11th October 2019 – Global Cumene Market is expected to reach USD 28.2 billion by 2025. Cumene is also termed as is opropyl benzene, 1-methylethyl benzene, or 2-phenylpropane, is an organic compound with a molecular formula C9H12 and molecular weight 120.195 g/mol. It is volatile liquid and colorless with a gasoline like odor and may be used as a combination constituent in gasoline. It is a natural constituent of crude oil and coal tar. It is exclusively used for manufacturing Acetone and Phenol, two chemicals that are exclusively used to make plastics. The cumene market is estimated to grow at a significant CAGR of 4.6 % over the forecast period as the scope and its applications are rising enormously across the globe.
Increasing demand for acetone and phenol in several end use industries and environmental policy registered with VAM in developing countries are documented as major factors of cumene industry that are estimated to enhance the growth in the years to come. However, hazardous effects of Cumene on health may restrict overall market growth in the coming years. Cumene market is segmented based on product type, applications, and region.
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Aluminum chloride, zeolite, solid phosphoric acid, and other product types could be explored in Cumene in the forecast period. Zeolite sector accounted for the substantial market share of Cumene and is estimated to continue its dominance in the coming years. Also, the sector is estimated to grow at highest CAGR in the coming years.
The may be categorized based on applications like acetone, phenol, and others that could be explored in the forecast period. Phenol sector accounted for the substantial market share of Cumene and is estimated to lead the overall market in the coming years. Derivatives of phenol includes alkyl phenols, phenol resins, bisphenolA, caprolactam, and others. Also, acetone sector is estimated to grow at fastest pace in the coming years. The derivatives of acetone are aldol chemicals, solvent use, bisphenolA, methyl methacrylate, and others.
Globally, Asia Pacific accounted for the substantial market share of Cumene and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be high demand from developing countries like China, Indonesia, and India, high demand for acetone and phenol, and developing construction and automotive companies in the region. Instead, Europe is also estimated to have a positive influence on the future growth.
The key players of cumene market are Dow Chemical Company, ExxonMobil, Saudi Basic Industries Corporation, BASF SE, Sinopec Group Ltd., China Petroleum & Chemical Corporation, and Total S.A. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
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