Global $27.24 Bn Cumene Markets, 2018-2023, 2023-2028F, 2033F: Strategic Partnerships Boost Market Presence for Leading Companies

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Dec 04, 2023, 18:00 ET

DUBLIN, Dec. 4, 2023 /PRNewswire/ -- The "Cumene Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

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/nqaprj

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