Global Cumene Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
27 Oct, 2021
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.
Global Cumene Market Size And Drivers:
The global cumene market is expected to grow from $15.97 billion in 2020 to $18.34 billion in 2021 at a compound annual growth rate (CAGR) of 14.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $17.63 billion in 2025 at a CAGR of -1%. Rising demand for phenols and acetones in various industries contributes to the growth of the cumene market.
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Trends In The Global Cumene Market
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 has done 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 would be completed by 2021 and will meet future demand and improves supply protection for INEOS plants in Gladbeck and Antwerp.
Global Cumene Market Segments:
The global cumene market is further segmented –
By End-User Industry: Paints Industry, Automotive Industry, Chemical Industry, Plastics Industry and Others
By Application: Phenol, Acetone, Chromatography, Others
By Manufacturing Process: Aluminum Chloride Catalyst, Solid Phosphoric Acid (SPA) Catalyst, and Zeolite Catalyst
By Geography: The global cumene market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Cumene Market At:
https://www.thebusinessresearchcompany.com/report/cumene-global-market-reportCumene Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides cumene market overviews, analyzes and forecasts market size and growth for the global cumene market, cumene market share, cumene market players, cumene market segments and geographies, cumene market’s leading competitors’ revenues, profiles and market shares. The cumene market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.