Cumene Market Outlook - Supply and Demand Analysis 2024-2032

Cumene Market

Cumene, variously known as isopropylbenzene, is widely used as an intermediate in the production of various chemicals. Primary derivatives of cumene are phenol, acetone, and AMS. While the melting point of cumene is -96 °C, its boiling point stands at 153 °C. This basic chemical is essential for producing various products and other important chemicals. Around 50% of the total cumene produced is consumed in the production of phenol, making it the largest application segment. It is also added as a thinner to paints, lacquers, and enamels.

Global Supply/Demand Outlook

The global cumene market stood at a volume of around 17,100.0 KT in 2023. The market is estimated to grow at a CAGR of 3.50% between 2024 and 2032 to attain a volume of about 23,328.0 KT by 2032. Rising demand for phenol and acetone in industrial processes is leading to an increase in the consumption of cumene as a raw material. The production of many essential chemicals like bisphenol A and phenolic resins require phenol, further adding to the demand for cumene. In various industries, including paints and coatings, adhesives, packaging, electronics, and others, the demand for polycarbonate and epoxy resins has been growing, which is the primary factor driving the bisphenol A (BPA) demand. Further, acetone is widely used in the production of personal care and household products.

The global capacity of cumene was about 21,000 KT in the year 2023. It has been assessed to reach 26,500 KT by 2032.

Regional Market Analysis

Countries such as the US, China, Japan, Germany, and Taiwan contributed approximately 65% to the total production capacity in 2023. In terms of demand, the Asia Pacific has emerged as the leading market, accounting for 58% of the total value. The increasing demand for polycarbonate/epoxy resins in the Asia Pacific adds to the demand for phenol, thereby driving the cumene market.

Key Market Players

INEOS Group Ltd. is the world's leading producer of cumene. The company holds approximately 8.5% of global cumene capacity followed by Shell Plc and Cepsa Corporation, respectively. Other major manufacturers of cumene are Formosa Chemical and Fibre, Kunho P&B Chemicals., ExxonMobil Corporation, Braskem S.A., Changchun Group, Citgo Petroleum Corporation, SABIC, Versalis S.p.A., and Prasol Chemicals Ltd.

Key Questions Answered in the Report:

• What are the high-growth opportunities and markets for cumene by application and region?

• What are the catalyst types of cumene available by region?

• Which segments and regions are projected to grow at a faster pace and why in the cumene market?

• What is the nameplate capacity of cumene by region from 2018 to 2032?

• How does the plant capacity utilisation of cumene vary by region between 2018 and 2032?

• Who are the major players in the cumene market by capacity and region?

• What major plant shutdowns and expansions have occurred in the cumene market in the last year and the last quarter?

• What major plant shutdowns and expansions are planned in the cumene market over the next year and quarters?

• How did export and import dynamics of cumene vary by region in terms of value between 2018 and 2023?

• How did export and import dynamics of cumene vary by region in terms of volume between 2018 and 2023?

• What impacts have shutdowns, force majeure events, and plant closures had on demand and pricing of cumene?

• What are the environmental considerations and regulatory impacts affecting the cumene market?

• What technological innovations are having an impact on the production and application of cumene?

• What are the key trends and innovations in the cumene market?

• What are the challenges and opportunities faced by cumene manufacturers?

• What are the potential risks and barriers to entry for new players in the cumene market?

• What strategic investments and expansions have major players made in the cumene market?

• How are geopolitical factors and international trade policies affecting the global cumene market?

• What are the price trends for cumene, and how are they expected to change?

• How does the supply chain of cumene operate, and what are its key components?