[FURL=https://www.industryarc.com/Report/15888/cumene-market.html]Cumene Market [/FURL] size is forecast to reach $26.9 billion by 2025, after growing at a CAGR of 7% during 2020-2025. The Cumene Market is witnessing an increase in demand as they are widely used in the manufacture of rubber, iron, and steel, and pulp and paper and thinner for paints, lacquers, and enamels and as a component of high-octane fuels. Demand for Cumene is increasing due to their unique properties such as flammability, high boiling points, and solubility in organic solvents. These characteristics of Cumene are driving its demand in various end use industries such as paint, chemical, automotive, and plastic, which will accelerate the cumene industry substantially in the forecast era.Key Takeaways
Asia Pacific dominates the cumene market due to the increasing use and demand of phenols and acetone from various end use industries in this region.
Cumene is classified as an aromatic hydrocarbon which is a very important industrial chemical and is used primarily as a raw material in the synthesis of organic compounds.
The rise in demand for the laminates and plastics industries will increase the demand for the cumene market in the forecast era.
The hazardous effect and increasing price of crude oils will create hurdles for the cumene market in the forecast period.
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Cumene Market Segment Analysis - By Geography
Asia Pacific held the largest share with 46% in the cumene market in 2019. Countries in this region such as China, India, Japan, South Korea, and Malaysia are witnessing a significant increase in the use of cumene in plastic and rubber applications. Within the region demand for acetone is growing at a rapid rate as a solvent and an intermediate for the production of PMMA used in the medical and automotive industries after the extrusion and molding compounds. Also, according to the Department of Commerce, exports of Plastic & Rubber Articles in the period 2018-19 increased to US$ 9,443.69 million from US$ 7,572.68 million in the corresponding period of the previous year, recording a positive growth of 24.71 percent.
Cumene Market Drivers
Increasing demand for acetone will drive the market for cumene
Growing demand for benzene in various applications
Cumene Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Cumene Market. Major players in the Cumene Market are BASF, Sigma-Aldrich, The Dow Chemical Company, Tata Chemicals Limited, KMG Chemicals, Koch Industries, INEOS Group Limited, Exxon Mobil Corporation, Royal Dutch Shell Plc., Royal Dutch Shell PLC among others.
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