Cumene Market is Expected to Clock a Notable A CAGR of 4.6% and Reach USD 29.88 Billion by 2030
A recent report by Reports and Data indicates that the global cumene market is projected to reach USD 29.88 billion by 2030. Cumene is an essential raw material in the production of phenol, which is widely used in the plastic industry as a starting material for polymerization reactions that create different types of plastics. These plastics have a wide range of applications, including the production of epoxide resins and polycarbonates used in the manufacturing of plastics.
Polycarbonate plastics are the most significant derivative of phenol, and they are used in various applications, including automotive, glazing and sheet applications, and optical media like CDs and DVDs.
The market demand for cumene is estimated to increase due to the growing demand for acetone, primarily in developing nations in the Asia Pacific and Latin America regions, which are expected to offer significant growth opportunities for the cosmetics industry.
The report also highlights several key findings, including the dominant role of benzene in raw materials, the zeolite catalyst-based production method, and the largest market share of phenol in the application segment.
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The Asia Pacific region is projected to have the largest market share, with a growth rate of 4.3% in the forecast period, driven by the overall growth of the economy, increased investments by leading market players, and a rise in disposable income.
The key participants in the cumene market include Royal Dutch Shell PLC, ExxonMobil Corporation, BASF SE, Dow Chemical Company, JXTG Holdings, China Petroleum & Chemical Corporation, INEOS Group, Borealis, Sinopec Group Ltd., and LG Chem Ltd.
The report segments the global cumene market based on raw materials, production method, applications, and region. Applications include phenol, acetone, chromatography, and others, while end-use includes the plastic, automotive, chemicals, paints, and other sectors. The production process is divided into zeolite catalyst-based, solid phosphoric acid-based, and aluminum chloride-based, while the regions covered are North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Cumene Market: Drive Factors
The cumene market is expected to experience significant growth in the coming years, driven by various factors. One of the main factors contributing to this growth is the high demand for phenol, which is produced using cumene as a raw material. Phenol has extensive applications in the plastic industry as a starting material in the polymerization reaction for producing various types of plastics.
Additionally, the use of bisphenol-A (BPA), which is a substantial derivative of phenol, in the production of polycarbonate (PC) plastics is driving the demand for cumene. Polycarbonates are used as substitutes for traditional materials like glass and metals in automotive applications, glazing and sheet applications, and optical media like CDs and DVDs.
Furthermore, increasing demand for acetone is expected to fuel the growth of the cumene market, particularly in developing nations in the Asia Pacific and Latin America regions. Acetone, which is produced using cumene as a raw material, is commonly used as the primary ingredient in nail polish remover, cosmetic products such as makeup and skin creams, and chemical skin peels used to treat acne.
The market growth is also attributed to the production method of cumene, with the zeolite catalyst-based production method dominating the market due to its eco-friendly attribute and efficiency. Zeolites diminish the formation of by-products, including n-propylbenzene and propylene oligomers, both of which reduce the quality of the final product.
Lastly, the Asia Pacific region contributed to the largest market share in 2018 and is expected to continue its growth in the forecast period. The emerging economies in the APAC region are projected to foresee constant growth due to the overall growth of the economy. Additionally, increased investments by leading market players and a rise in the level of disposable income of people in the region are causative of the growth of the market.
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