Cumene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Cumene Market is segmented by Catalyst Type (Aluminum Chloride Catalyst, Solid Phosphoric Acid (SPA) Catalyst, Zeolite Catalyst, and Other Catalyst Types), Application (Phenol, Acetone, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for cumene in volume (kilo tons) for all the above segments.

Cumene Industry Overview

Cumene Market Summary
Study Period: 2017-2027
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: > 4.5 %

Major Players

Cumene Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Cumene Market Analysis

The global cumene market is estimated to reach over 15,700 kilotons by the end of this year and is projected to register a CAGR of over 4.5% during the forecast period.

The sudden onset of the COVID-19 pandemic in 2020 caused demand for cumene to decline in the global market, leading to low demand for phenol and acetone derivatives of cumene. The phenol market segment witnessed a lower growth rate from early 2020 to mid-2021 owing to the suspension of industrial activities. The production of phenol decreased due to the impact of COVID-19 on the industry, the region, and subsequent supply chain operations. Moreover, the pandemic affected the major end-user industries of cumene, such as cosmetics and personal care, paints and enamels, high-octane aviation fuels, and polymer industries, where declined sales weakened the demand for cumene for a long period. However, the market is projected to grow steadily, owing to a rapid headstart in activities of various end-user industries such as construction and others, which consume cumene and its derivative-based products, post the pandemic retraction.

  • Over the medium term, the increasing demand for phenol from the plastic industry​ and the large consumption of acetone as a solvent ​are major factors driving the growth of the market studied.
  • On the flip side, harmful effects ehibited by cumene and its derivatives due to extended exposure is anticipated to significantly hinder the market's growth.
  • Nevertheless, the rising investments and applications of bisphenol A (BPA) is likely to create lucrative growth opportunities for the global market soon.
  • Asia-Pacific is expected to dominate the global market during the forecast period. Also, it is expected to register the highest CAGR during the forecast period.

Cumene Industry Segments

Cumene (chemical name: isopropylbenzene) is an aliphatic-substituted aromatic hydrocarbon present in all crude oil and refined fuels. It is a colorless, flammable liquid with a boiling point of 152°C. Cumene is produced either from the distillation of coal tar and petroleum fractions or by the acid-catalyzed alkylation reaction of benzene with propene. The cumene market is segmented by catalyst type, application, and geography. By catalyst type, the market is segmented into aluminum chloride catalyst, solid phosphoric acid (SPA) catalyst, zeolite catalyst, and other catalyst types. By application, the market is segmented into phenol, acetone, and other applications. The report also covers the market size and forecast for the cumene market in 15 countries across major regions. For each segment, the market sizing and forecast have been done based on volume (kilo tons).

Catalyst Type
Aluminum Chloride Catalyst
Solid Phosphoric Acid (SPA) Catalyst
Zeolite Catalyst
Other Catalyst Types
Application
Phenol
Acetone
Other Applications (Including Paints, Enamels, Aviation Fuels, and Others)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
US
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Cumene Market Trends

This section covers the major market trends shaping the Cumene Market according to our research experts:

Increasing Demand from Phenol Segment

  • One of the major applications of cumene is in the production of phenol. The liquid-phase oxidation of cumene with molecular oxygen forms cumene hydroperoxide, further decomposed with a catalyst into phenol and acetone.​
  • Phenol plays a major role in many industries. Some common applications of phenol include plywood, window glazing, DVDs and CDs, computers, sports equipment, fiberglass boats, automotive parts and accessories, circuit boards, and flat-panel televisions.
  • The growth in the automotive sector is imperative to the growth of the phenol market, which in turn increases the demand for cumene. The automotive industry registered massive growth in the past few years. According to OICA, the total number of vehicles produced in 2021 was 80,145,988, a growth of 3% compared to 2020.
  • Phenol is also a major component in phenolic adhesives used in wood products such as plywood and oriented strand board. Also, it is a valuable intermediate in producing detergents, agricultural chemicals, medicines, plasticizers, and dyes.
  • The largest single market for phenol is in the production of Bisphenol A (BPA), which is manufactured from phenol and acetone. BPA, in turn, is used in the manufacturing of polycarbonate and epoxy resins which are used in many different sectors, making phenol a major component in end-user sectors thus triggering its production in different regions.
  • According to the Ministry of Economy Trade and Industry (METI), the total production volume of phenol in Japan amounted to 617.7 thousand tons in 2021 and registered a growth rate of 11.9% compared to 551.69 thousand tons in 2020. Higher production rates of phenol are likely to drive up the consumption rate of cumene in the future.
Cumene Market: Production Volume of Phenol, in Thousand Tons, Japan, 2017-2021

China to Dominate the Asia-Pacific Market

  • In the Asia-Pacific, China dominates the regional market share. Cumene is a top commodity chemical due to its high demand in various chemical processes. The primary use of cumene is as an intermediate in producing phenol and acetone. The expanding chemical manufacturing sector and growing end-user demand in Asia-Pacific countries support the positive market dynamics of cumene.
  • Small amounts of cumene are also used as thinners for paints, lacquers, and enamels and as solvents in paints and other coatings. China accounts for more than one-fourth of the global coatings market presently. Nippon has been tapping into this market by upgrading its coatings production process across its new plants in China. The ​company's revenue in China was valued at CNY 379.1 billion (USD 54.55 billion) in 2021.
  • In May 2021, PPG announced the completion of its USD 13 million investment in its Jiading, China, paint and coatings facility, including eight new powder coating production lines and an expanded powder coatings technology center that is expected to enhance PPG’s research and development capabilities. The expansion is likely to increase the plant’s capacity by more than 8,000 tons per year.
  • Cumene is also used as a gasoline blend for providing high octane aviation fuel, which is being used in the jet and commercial aircrafts. Additionally, according to the Civil Aviation Administration of China (CAAC), China is one of the largest markets for domestic air passengers. The civil aircraft fleet in the country has been increasing steadily for the last five years. ​
  • According to the China Aviation Transportation Association, China had a total of 3,066 general aviation aircraft, including 1,583 turboprops and piston airplanes and 1,049 helicopters as well as 360 business jets and 74 other general aviation aircrafts as of June 2021.
Cumene Market - Growth Rate by Region, 2022-2027

Cumene Market Competitor Analysis

The global cumene market is fragmented in nature. The major market players (in no particular order) include Cepsa, INEOS, Kumho P&B Chemicals Inc., Dow, and Koch Industries Inc., among others.

Cumene Market Top Players

  1. Cepsa

  2. INEOS

  3. KUMHO P&B CHEMICALS.,INC.

  4. Dow

  5. Koch Industries, Inc.

*Disclaimer: Major Players sorted in no particular order

Cumene Market Concentration

Cumene Market Recent Developments

  • In August 2022, INEOS agreed to acquire the total base of Mitsui Phenols Singapore Ltd from Mitsui Chemicals for a total consideration of USD 330 million, which includes the production of 410 ktpa of cumene, strengthening the competitiveness of the business.
  • In September 2021, Formosa announced the cumene and phenol plant expansion using a Lummus technology license and engineering design in Ningbo, China. The expansion added 600 kMTA cumene and 400 kMTA phenol capacity to an existing 450 kMTA cumene and 300 kMTA phenol plant.

Cumene Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Phenol from the Plastic Industry

      2. 4.1.2 Increasing Use of Acetone as a Solvent

    2. 4.2 Restraints

      1. 4.2.1 Harmful Effects Due to Extended Exposure

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Feedstock Analysis​

    6. 4.6 Technological Snapshot

    7. 4.7 Trade Analysis

    8. 4.8 Price Trends

    9. 4.9 Regulatory Policy Analysis

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Catalyst Type

      1. 5.1.1 Aluminum Chloride Catalyst

      2. 5.1.2 Solid Phosphoric Acid (SPA) Catalyst

      3. 5.1.3 Zeolite Catalyst

      4. 5.1.4 Other Catalyst Types

    2. 5.2 Application

      1. 5.2.1 Phenol

      2. 5.2.2 Acetone

      3. 5.2.3 Other Applications (Including Paints, Enamels, Aviation Fuels, and Others)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 US

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 France

        3. 5.3.3.3 UK

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Braskem

      2. 6.4.2 Cepsa

      3. 6.4.3 Chang Chun Group

      4. 6.4.4 CITGO Petroleum Corporation

      5. 6.4.5 Domo Chemicals

      6. 6.4.6 Dow

      7. 6.4.7 INEOS

      8. 6.4.8 Koch Industries Inc.

      9. 6.4.9 Kumho P&B Chemicals Inc.

      10. 6.4.10 Prasol Chemicals Pvt. Ltd

      11. 6.4.11 Shell PLC

      12. 6.4.12 SABIC

      13. 6.4.13 Versalis S.p.A.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Rising Investments and Applications of Bisphenol A (BPA)

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Cumene Market Research FAQs

The Cumene Market market is studied from 2017 - 2027.

The Cumene Market is growing at a CAGR of >4.5% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Cepsa, INEOS, KUMHO P&B CHEMICALS.,INC., Dow, Koch Industries, Inc. are the major companies operating in Cumene Market.

Cumene Industry Reports

In-depth industry statistics and market share insights of the Cumene sector for 2020, 2021, and 2022. The Cumene research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Cumene report PDF.

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