Global Cumene Market - Segmented by Application, Ingredients, Manufacturing Process, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global cumene market is expected to witness a CAGR of approximately 4.8%, during the forecasted period. The major factor driving the market is the growing demand for phenol from plastics and composites applications.
Rising Demand for Phenol
Cumene is a flammable and colorless liquid and a constituent of refined fuels and crude oil. It is made primarily for phenol and acetone production, which consume more than 90% of all cumene. Therefore, cumene has a close dependency on phenol. The growing demand for phenol from plastics and composites segment has significantly increased the demand for cumene. Hence, this is one of the major driving factors for the market during the forecast period. However, the extended exposure of cumene causes harmful effects to human, which may hinder the market growth to a certain extent.
Growing Demand for Polycarbonate
Cumene is majorly required in the manufacturing of polycarbonate. Polycarbonate has been one of the booming markets with steady growth. PC resins are significantly consumed in automotive industry. Thus, with the consistent growth in the automotive industry, globally, the demand for PC is expected to increase and growth trend is expected to continue during the forecast period. Therefore, with the growth of the polycarbonate market, the demand for cumene is expected to rise, during the forecast period.
Asia-Pacific is the Dominating Region
In terms of consumption in 2017, Asia-Pacific held the largest share. The demand for cumene in countries including China, India, and Indonesia are expected to rise at a great pace owing to the increasing demand for phenol and acetone, owing to growing automotive and construction industry in the abovementioned countries. However, the harmful effects of cumene on extended exposure may hamper the market growth to a certain extent in the region during the forecast period.
Key Developments in the Market
July 2017: INEOS Phenol planned for ‘world-scale’ cumene plant in Germany with a potential start-up date of 2020
Major Players – AkzoNobel NV, BASF SE, Olin Corporation, Tata Chemicals Limited, and DowDuPont, amongst others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating process type and filler used in the market
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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