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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