Cumene Market Share, Size, Trends, Industry Analysis Report, By Type (Zeolite, Solid Phosphoric Acid, and Aluminum Chloride); By Application; By Region; Segment Forecast, 2023 – 2032

Cumene Market Share, Size, Trends, Industry Analysis Report, By Type (Zeolite, Solid Phosphoric Acid, and Aluminum Chloride); By Application; By Region; Segment Forecast, 2023 – 2032

The global cumene market size is expected to reach USD 29.45 billion by 2032, according to a new study by Polaris Market Research. The report “Cumene Market Share, Size, Trends, Industry Analysis Report, By Type (Zeolite, Solid Phosphoric Acid, and Aluminum Chloride); By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The constant surge in the use of cumene as a raw material in the production of acetone and phenol that are widely utilized in numerous end-use industries and growing need for construction materials, coatings, sealants, and adhesives, as a result of rapid rate of urbanization and industrialization worldwide, are primary factors influencing the growth of the market. In addition, researchers and companies are continuously working on exploring more environmentally friendly production methods for cumene that includes using catalysts that are comparatively less harmful to the environment, which in turn, generating huge growth opportunities for the market.

For instance, in April 2023, INEOS Phenol, announced that they have completed the acquisition of Mitsui Phenols from the Mitsui Chemicals for total consideration of USD 330 million. This addition will expand company’s existing asset portfolio and expertise and will create new integration opportunities with its manufacturing sites.

As, phenol is also emerging as a major component in phenolic additives that are widely used in wood products like plywood and oriented strand board and also as a extensively valuable intermediate in the manufacturing of agricultural chemicals, medicines, plasticizers, detergents, and dyes, thereby, the demand and need for cumene is drastically rising over the years.

Furthermore, with the significant increase in the demand for high-quality performance epoxy resin across various industrial applications for corrosion protection, moisture resistivity, mechanical strength, improved adhesion, and thermal stability, among others along with the greater proliferation for phenolic resins and bisphenol-A all over the world, the adoption of cumene to be used in such applications is growing at steady rate.

Stringent environmental regulations and standards set by various regulatory authorities and agencies worldwide that are prompting and encouraging companies to invest in technologies and practices that ensure compliance including emissions control and waste management to reduce the environmental footprint of cumene production and adopt sustainable practices, will likely to positively impact the market.

For instance, in June 2023, Cepsa, announced about an USD 8.8 billion investment plan that will help company generate majority of their core earnings from the sustainable businesses by 2030.

Cumene Market Report Highlights

Zeolite segment accounted for notable market share in 2022, mainly due to its increasing use as a catalyst in industrial processes for the production of cumene

Phenol segment held the majority revenue share, owing to significant adoption of phenol across different industries like cosmetics, electronics, and paints & coatings

Asia Pacific dominated the global market with substantial share, on account of region’s higher production of cumene and rising use in infrastructure development projects

The key market players include Dow Chemical Company, JX Nippon Oil & Energy, Kumho P&B Chemicals, Sumitomo Chemicals Co., and Chang Chun Group

Polaris Market Research has segmented the cumene market report based on type, application, and region:

Cumene, Type Outlook (Revenue - USD Billion, 2023 - 2032)

Zeolite

Solid Phosphoric Acid

Aluminum Chloride

Cumene, Application Outlook (Revenue - USD Billion, 2023 - 2032)

Phenol

Acetone

Others

Cumene, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa