Increasing demand for Phenolic Resins And Phenol-Based Composites & Plastics to fuel the growth of Global Cumene Market by 6.3% CAGR from 2017-2023
Cumene Market Report, added by Decisiondatabases.com, shows that the global market was valued at USD 17.36 billion in 2016, and is expected to reach USD 26.67 billion by 2023, supported by a CAGR of 6.3% during the forecast period 2017 to 2023 The increase in demand for phenolic resins and phenol-based composites & plastics and increase in consumption of cumene as a thinner is boosting the demand for cumene market worldwide.
Cumene is a colorless oily hydrocarbon (CH3)2CHC6H5 formed by acid-catalyzed alkylation of benzene with propylene and is used as an additive for high-octane motor fuel; isopropyl-benzene. Cumene is used to manufacture other chemicals such as phenol, acetone, acetophenone, and methyl styrene. It is further used in petroleum products and as a thinner in paints, lacquers, and enamels. It also acts as a component of high octane motor fuels. In addition, it is used in the manufacture of rubber, iron and steel, and pulp and paper.
The phenol/acetone segment accounted for the highest share in the global market in 2015, owing to the increase in demand for bisphenol-A and phenolic resins and increase in the consumption of acetone and its derivatives. Increase in disposable income and growing population brings vast opportunities for the cumene market expansion globally. The rise in demand for efficient and inexpensive thinners owing to growth in paints & coatings industry, development of the overall chemical industry provide lucrative opportunities for players in the global cumene market. In addition, major developments have been seen in paints and enamels through the use of cumene owing to constant growth in per capita disposable income and rise in demand for polycarbonates. Also, huge investments done in research and development sector are anticipated to provide growth opportunities in the cumene market in the coming years.
Global Cumene Market-Geography Review
Asia-Pacific and LAMEA together accounted for more than half of the global market share, in terms of volume in 2015, followed by Europe and North America. This trend is anticipated to continue due to increase in urbanization, specifically in China, India, Brazil, and other developing countries. In addition, the growth in the construction and automotive industry along with the technological advancement, especially in countries such as China, India, and Japan, is anticipated to propel the market growth in the region over the next eight years. Also, rise in investments by key manufacturers is another key aspect that fuels the market growth.
The global cumene market is segmented by the presence of a large number of industry players. Some of the prominent players in the industry include JX Holdings, ExxonMobil Corporation, Dow Chemical Company, China Petroleum & Chemical Corporation, BASF SE, Saudi Basic Industries Corporation, INEOS Group, Total S.A., and Sinopec Group Ltd. Some of the key players such as Koch Industries and Royal Dutch Shell plc. are making huge investments in R&D activities to develop stable isopropylbenzene which does not form peroxides when they come in contact with atmospheric air.
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