Global Cumene Market Report and Forecast 2024-2032

Global Cumene Market Outlook

The global cumene market size is estimated to grow at a CAGR of 4.5% in the forecast period of 2024-2032.

Cumene, also known as isopropyl benzene, is a chemical compound that is produced by the reaction of benzene and propene using an acid catalyst. The production of cumene is based on the Friedel–Crafts alkylation reactions. The organic compound is a colourless, flammable liquid that is insoluble in water and has a gasoline-like odour.

Cumene, is a hydrocarbon, which is a derivative of benzene with an isopropyl group (C₃H₇) attached to it. This structure makes it a part of the aromatic hydrocarbon family. Cumene is typically produced in the petrochemical sector through a process known as alkylation. In this process, benzene is alkylated with propylene in the presence of an acidic catalyst, such as aluminium chloride or zeolite, to produce cumene.

The primary use of cumene is as a feedstock in the production of phenol and acetone. This is achieved through a process called the cumene process, where cumene is oxidised to form cumene hydroperoxide, which is then cleaved (broken down) to yield phenol and acetone.

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Global Cumene Market Segmentation

The market, by manufacturing process, is divided into:

• Aluminum Chloride Catalyst

• Solid Phosphoric Acid (SPA) Catalyst

• Zeolite Catalyst

The demand for zeolite catalysts in cumene manufacturing is significant, driven by several factors. Zeolites, with their unique structural properties, play a crucial role in the alkylation process used to produce cumene. Zeolite catalysts are highly efficient in the alkylation of benzene with propylene to produce cumene. They offer a high degree of selectivity, which means that the desired reaction occurs preferentially over unwanted side reactions. This selectivity is crucial for maximising cumene yield and minimising by-products.

They are also considered more environmentally friendly compared to traditional liquid acid catalysts like aluminium chloride or sulfuric acid. They generate fewer waste products and are less corrosive, which reduces environmental and handling concerns.

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Based on application, the market is segmented into:

• Phenol
  • Phenol Resins
  • Caprolactam
  • Bisphenol A
  • Alkyl phenols
  • Others
• Acetone
  • Solvent Use
  • Methyl Methacrylate
  • Aldol Chemicals
  • Others
• Paints and Enamels

• High-octane Aviation Fuels

• Others

Phenol, a primary derivative of cumene, plays a vital role in various industrial applications, making it a significant product in the market. One of the largest applications of phenol is in the manufacture of Bisphenol A, a key ingredient in producing polycarbonate plastics and epoxy resins. Polycarbonates are used in various products, including water bottles, lenses, and electronic components, while epoxy resins are essential in coatings, adhesives, and composites.

It is also used to produce phenolic resins, which are widely used in the production of moulded products, laminates, insulation, and as binders in foundry sand casting. Phenolic resins are valued for their heat resistance, high mechanical strength, and flame-retardant properties, and their growing applications contribute to the cumene market revenue.

On the basis of end use industry, the market is classified into:

• Plastics Industry

• Automotive Industry

• Chemical Industry

• Paint Industry

• Rubber Industry

• Others

The chemical industry holds a significant portion of the cumene market share. It is a crucial chemical in the petrochemical sector, primarily used as an intermediate in the production of other chemicals. The most prominent use of cumene is in the production of phenol and acetone through the cumene process. This process involves the oxidation of cumene to cumene hydroperoxide, which is then cleaved to generate phenol and acetone. These chemicals are crucial in various industrial applications.

Acetone, a product derived from cumene, serves as a solvent and a precursor for various chemical syntheses. It is used in the production of methyl methacrylate (MMA), which is a monomer for polymethyl methacrylate (PMMA) plastics, and in the synthesis of other chemicals like isopropanol.

The major regional markets for cumene are as follows:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Cumene Market Analysis

The market is a significant segment within the global petrochemical sector, primarily driven by the demand for its derivatives, particularly phenol and acetone. The growth of sectors such as plastics, paints and coatings, adhesives, and electronics, which use phenol and acetone, contributes to the cumene market growth.

The growing applications of cumene in several sectors are significantly catalysing the market development. The rising demand for plastics is augmenting the market owing to the use of cumene in the production of plastics such as phenol-formaldehyde resins, polystyrene, and polycarbonates. In addition, cumene plays a critical role as a solvent in the manufacturing of paints and other types of coatings, which is propelling the market due to the increasing construction activities worldwide.

Growing demand for phenol and acetone likely to drive the market growth

The utilisation of cumene in the production of phenol and acetone is driving the cumene market demand. Cumene is oxidised to hydroperoxide to yield phenol and acetone, which is considered the most economical method, thereby bolstering the market growth. The expanding demand for phenol in manufacturing phenol resins, pharmaceuticals, rubber chemicals, dyes, and disinfectants is fuelling the market for cumene. The rising use of phenol by customers to keep the surroundings clean, owing to the pandemic, has also supported the market growth in the historical period.

In addition, the increasing use of acetone, a by-product in the production of phenol for numerous applications such as pharmaceuticals, cosmetics, and electronics, is resulting in the expansion of the market. The rising inclination towards acetone for removing nail polishes and oil stains in domestic spaces, cleaning electronic gadgets, and improving the efficacy of medicines is providing impetus to the development of the cumene market.

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Global Cumene Market Share by Region

The Asia Pacific to account for a substantial share of the market

The expansion of various industries, particularly plastic, and the multi-faceted application of cumene is accelerating the market growth of cumene in the Asia Pacific region. The increasing imports of petroleum and production of diverse petroleum products in countries such as China are leading to the market development of cumene.

Asian countries like China and India are some of the major consumers of the chemical due primarily to rapid industrialisation and the growth of several industries. These countries also have well-established industrial sectors and are witnessing further technological developments. Domestic manufacturers often engage in strategic partnerships, expansions, and research and development activities to enhance their market presence.

Moreover, the government initiatives towards boosting the production of chemicals such as cumene for providing raw materials to several end-use sectors, are driving the market growth. For instance, in March 2021, the Government of India announced that it is considering the construction of Nayara Energy, a petrochemical project to produce petrochemicals such as cumene, at Vadinar, Gujarat. Further, the plant expansions of cumene and its end products such as phenol by leading market players are expected to enhance the cumene market value in the forecast period.

Key Players in the Global Cumene Market

The report gives a detailed analysis of the following key players in the global cumene market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Braskem S.A.

• Lummus Technology 

• Domo Chemicals GmbH

• Exxon Mobil Corporation

• Borealis AG

• Sumitomo Corporation 

• ENEOS Holdings, Inc.

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Cumene Market Report Snapshots

Cumene Market Size

Cumene Market Analysis

Cumene Market Growth

Cumene Market Share

Cumene Companies