Cumene Market, 45% of Growth to Originate from APAC, Technavio
NEW YORK, April 19, 2024 /PRNewswire/ -- The global cumene market size is estimated to grow by USD 6120.94 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.72% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 45%.
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APAC is expected to play a pivotal role in propelling the global cumene market
Geographic Landscape:
The Cumene market, driven by its extensive use as an intermediate in the production of phenol and acetone, experienced significant growth in the APAC region in 2022. This growth can be attributed to the expanding chemical manufacturing sector and increasing end-user demand in APAC countries. Cumene, with its benzene ring and isopropyl group, undergoes alkylation reactions using crude oil and solid phosphoric acid to produce acetophenone and other valuable chemicals. These include composite materials, acrylic films, laminates, and industrial and transportation applications. Additionally, cumene is used in smaller quantities as thinners and solvents in paints, lacquers, and enamels. Key players in the market include Flint Hills Resources, PTT Phenol, Sunoco, Versalis, and ChemAnalyst. In the APAC region, Nippon and PPG have upgraded their coatings production processes to tap into China's large coatings market, which accounts for over 20% of the global market. The cumene market also caters to various industries such as healthcare, food-grade cumene, and the production of polycarbonate plastic, methyl methacrylate, methyl isobutyl ketone, bisphenol-A, methylstyrene, phenolic resins, and general-use goods. The zeolite and phenol sub-segments are significant contributors to the market's growth.
Research Analysis
The Cumene market is a significant segment in the chemical industry. Cumene is derived from Refined crude oil through the cumene process, which involves the oxidation of Isopropylbenzene using Cumene hydroperoxide as a catalyst. This flammable organic compound is then utilized in various applications, including the production of Phenol and Acetone. Phenol, in turn, is used in the manufacturing of Bisphenol A, Alpha-methylstyrene, and Phenolic resins. Cumene also serves as a crucial ingredient in the synthesis of Zeolite-based catalysts, such as those used in the Phenol sub segment and the production of fuel additives. Additionally, Cumene is a solvent in paints and contributes to the high-octane production fuels. Aluminum chloride is another essential chemical used in the production process of Cumene.
Market Drivers
The Cumene market is experiencing significant growth due to its role as a key intermediate in the production of phenol and acetone. These chemicals are widely used in various industries, including cosmetics, pharmaceuticals, and the plastic industry. Methyl Methacrylate, Methyl Isobutyl Ketone, Bisphenol-A, and Methylstyrene are some of the products derived from phenol and acetone. Phenolic resins are used in general-use goods such as plastic containers, bottles, kitchenware, and in the production of adhesives, rubber, polymers, lacquers, and coatings. Cumene is also used in the production of fuel additives like Cumene hydroperoxide and high-octane production fuels. Major producers of Cumene include Flint Hills Resources, PTT Phenol, Sunoco, Versalis, and ChemAnalyst, among others. The market is characterized by high material costs and the use of flammable organic compounds like Isopropylbenzene in the aliphatic substitution process. The phenol industry and acetone industry are significant consumers of Cumene. Zeolite sub segment and phenol sub segment are major applications of Cumene. Zeolite-based catalysts like aluminum chloride are used in the production process. Cumene is derived from refined crude oil and is used as a solvent in paints and sealants. The plastic industry is another major consumer of Cumene.
Market Overview
The Cumene Market involves the production and distribution of Cumene, a vital chemical intermediate used in the production of phenol and acetone. Cumene is also used in the synthesis of other chemicals such as caprolactones and isocyanates. The production process includes the conversion of benzene and propylene in a catalytic reforming process. The resulting cumene is then separated through distillation. The market for cumene is significant due to its wide range of applications in various industries, including the production of polymers, resins, and solvents. The demand for cumene is driven by the growth in these industries, particularly in the Asia Pacific region. The price of cumene is influenced by supply and demand dynamics, with major producers including China, the US, and South Korea. The market is also subject to regulatory pressures due to the environmental impact of cumene production.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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