Cumene Market – Growth, Trends, and is expected to register a CAGR of over 4% during the forecast period 2020 – 2025
The global cumene market is expected to register a CAGR of over 4% during the forecast period. The major factors driving the market studied include increasing demand for phenol from the plastic industry and increasing use of acetone as a solvent. Harmful effect, due to extended exposure, is expected to significantly hinder the growth of the market studied.
– Asia-Pacific is expected to dominate the global market during the forecast period.
– Increasing investments for new capacity additions are likely to act as opportunities in the future.
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Key Market Trends
Growing Usage in Acetone Application
– More than 95% of the global acetone production is used as a by-product of phenol production, which involves the use of cumene.
– Acetone is used in a wide range of applications, such as the manufacturing of methyl methacrylate (MMA) & BPA, and as a solvent in the pharmaceutical and cosmetics industries.
– MMA is widely used for the production of PMMA resins, which are increasingly being used for the production of acrylic sheets in the construction industry. Automotive parts and medical devices are other applications of MMA.
– Due to the increase in demand for acetone globally and the setting up of new phenol/acetone production facilities, the cumene market is expected to witness a high growth rate during the forecast period.
China to Dominate the Demand in Asia-Pacific Region
– The demand for cumene in China is expected to rise at a great pace, due to the increase in demand for phenol and acetone.
– The demand for acetone is increasing at a fast rate in the country as a solvent and an intermediate for the production of PMMA used in automotive and medical industries after the extrusion and molding compounds.
– To increase the domestic supply, the China National Offshore Oil Corporation (CNOOC) and Shell have planned to commission a 350,000 metric ton per year of phenol/acetone unit, which is likely to produce around 10,000 metric ton of acetone and 18,000 metric ton of phenol per month.
– The China Petrochemical Development Corporation (CPDC) announced to start a 150,000 metric ton per year phenol-feed cyclohexanone unit.
– The increase in investments for the production of acetone and phenol is likely to increase the demand for cumene in China at a high rate in the coming years.
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The global cumene market is partially fragmented in nature. Some of the major players of the market studied include, ExxonMobil Corporation, Royal Dutch Shell plc, Braskem, Cepsa, and INEOS, among others.
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