a major component in phenolic adhesives used in wood products such as plywood and oriented strand board. Also, it is a valuable intermediate in producing detergents, agricultural chemicals, medicines, plasticizers, and dyes.
- 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 polycarbonate and epoxy resins which are used in many different sectors, making phenol a major component in end-user sectors thus triggering its production in different regions.
- According to the Ministry of Economy Trade and Industry (METI), the total production volume of phenol in Japan amounted to 617.7 thousand tons in 2021 and registered a growth rate of 11.9% compared to 551.69 thousand tons in 2020. Higher production rates of phenol are likely to drive up the consumption rate of cumene in the future.
China to Dominate the Asia-Pacific Market
- In the Asia-Pacific, China dominates the regional market share. Cumene is a top commodity chemical due to its high demand in various chemical processes. The primary use of cumene is as an intermediate in producing phenol and acetone. The expanding chemical manufacturing sector and growing end-user demand in Asia-Pacific countries support the positive market dynamics of cumene.
- Small amounts of cumene are also used as thinners for paints, lacquers, and enamels and as solvents in paints and other coatings. China accounts for more than one-fourth of the global coatings market presently. Nippon has been tapping into this market by upgrading its coatings production process across its new plants in China. The company's revenue in China was valued at CNY 379.1 billion (USD 54.55 billion) in 2021.
- In May 2021, PPG announced the completion of its USD 13 million investment in its Jiading, China, paint and coatings facility, including eight new powder coating production lines and an expanded powder coatings technology center that is expected to enhance PPG's research and development capabilities. The expansion is likely to increase the plant's capacity by more than 8,000 tons per year.
- Cumene is also used as a gasoline blend for providing high octane aviation fuel, which is being used in the jet and commercial aircrafts. Additionally, according to the Civil Aviation Administration of China (CAAC), China is one of the largest markets for domestic air passengers. The civil aircraft fleet in the country has been increasing steadily for the last five years.
- According to the China Aviation Transportation Association, China had a total of 3,066 general aviation aircraft, including 1,583 turboprops and piston airplanes and 1,049 helicopters as well as 360 business jets and 74 other general aviation aircrafts as of June 2021.
Cumene Industry Overview
The global cumene market is fragmented in nature. The major market players (in no particular order) include Cepsa, INEOS, Kumho P&B Chemicals Inc., Dow, and Koch Industries Inc., among others.
Cumene Market Leaders
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Cepsa
-
INEOS
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KUMHO P&B CHEMICALS.,INC.
-
Dow
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Koch Industries, Inc.
*Disclaimer: Major Players sorted in no particular order
Cumene Market News
- In August 2022, INEOS agreed to acquire the total base of Mitsui Phenols Singapore Ltd from Mitsui Chemicals for a total consideration of USD 330 million, which includes the production of 410 ktpa of cumene, strengthening the competitiveness of the business.
- In September 2021, Formosa announced the cumene and phenol plant expansion using a Lummus technology license and engineering design in Ningbo, China. The expansion added 600 kMTA cumene and 400 kMTA phenol capacity to an existing 450 kMTA cumene and 300 kMTA phenol plant.
Cumene Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increasing Demand for Phenol from the Plastic Industry
- 4.1.2 Increasing Use of Acetone as a Solvent
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4.2 Restraints
- 4.2.1 Harmful Effects Due to Extended Exposure
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Feedstock Analysis
- 4.6 Technological Snapshot
- 4.7 Trade Analysis
- 4.8 Price Trends
- 4.9 Regulatory Policy Analysis
5. MARKET SEGMENTATION (Market Size in Volume)
-
5.1 Catalyst Type
- 5.1.1 Aluminum Chloride Catalyst
- 5.1.2 Solid Phosphoric Acid (SPA) Catalyst
- 5.1.3 Zeolite Catalyst
- 5.1.4 Other Catalyst Types
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5.2 Application
- 5.2.1 Phenol
- 5.2.2 Acetone
- 5.2.3 Other Applications (Including Paints, Enamels, Aviation Fuels, and Others)
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 US
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 France
- 5.3.3.3 UK
- 5.3.3.4 Italy
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Braskem
- 6.4.2 Cepsa
- 6.4.3 Chang Chun Group
- 6.4.4 CITGO Petroleum Corporation
- 6.4.5 Domo Chemicals
- 6.4.6 Dow
- 6.4.7 INEOS
- 6.4.8 Koch Industries Inc.
- 6.4.9 Kumho P&B Chemicals Inc.
- 6.4.10 Prasol Chemicals Pvt. Ltd
- 6.4.11 Shell PLC
- 6.4.12 SABIC
- 6.4.13 Versalis S.p.A.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Rising Investments and Applications of Bisphenol A (BPA)
Cumene Industry Segmentation
Cumene (chemical name: isopropylbenzene) is an aliphatic-substituted aromatic hydrocarbon present in all crude oil and refined fuels. It is a colorless, flammable liquid with a boiling point of 152°C. Cumene is produced either from the distillation of coal tar and petroleum fractions or by the acid-catalyzed alkylation reaction of benzene with propene. The cumene market is segmented by catalyst type, application, and geography. By catalyst type, the market is segmented into aluminum chloride catalyst, solid phosphoric acid (SPA) catalyst, zeolite catalyst, and other catalyst types. By application, the market is segmented into phenol, acetone, and other applications. The report also covers the market size and forecast for the cumene market in 15 countries across major regions. For each segment, the market sizing and forecast have been done based on volume (kilo tons).
| Catalyst Type | Aluminum Chloride Catalyst | |
| Solid Phosphoric Acid (SPA) Catalyst | ||
| Zeolite Catalyst | ||
| Other Catalyst Types | ||
| Application | Phenol | |
| Acetone | ||
| Other Applications (Including Paints, Enamels, Aviation Fuels, and Others) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | US |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| France | ||
| UK | ||
| Italy | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Cumene Market Research FAQs
What is the current Cumene Market size?
The Cumene Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Cumene Market?
Cepsa, INEOS, KUMHO P&B CHEMICALS.,INC., Dow and Koch Industries, Inc. are the major companies operating in the Cumene Market.
Which is the fastest growing region in Cumene Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cumene Market?
In 2024, the Asia-Pacific accounts for the largest market share in Cumene Market.
What years does this Cumene Market cover?
The report covers the Cumene Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cumene Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the current trends and dynamics in the Cumene Industry?
The current trends and dynamics in the Cumene Industry are a) Rising demand for paint & enamels and increased utilization of cumene b) Rise in the fashion industry, and growing demand for phenol and acetone
Cumene Industry Report
The global Cumene market is witnessing significant growth, propelled by the surging demand for phenol and acetone in various industries. As a key aromatic hydrocarbon, Cumene is vital for producing phenol and acetone, crucial for manufacturing plastics, solvents, and chemicals. Asia-Pacific's dominance in consumption and production, fueled by an expanding chemical sector and increasing end-user demand, positions the region as a market leader. Innovations like food-grade Cumene for polycarbonate containers present lucrative expansion opportunities. Yet, challenges like Cumene's negative health impacts and high material costs pose growth barriers. Nonetheless, the growing phenol application in industries and the demand for lightweight automotive vehicles are expected to drive market growth. Major market players are engaging in expansions, mergers, and acquisitions to solidify their presence, responding to the escalating demand for Cumene and its derivatives. For detailed Cumene market insights, including share, size, revenue growth rate, and a forecast outlook, Mordor Intelligence™ Industry Reports offer comprehensive analysis and free report PDF downloads.
