Dublin, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The "Cumene Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The cumene market size has grown strongly in recent years. It will grow from $27.24 billion in 2023 to $28.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The cumene market size is expected to see strong growth in the next few years. It will grow to $36.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
Asia-Pacific was the largest region in the cumene market in 2023. Middle East was the second-largest region in the global cumene market. The regions covered in the cumene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growth observed in the past period was influenced by several factors such as the heightened demand for phenol and acetone, the increasing utilization of cumene-based resins, a surge in the need for plastics, ongoing industrial expansion, augmented disposable incomes, and heightened awareness of the advantages associated with cumene-based products.
The anticipated growth in the coming period is expected due to several factors such as the expanding urbanization, rising consumption of consumer goods, growth in pharmaceutical and chemical industries, overall economic development, exploration of bio-based alternatives to cumene, expansion of the automotive sector, and growth within the construction and building industry. Notable trends in this period are centered around biobased cumene, advanced phenol derivatives, the advent of digitalization and industry 4.0, emphasis on green chemistry and sustainability, and advancements in cumene technologies.
The expanding automotive industry is anticipated to drive the growth of the cumene market in the upcoming period. This sector encompasses a broad spectrum of entities involved in activities related to motor vehicles. Cumene serves as a crucial raw material in the production of phenol and acetone, both extensively used in the automotive industry.
The cumene market is witnessing growth due to the escalating demand for phenols and acetones across multiple industries. Acetone functions as a solvent in pharmaceutical and cosmetic sectors, while phenols are vital in producing epoxy resins utilized in paints and coatings. The increased demand for these substances has led to an oversupply, providing opportunities for new manufacturers to establish facilities.
During the forecast period, the cumene market is projected to experience substantial growth due to the surging global demand for acetone. For example, as outlined in the 2021 acetone market development report by ECHEMI, global acetone production capacity is estimated to steadily increase by an average rate of 2.1% from 2018 to 2022. This rising demand for phenols and acetones is a key driver behind the growth of the cumene market.
Leading companies in the cumene market are actively engaging in strategic partnerships to fortify their market presence. These collaborations serve as a pathway for companies to access new customer segments, broaden their market scope, venture into fresh markets, and expand their operations.
Major companies operating in the cumene market include
- Shell plc
- Exxon Mobil Corporation
- BP plc
- Sumitomo Chemical Co. Ltd.
- BASF SE
- Dow Chemical Company
- China Petroleum and Chemical Corporation
- Ineos Group Limited
- Saudi Arabia's Basic Industries Corporation
- KMG Chemicals Inc.
- China National Petroleum Corporation
- China Petrochemical Development Corporation
- Sunoco LP
- Aramco Services Company
- Flint Hills Resources LLC
- Axiall Corporation
- Sigma-Aldrich
- TotalEnergies SE
- Borealis AG
- Total Petrochemicals & Refining USA Inc.
- Kumho Petrochemical Co. Ltd.
- Asahi Kasei Chemicals Corporation
- LG Chem Ltd.
- Chevron Phillips Chemical Company
- Indian Oil Corporation Limited
Key Topics Covered:
1. Executive Summary
2. Cumene Market Characteristics
3. Cumene Market Trends And Strategies
4. Cumene Market - Macro Economic Scenario
4.1. Impact Of High Inflation On Online Therapy Services Market
4.2. Ukraine-Russia War Impact On Online Therapy Services Market
4.3. COVID-19 Impact On Online Therapy Services Market
5. Global Cumene Market Size and Growth
5.1. Global Cumene Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Cumene Historic Market Size and Growth, 2018 2023, Value ($ Billion)
5.3. Global Cumene Forecast Market Size and Growth, 2023 2028, 2033F, Value ($ Billion)
6. Cumene Market Segmentation
6.1. Global Cumene Market, Segmentation By Manufacturing Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Aluminum Chloride Catalyst
- Solid Phosphoric Acid (SPA) Catalyst
- Zeolite Catalyst
6.2. Global Cumene Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Phenol
- Acetone
- Chromatography
- Other Applications
6.3. Global Cumene Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Paints Industry
- Automotive Industry
- Chemical Industry
- Plastics Industry
- Other End-User Industries
7. Cumene Market Regional And Country Analysis
7.1. Global Cumene Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Cumene Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/6row7v
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