Global Cumene Market Revenue is Estimated to Reach USD 30.39 billion by 2031, Growing at a CAGR of 4.7%: Straits Research

New York, United States, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Cumene is known chemically as isopropyl benzene, an organic compound based on aromatic hydrocarbons with aliphatic substitution. Both crude oil and refined fuels contain this flammable, colorless liquid with a boiling point of at least 152 degrees Celsius. Cumene is produced commercially by the Friedel Crafts alkylation method. It is changed into a chemical compound called cumene hydroperoxide for other applications. The global cumene market has significant development potential due to the rising demand for phenol, acetone, and its derivatives.

Report Scope

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Rising Phenol Demand from the Plastic Industry Drives the Global Market

According to Straits Research, “The global cumene market size was valued at USD 20.10 billion in 2022. It is projected to reach USD 30.39 billion by 2031, growing at a CAGR of 4.70% during the forecast period (2023-2031).” Cumene, also known chemically as isopropyl benzene, is an organic compound having an aliphatic substitution based on aromatic hydrocarbons. It is a highly explosive white liquid with a boiling point of 152 °C in crude oil and refined fuels. To produce cumene industrially, a process called Friedel Crafts alkylation is employed. It is changed into a chemical compound called cumene hydroperoxide for other applications. Cumene oxidizes in the presence of air, resulting in cumene hydroperoxide. Further reaction of cumene hydroperoxide with dilute acid produces phenols. Cumene is usually converted to phenol in about 63.25% of instances.

Both BPA and phenol-formaldehyde resins are produced utilizing a significant amount of phenol. One-fourth of the phenol is used to make phenol-formaldehyde resins. The biggest market for phenol is Bisphenol A (BPA), which is created from phenol and acetone. BPA is then used to make polycarbonate and epoxy resins.

Growing Use of Acetone as a Solvent Creates Tremendous Opportunities 

Acetone, also propanone, is an industrial solvent used to make plastics and other products. Additionally, a minor amount of acetone is used in household products, including cosmetics and personal care items. Acetone is used to make methyl methacrylate (MMA), produce BPA, remove nail polish, lacquers and finishes, medicines, paints, acrylics, and fibers, among other things. It is also used to make epoxy resin, polycarbonate, and adhesives. The main application of acetone is the formation of acetone cyanohydrin, a chemical intermediate used in the synthesis of aldol compounds such as di-acetone alcohol (DAA), mesityl oxide (MOX), and methyl isobutyl ketone (MIBK).

Large-scale MMA production creates PMMA resins, which are increasingly used to make acrylic sheets for the construction sector. Methyl methacrylate is widely used in automotive and medical equipment (MMA) production. Due to investments and industry expansions, acetone is increasingly used in paints and coatings.

Regional Analysis  

Asia-Pacific's cumene industry share is anticipated to grow at a CAGR of 6.30% during the projection period. Cumene, also known as isopropylbenzene, is in high demand since it is used in many different chemical processes. Di-isopropylbenzene (p-DIBP), acetophenone, styrene, -methyl styrene, and other compounds, including detergents, are all made in small quantities using cumene. Cumene is primarily utilized as an intermediate in the production of acetone and phenol. The largest chemical plant in Asia and one of the world's leading producers of cumene, phenol, and acetone was built in China by CEPSA. The facility can generate 360,000 tonnes of grassroots cumene, 250,000 tonnes of phenol, and 150,000 tonnes of acetone annually.

Europe is anticipated to grow at a CAGR of 3.30 percent over the projection period. The largest source of income comes from Europe. INEOS is one of Europe's largest manufacturers of cumene and the phenol and acetone it produces, producing 1,330 kilotonnes of phenol and 830 kilotonnes of acetone annually. INEOS Phenol will construct a world-scale, cutting-edge cumene complex in Marl, Germany, that will be finished in 2021. The new 750,000-tonne unit will use the pipeline connections between the INEOS phenol and acetone manufacturing facility in Gladbeck, the Evonik Chemiepark in Marl, and the BP refinery and cracker complex in Gelsenkirchen.

Key Highlights

• Based on catalyst type, the global cumene market is bifurcated into aluminum chloride, solid phosphoric acid (SPA), zeolite, and other catalyst types. The zeolite catalyst segment is the highest contributor to the market and is estimated to boost at a CAGR of 6.30% during the forecast period.
• The global cumene market is bifurcated based on application into phenol, acetone, and other applications. The segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.25% during the forecast period.

Competitive Players

The global cumene manufacturers are Braskem, Cepsa, Chang Chun Group, CITGO, Domo Chemicals, Dow, INEOS, Koch Industries Inc., Kumho P&B Chemicals Inc., Prasol Chemicals Pvt Ltd, Royal Dutch Shell PLC, SABIC, and Versalis Spa.

Market News

• In September 2022, DLA Piper advised INEOS Phenol, the world’s largest producer of phenol and acetone, on its acquisition of Mitsui Phenols Singapore Pte. Ltd. (“Mitsui Phenols”) from Mitsui Chemicals, the leading Japanese chemicals manufacturer, for a total consideration of USD 330m. Subject to regulatory approval, the deal is expected to complete in Q1 2023.

Global Cumene Market: Segmentation

By Catalyst Type

• Aluminum Chloride Catalyst
• Solid Phosphoric Acid (SPA) Catalyst
• Zeolite Catalyst
• Other Catalyst Types

By Application

• Phenol
• Acetone
• Other Applications

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/cumene-market/segmentation

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