The global cumene market size is majorly driven by its use as a chemical intermediate to produce phenol and acetone. The phenol and its derivatives produced from cumene are used in various applications such as electrical & electronics, automotive, paints & coatings, cosmetics, and others.
Cumene is a volatile, flammable, high boiling, and an organic compound with gasoline-like odor. It naturally occurs in coal tar and crude oil and is a blending component in gasoline. Commercially, Friedel-Crafts alkylation is used for the manufacturing of cumene.
Cumene market size is projected to be worth USD 28.02 Billion by 2030, registering a CAGR of 4.32%
Market Segmentation
The global cumene market size is segmented on the basis of the product, production technology, application, and region.
Based on the product, the global cumene market size is segmented into phenol and acetone.
The production technology of cumene is segmented into zeolite catalyst based, solid phosphoric acid, and aluminum chloride.
On the basis of the application segment, the global cumene market size is segmented into chemical intermediate and solvent.
Competitive Analysis
Some of the prominent manufacturers in the global cumene market size are Royal Dutch Shell Plc. (Netherlands), Exxon Mobil Corporation (U.S.), BASF SE (Germany), Sumitomo Chemical Co. Ltd (Japan), The Dow Chemical Company (U.S.), Westlake Chemical Corporation (U.S.), Taiwan Cement Corp. (Taiwan), Braskem (Brazil), China Petrochemical Corporation (China), and SABIC (Saudi Arabia).
Regional Analysis
The global cumene market size is spanned across five regions Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific is expected to lead the global cumene market size due to the high demand for phenolic based products used for various applications such as electronics, paints & coatings, automotive, and others in countries such as China, India, and Japan.
The U.S. is the major contributor to the North American market due to the high use of cumene based products in electronics such as laptops, smartphones, and others.
Europe is likely to witness a substantial market growth due to the increasing demand for cumene from plastics and composites industries.
Latin American and the Middle East & Africa are other significant regions in the cumene market size primarily driven by the growing automotive sector and consumer electronics respectively.
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