H1 2023: In April 2023, INEOS Phenol acquired all the assets of Mitsui Chemicals. INEOS Phenol entered into an agreement to pay USD 330 million to Mitsui Chemicals, a major Japanese chemical producer, to buy the entire asset base of Mitsui Phenols in Singapore. The company has a net revenue of USD 750 million and produces more than 1 million tonnes of goods annually, including 410 thousand tonnes of Cumene and other products like phenol, acetone, bisphenol A, and alpha-methylstyrene. In H1 2023, Asia Pacific experienced bullish market behavior. Upstream benzene costs gained momentum while demand by the downstream industries increased after the Lunar New Year holiday in China. Benzene cost pressures were high during majority of the time in H1 2023, driven by strong downstream demand from styrene, cumene and other chemicals. On the other hand, phenol purchases and consumption rates were high in the Asian nations during H1 2023. Similarly, the US Cumene market was on the higher side overall during H1 2023. Cumene prices rose in January 2023 due to high demand sentiment from the downstream chemicals like acetone and phenol along with supply chain issues in the West Coast. The US shipping ports of locations like Long Beach and Los Angeles experienced labor and coastal labor shortages, ultimately leading to temporary port closures for a short term.
The global Cumene market has reached approximately 15.5 million tonnes in 2022 and is expected to grow at a CAGR of 4.15% during the forecast period until 2032.
Cumene is an aromatic hydrocarbon with a chemical formula of C9H12. It consists of a benzene ring with a substitution of an isopropyl group. Cumene is a flammable liquid and a constituent of crude oil. Cumene is synthesized by the alkylation reaction of benzene with propylene in the presence of solid phosphoric acid as the catalyst. Chemical manufacturing industries utilize Cumene to produce wide array of solvents and chemicals such as acetone, methylstyrene, phenol, and acetophenone. Crude oil and refined fuels contain Cumene as an ingredient. Cumene is also used to make products like composite materials, acrylic films, and laminates, which are widely employed in the industrial, transportation, and healthcare fields. Food-grade Cumene, which is used to make polycarbonate plastic for manufacturing consumer goods like bottles and containers, is also generated from Cumene.
The growing demand for Phenol and Acetone is driving the global Cumene market. In several chemical industries, phenol is employed to create essential chemicals like bisphenol A and Phenolic Resin. Phenol and its compounds are utilized for the manufacture of general-use goods like plastic containers, bottles, kitchenware, and food & beverage storage containers. Acetone is widely used to manufacture Bisphenol-A, Methyl Methacrylate, and Methyl Isobutyl Ketone. Acetone is also a popular solvent for oils, fats, waxes, adhesives, rubber, polymers, lacquers, coatings, and rubber cement. The applications of acetone and phenol are anticipated to swell the global Cumene demand in the forecast period to reach approximately 23 million tonnes by 2032.
Based on demand by region, the Asia Pacific dominates the Cumene market. This region captured roughly 52% of the global Cumene market in 2022. It is anticipated that Asia Pacific will remain the biggest consumer of Cumene in the upcoming years as well. On the other hand, Europe stands as the second largest consumer of Cumene. The growing use of cumene-based products due to the expanding building and construction activity in developing nations located in the Asia Pacific region is anticipated to propel the growth of the global Cumene demand. Based on production, Asia Pacific is again leading among all the other areas.
Based on the end-user industry, the global Cumene market is segmented into Phenol, Acetone, and Others. The Phenol Industry is the largest consumer of the Cumene market. The wide usage of phenol and phenol-based compounds in the plastic and polymer industry is anticipated to drive the Cumene market in the forecast period. Furthermore, The Acetone industry is also a prominent consumer of the global Cumene market.
Major players in the production of Global Cumene are Cepsa Corporation, Ineos Group Ltd, Shell Plc, CITGO Petroleum Corporation, Flint Hills Resources, PTT Phenol, Formosa Chemical and Fibre, Sunoco, Kumho P&B Chemicals., Inc., Versalis, Mitsui Phenols Singapore Ltd, and Marathon Petroleum Corporation (MPC).
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Cumene which covers production, demand and supply of Cumene market in the globe.
• To analyze and forecast the market size of Cumene
• To classify and forecast Global Cumene market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Cumene market in the globe.
To extract data for Global Cumene market, primary research surveys were conducted with Cumene manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Cumene market over the coming years.
ChemAnalyst calculated Cumene demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Cumene. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Cumene manufacturers and other stakeholders
• Organizations, forums and alliances related to Cumene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Cumene manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Cumene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
15.5 million tonnes
Market size Volume by 2032
23 million tonnes
Growth Rate
CAGR of 4.15% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process, Technology Licensor.
Segments covered
By End-Use: (Phenol, Acetone, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What is the expected global market size of Cumene in terms of volume for 2032?
Ans:
The global market size of Cumene is expected to reach approximately 23 million tonnes by 2032 with an expected CAGR of 4.15%.
Q2.
What are the major end-use industries of Cumene?
Ans:
Cumene is used majorly for the production of chemicals like Phenol and Acetone.
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