Major players in the 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.

New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cumene Global Market Report 2023" - https://www.reportlinker.com/p06281562/?utm_source=GNW


The global cumene market will grow from $26.24 billion in 2022 to $27.22 billion in 2023 at a compound annual growth rate (CAGR) of 3.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The cumene market is expected to grow from $31.35 billion in 2027 at a CAGR of 3.6%.

The cumene market consists of the sales of cumene used in the production of iron, steel, rubber, pulp, and paper.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Cumene is a colorless, flammable liquid and has a penetrating, gasoline-like odor.Cumene is a combination of crude oil and refined fuels.

It comprises a benzene ring with an isopropyl substitution.

Asia Pacific was the largest region in the cumene market in 2022.Middle East was the second-largest region in the cumene market.

The regions covered in the cumene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main manufacturing processes of cumene are aluminum chloride catalyst, solid phosphoric acid (spa) catalyst, and zeolite catalyst.Cumene is a colorless, flammable liquid and has a penetrating, gasoline-like odor.

The main applications of cumene include phenol, acetone, chromatography, and other applications. The various end-user industries of cumene are the paint industry, automotive industry, chemical industry, plastics industry, and other end-user industries.

Rising demand for phenols and acetones in various industries contributes to the growth of the cumene market.Acetone is used as a solvent in the pharmaceutical and cosmetic industries.

Phenols are used for the production of epoxy resins used in paints and coatings.As a result, strong demand for phenols and acetones has resulted in their oversupply.

The demand for acetone and phenol is increasing at a significant rate relative to supply, which offers new manufacturers great potential for establishing their facilities.The cumene market is expected to see a high growth rate during the forecast period due to an increase in global demand for acetone.

For instance, according to the 2021 acetone market development report by ECHEMI, a Hong Kong-based chemical supply chain service company, the global acetone production capacity is expected to grow steadily in 2022 at an average rate of 2.1% from 2018 to 2022. Rising demand for phenols and acetones drove the cumene market.

Rising demand for phenols and acetones in various industries contributes to the growth of the cumene market.Cumene is used as a feedstock 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 has resulted in a rise in the demand for cumene.

For instance, according to the 2021 acetone market development report by ECHEMI, a Hong Kong-based chemical supply chain service company, the global acetone production capacity is expected to grow steadily in 2022 at an average rate of 2.1% from 2018 to 2022. Thus, the rising demand for phenols and acetones positively drives the growth of the cumene market.

Companies in the cumene market are investing to meet the future demand.For instance, in Germany, INEOS Phenol, the world’s largest producer of acetone and phenol, has already made 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-tonne cumene unit was expected to be completed in 2021, will meet future demand and improve supply protection for INEOS plants in Gladbeck and Antwerp.

In addition, in August 2021, Lummus Technology, a global licensor of proprietary petrochemical, refining, gasification and gas processing technologies achieved successful plant acceptance from Formosa Chemicals and Fibre Corp, a Taiwan-based chemicals company for the firm’s cumene and phenol plant expansion in Ningbo, China. The plant now boasts a 600 kMTA cumene and 400 kMTA phenol capacity.

In August 2022, Ineos, a UK-based chemicals company acquired all the assets of Mitsui Phenol Co Ltd, located in Jurong Island, Singapore, from Mitsui Chemicals for $330 million.The acquisition strengthens the existing portfolio of Ineos and enable integration of business while adding around 1 million tons of production capacity including of cumene.

Mitsui Chemicals is a Japanese chemicals company.

The countries covered in the cumene market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The cumene market research report is one of a series of new reports that provides cumene market statistics, including cumene industry global market size, regional shares, competitors with a cumene market share, detailed cumene market segments, market trends and opportunities, and any further data you may need to thrive in the cumene industry. This comprehensive market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06281562/?utm_source=GNW

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