The cumene market size has grown strongly in recent years. It will grow from $27.24 billion in 2023 to $28.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed in the past period was influenced by several factors such as the heightened demand for phenol and acetone, the increasing utilization of cumene-based resins, a surge in the need for plastics, ongoing industrial expansion, augmented disposable incomes, and heightened awareness of the advantages associated with cumene-based products.
The cumene market size is expected to see strong growth in the next few years. It will grow to $36.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the coming period is expected due to several factors such as the expanding urbanization, rising consumption of consumer goods, growth in pharmaceutical and chemical industries, overall economic development, exploration of bio-based alternatives to cumene, expansion of the automotive sector, and growth within the construction and building industry. Notable trends in this period are centered around biobased cumene, advanced phenol derivatives, the advent of digitalization and industry 4.0, emphasis on green chemistry and sustainability, and advancements in cumene technologies.
The expanding automotive industry is anticipated to drive the growth of the cumene market in the upcoming period. This sector encompasses a broad spectrum of entities involved in activities related to motor vehicles. Cumene serves as a crucial raw material in the production of phenol and acetone, both extensively used in the automotive industry. For example, the Bureau of Transportation Statistics reported a production of 9.16 million passenger cars and commercial vehicles in the US during 2021, marking a significant increase from the 8.81 million produced in 2020. Moreover, the sales of these vehicles reached 11.8 million in 2021, up from 11.6 million in the previous year. Hence, the thriving automotive industry remains a key driver behind the cumene market's growth.
The primary manufacturing methods of cumene involve using aluminum chloride catalyst, solid phosphoric acid (SPA) catalyst, and zeolite catalyst. Known for its distinct characteristics, cumene is applied in various industries including phenol and acetone production, chromatography, and more. It caters to a range of end-user sectors such as paint, automotive, chemical, plastics, and other related industries.
The cumene market research report is one of a series of new reports that provides cumene market statistics, including cumene industry global market size, regional shares, competitors with a cumene market share, detailed cumene market segments, market trends and opportunities, and any further data you may need to thrive in the cumene industry. This comprehensive market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cumene market is witnessing growth due to the escalating demand for phenols and acetones across multiple industries. Acetone functions as a solvent in pharmaceutical and cosmetic sectors, while phenols are vital in producing epoxy resins utilized in paints and coatings. The increased demand for these substances has led to an oversupply, providing opportunities for new manufacturers to establish facilities. During the forecast period, the cumene market is projected to experience substantial growth due to the surging global demand for acetone. For example, as outlined in the 2021 acetone market development report by ECHEMI, global acetone production capacity is estimated to steadily increase by an average rate of 2.1% from 2018 to 2022. This rising demand for phenols and acetones is a key driver behind the growth of the cumene market.
Companies within the cumene market are strategically investing to meet the anticipated future demand. A significant example is INEOS Phenol in Germany, the leading global producer of acetone and phenol. They've initiated a new cumene investment at the Evonik Chemiepark in Marl. This integrated unit will leverage existing pipeline connections between INEOS' production of acetone and phenol in Gladbeck, the Evonik Chemiepark in Marl, and BP's Gelsenkirchen refinery and cracker complex. This substantial 750,000-tonne cumene unit, expected to conclude in 2021, will satisfy future demand while fortifying the supply protection for INEOS' facilities in Gladbeck and Antwerp. Moreover, Lummus Technology, a renowned proprietary technology licensor, successfully achieved plant acceptance from Formosa Chemicals and Fibre Corp. in August 2021 for their cumene and phenol plant expansion in Ningbo, China. The plant now holds a capacity of 600 kMTA for cumene and 400 kMTA for phenol.
Leading companies in the cumene market are actively engaging in strategic partnerships to fortify their market presence. These collaborations serve as a pathway for companies to access new customer segments, broaden their market scope, venture into fresh markets, and expand their operations. As an illustration, in August 2021, Lummus Technology LLC, a prominent US-based technology firm, joined forces with Formosa Chemicals and Fibre Corporation, a Taiwanese chemical enterprise, for the expansion of their cumene and phenol plant situated in Ningbo, China. Under this partnership, Lummus Technology provided a technology license and engineering design for the project. The expansion successfully increased the capacity to 600 kMTA for cumene and 400 kMTA for phenol, adding to the existing 450 kMTA cumene and 300 kMTA phenol plant. This significant project aimed to enhance operational efficiency and diminish environmental impact, rendering the plant more competitive and sustainable in the cumene market. The venture's expansion was a substantial milestone in the cumene industry, bolstering the global cumene production capacity and contributing to the overall growth of the cumene market.
In August 2022, Ineos, a prominent UK-based chemicals corporation, completed the acquisition of Mitsui Phenol Co. Ltd.'s assets situated in Jurong Island, Singapore, from Mitsui Chemicals for $330 million. This acquisition bolsters Ineos' present portfolio and offers an opportunity for business integration, notably augmenting the production capacity by approximately 1 million tons, inclusive of cumene. Mitsui Chemicals, the previous proprietor, is a leading chemicals firm based in Japan.
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
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.
The countries covered in the cumene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The cumene market consists of the sales of cumene used in the production of iron, steel, rubber, pulp, and paper. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The cumene market size is expected to see strong growth in the next few years. It will grow to $36.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the coming period is expected due to several factors such as the expanding urbanization, rising consumption of consumer goods, growth in pharmaceutical and chemical industries, overall economic development, exploration of bio-based alternatives to cumene, expansion of the automotive sector, and growth within the construction and building industry. Notable trends in this period are centered around biobased cumene, advanced phenol derivatives, the advent of digitalization and industry 4.0, emphasis on green chemistry and sustainability, and advancements in cumene technologies.
The expanding automotive industry is anticipated to drive the growth of the cumene market in the upcoming period. This sector encompasses a broad spectrum of entities involved in activities related to motor vehicles. Cumene serves as a crucial raw material in the production of phenol and acetone, both extensively used in the automotive industry. For example, the Bureau of Transportation Statistics reported a production of 9.16 million passenger cars and commercial vehicles in the US during 2021, marking a significant increase from the 8.81 million produced in 2020. Moreover, the sales of these vehicles reached 11.8 million in 2021, up from 11.6 million in the previous year. Hence, the thriving automotive industry remains a key driver behind the cumene market's growth.
The primary manufacturing methods of cumene involve using aluminum chloride catalyst, solid phosphoric acid (SPA) catalyst, and zeolite catalyst. Known for its distinct characteristics, cumene is applied in various industries including phenol and acetone production, chromatography, and more. It caters to a range of end-user sectors such as paint, automotive, chemical, plastics, and other related industries.
The cumene market research report is one of a series of new reports that provides cumene market statistics, including cumene industry global market size, regional shares, competitors with a cumene market share, detailed cumene market segments, market trends and opportunities, and any further data you may need to thrive in the cumene industry. This comprehensive market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cumene market is witnessing growth due to the escalating demand for phenols and acetones across multiple industries. Acetone functions as a solvent in pharmaceutical and cosmetic sectors, while phenols are vital in producing epoxy resins utilized in paints and coatings. The increased demand for these substances has led to an oversupply, providing opportunities for new manufacturers to establish facilities. During the forecast period, the cumene market is projected to experience substantial growth due to the surging global demand for acetone. For example, as outlined in the 2021 acetone market development report by ECHEMI, global acetone production capacity is estimated to steadily increase by an average rate of 2.1% from 2018 to 2022. This rising demand for phenols and acetones is a key driver behind the growth of the cumene market.
Companies within the cumene market are strategically investing to meet the anticipated future demand. A significant example is INEOS Phenol in Germany, the leading global producer of acetone and phenol. They've initiated a new cumene investment at the Evonik Chemiepark in Marl. This integrated unit will leverage existing pipeline connections between INEOS' production of acetone and phenol in Gladbeck, the Evonik Chemiepark in Marl, and BP's Gelsenkirchen refinery and cracker complex. This substantial 750,000-tonne cumene unit, expected to conclude in 2021, will satisfy future demand while fortifying the supply protection for INEOS' facilities in Gladbeck and Antwerp. Moreover, Lummus Technology, a renowned proprietary technology licensor, successfully achieved plant acceptance from Formosa Chemicals and Fibre Corp. in August 2021 for their cumene and phenol plant expansion in Ningbo, China. The plant now holds a capacity of 600 kMTA for cumene and 400 kMTA for phenol.
Leading companies in the cumene market are actively engaging in strategic partnerships to fortify their market presence. These collaborations serve as a pathway for companies to access new customer segments, broaden their market scope, venture into fresh markets, and expand their operations. As an illustration, in August 2021, Lummus Technology LLC, a prominent US-based technology firm, joined forces with Formosa Chemicals and Fibre Corporation, a Taiwanese chemical enterprise, for the expansion of their cumene and phenol plant situated in Ningbo, China. Under this partnership, Lummus Technology provided a technology license and engineering design for the project. The expansion successfully increased the capacity to 600 kMTA for cumene and 400 kMTA for phenol, adding to the existing 450 kMTA cumene and 300 kMTA phenol plant. This significant project aimed to enhance operational efficiency and diminish environmental impact, rendering the plant more competitive and sustainable in the cumene market. The venture's expansion was a substantial milestone in the cumene industry, bolstering the global cumene production capacity and contributing to the overall growth of the cumene market.
In August 2022, Ineos, a prominent UK-based chemicals corporation, completed the acquisition of Mitsui Phenol Co. Ltd.'s assets situated in Jurong Island, Singapore, from Mitsui Chemicals for $330 million. This acquisition bolsters Ineos' present portfolio and offers an opportunity for business integration, notably augmenting the production capacity by approximately 1 million tons, inclusive of cumene. Mitsui Chemicals, the previous proprietor, is a leading chemicals firm based in Japan.
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
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.
The countries covered in the cumene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The cumene market consists of the sales of cumene used in the production of iron, steel, rubber, pulp, and paper. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Cumene Market Characteristics3. Cumene Market Trends And Strategies31. Global Cumene Market Competitive Benchmarking32. Global Cumene Market Competitive Dashboard33. Key Mergers And Acquisitions In The Cumene Market
4. Cumene Market - Macro Economic Scenario
5. Global Cumene Market Size and Growth
6. Cumene Market Segmentation
7. Cumene Market Regional And Country Analysis
8. Asia-Pacific Cumene Market
9. China Cumene Market
10. India Cumene Market
11. Japan Cumene Market
12. Australia Cumene Market
13. Indonesia Cumene Market
14. South Korea Cumene Market
15. Western Europe Cumene Market
16. UK Cumene Market
17. Germany Cumene Market
18. France Cumene Market
19. Italy Cumene Market
20. Spain Cumene Market
21. Eastern Europe Cumene Market
22. Russia Cumene Market
23. North America Cumene Market
24. USA Cumene Market
25. Canada Cumene Market
26. South America Cumene Market
27. Brazil Cumene Market
28. Middle East Cumene Market
29. Africa Cumene Market
30. Cumene Market Competitive Landscape And Company Profiles
34. Cumene Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
Cumene Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on cumene market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Benchmark performance against key competitors.
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- All data from the report will also be delivered in an excel dashboard format.
Description:
Where is the largest and fastest growing market for cumene? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
- Markets Covered: 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
- Companies Mentioned: Shell plc; Exxon Mobil Corporation; BP plc; Sumitomo Chemical Co. Ltd.; BASF SE
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Methodology
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