What is the current size and annual growth rate of the cumene market?
The cumene market size has grown strongly in recent years. It will grow from $28.94 billion in 2024 to $30.73 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing demand for phenol and acetone, growing demand for cumene-based resins, growing demand for plastics, expanding industrialization, rising disposable incomes, increasing awareness of the benefits of cumene-based products.
The cumene market size is expected to see strong growth in the next few years. It will grow to $38.84 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to expanding urbanization, increasing consumption of consumer goods, growing pharmaceutical and chemical industries, economic growth, bio-based cumene alternatives, expanding automotive sector, construction and building sector. Major trends in the forecast period include biobased cumene, advanced phenol derivatives, digitalization and industry 4.0, green chemistry and sustainability, advanced cumene.
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Which major factors have contributed to the expansion of the cumene market?
The growing automotive industry is expected to propel the growth of the cumene market going forward. The automotive industry is a vast sector that encompasses a wide range of companies and organizations involved in various activities related to motor vehicles. Cumene is primarily used as a raw material in the production of phenol and acetone, which are widely utilized in the automotive industry. For instance, in June 2023, according to ACEA, a European-based Automobile Manufacturers Association company, in 2022, global motor vehicle production reached 85.4 million units, marking a 5.7% increase from 2021. This infographic provides a breakdown of motor vehicle production by region for both 2021 and 2022. Thus, the growing automotive industry is driving the cumene market.
How is the cumene market segmented?
The cumene market covered in this report is segmented –
1) By Manufacturing Process: Aluminum Chloride Catalyst, Solid Phosphoric Acid (SPA) Catalyst, And Zeolite Catalyst
2) By Application: Phenol, Acetone, Chromatography, Other Applications
3) By End Userr Industry: Paints Industry, Automotive Industry, Chemical Industry, Plastics Industry, Other End-User Industries
Subsegments:
1) By Aluminum Chloride Catalyst: Liquid Phase Process, Gas Phase Process, Other Aluminum Chloride Catalyst Processes
2) By Solid Phosphoric Acid (SPA) Catalyst: Single Bed SPA Process, Multi-Bed SPA Process, Other SPA Catalyst Processes
3) By Zeolite Catalyst: Fluidized Bed Zeolite Process, Fixed Bed Zeolite Process, Other Zeolite Catalyst Processes
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Who are the top competitors in the cumene market?
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, Compañía Española de Petróleos SAU, Chang Chun Group, Braskem SA, Saudi Arabia’s Basic Industries Corporation, KMG Chemicals Inc., China National Petroleum Corporation, China Petrochemical Development Corporation, Koch Industries Inc., Mitsui & Co. Ltd., Eni spa, 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, Idemitsu Kosan Co. Ltd., PTT Phenol Company Limited, CEPSA Química SA, Reliance Industries Limited, Indian Oil Corporation Limited
Which key trends are expected to influence the cumene market in the coming years?
Major companies operating in the cumene market are undergoing strategic partnerships to mark their place in the market. These partnerships can help companies reach new customers, expand their audience, enter new markets, and expand their business. Such as Cumene Plant, Cutting CO2 Emissions in Half, The Cumene plant is set to cut CO2 emissions in half through advanced technologies and process optimizations. This initiative aims to significantly reduce the plant’s carbon footprint, contributing to environmental sustainability while maintaining efficient production processes. For instance, in December 2023, Ineos Phenol,a Germany -based global manufacturing company, Ineos Phenol has launched Europe’s largest cumene plant in Marl, with an impressive annual production capacity of 750,000 metric tons. This state-of-the-art facility is groundbreaking not only for its scale but also for its commitment to sustainability, achieving a 50% reduction in carbon dioxide emissions through innovative heat integration technology. The plant’s strategic location enhances operational efficiency by connecting to existing production sites and pipelines, solidifying Ineos’s role as the world’s leading producer of phenol and acetone. This development marks a significant step towards greener manufacturing practices in the chemical industry, setting a new standard for environmental responsibility while meeting growing market demands.
Which regional trends are influencing the cumene market, and which area dominates the industry?
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.
What Does The Cumene Market Report 2025 Offer?
The cumene market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Cumene is a colorless, flammable liquid and has a penetrating, gasoline-like odor. Cumene is a combination of crude oil and refined fuels. It comprises a benzene ring with an isopropyl substitution.
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