Global Cumene Market is Anticipated to Reach $20.2 Billion by 2023 According to TBRC Report
Rising demand for phenols and acetones in various industries contributes to the growth of the cumene market.
LONDON, Feb. 20, 2020 /PRNewswire/ -- The global cumene market reached a value of nearly $21 billion in 2019, having grown at a compound annual growth rate (CAGR) of 3.79% since 2015, and is expected to grow at a CAGR of -0.97% to nearly $20.2 billion by 2023. Rising demand for phenols and acetones in various industries contributes to the growth of the cumene market. Cumene is used as a feed-stock in the production of phenol and acetone. Acetone is used as a solvent in the pharmaceutical and cosmetic industries, whereas phenols are used for the production of paints and coatings. Thus, strong demand for phenols and acetones have resulted in an increase in the demand for cumene. For instance, in Gujarat, India, in 2017, the 8th global submit of Vibrant Gujarat, states that the global demand for phenol will rise from 12.3 million tons in 2018 to 13.5 million tons in 2020 at a compound annual growth rate (CAGR) of 4.5%. Additionally, the global demand for acetones will rise from 6.8 million tons in 2018 to 7.2 million tons in 2020 at a CAGR of 4.5%. Thus, the rising demand for phenols and acetones positively drives the growth of the cumene market.
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Cumene Market Overview And Segments
The cumene market consists of sales of cumene and related services. It is used as a raw material in the synthesis of other organic compounds, such as phenol, acetone, acetophenone, and methyl styrene. It is also used as a thinner for paints and lacquers. Cumene is a colorless, flammable liquid and has a penetrating gasoline-like odor. The cumene market can be segmented by end-user industry into paints industry, automotive industry, chemical industry, plastics industry and others. It is also segmented by application into phenol, acetone, chromatography, others. The cumene market is geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the cumene market in 2019.
Major Players In The Cumene Market And Their Strategies
Major players in the global cumene market are Royal Dutch Shell Plc., Exxon Mobil Corporation, BP Plc., Sumitomo Chemical Co Ltd, BASF SE, The Dow Chemical Company, China Petroleum and Chemical Corporation, Ineos Group Limited and CEPSA. Companies in the cumene market are investing in order to meet the future demand. For instance, in Germany, in 2019, INEOS Phenol, the world's largest producer of acetone and phenol completed a new cumene investment at the Evonik Chemiepark in Marl. The fully integrated unit will use existing pipeline connections between the production of INEOS phenol and acetone in Gladbeck, the Marl site of Evonik Chemiepark, and the Gelsenkirchen refinery and cracker complex of BP. The new 750,000 tonnes cumene unit will be completed by 2021 and will meet future demand, and improve supply protection for INEOS plants in Gladbeck and Antwerp.
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Companies in the market are also investing in mergers and acquisitions to strengthen their cumene businesses. In 2018, Cabot Microelectronics Corporation, a USA-based company specialized in supplying consumable materials to semiconductor manufacturers and pipeline companies, acquired KMG Chemicals for $1.6 billion. The acquisition helped Cabot Microelectronics Corporation in broadening its position as the leading supplier of consumable materials in the semiconductor industry. Additionally, the combination will result in the global supply of performance products and services to improve pipeline operations. KMG Chemicals, Inc. is a USA-based company that specializes in manufacturing specialty chemicals for electronics, industrial wood preservation, and industrial lubricant markets.
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