According to IMARC Group latest report titled “Cumene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on cumene market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global cumene market size reached US$ 19.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 25.6 Billion by 2027, exhibiting a growth rate (CAGR) of 4.6% during 2022-2027.
Cumene, or isopropyl benzene, is an inflammable organic compound derived from the aliphatic, aromatic hydrocarbons. It is an essential component in the manufacturing of refined crude oil and fuels and is also used as a chemical base to produce hydroperoxide, phenol, and acetone. Cumene is also utilized in making various petroleum-based products, such as additives, enamels, thinners, lacquers, adhesives, sealants, and solvents in paints. As a result, this compound finds widespread applications across several sectors, including chemical, petrochemical, plastic, oil and gas, rubber, automotive, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The growing popularity of acetone as an industrial solvent and in the production of bisphenol A (BPA) and methyl methacrylate (MMA) in various pharmaceutical and cosmetic products is among the primary factors driving the cumene market. Besides this, the escalating product demand in manufacturing acrylic sheets, laminates, and composites, which are utilized in construction, automotive, and medical applications, is further augmenting the market growth. Moreover, the development of food-grade cumene for polycarbonate plastic-based containers and bottles is also catalyzing the global market. Apart from this, the expanding plastic industry across the globe is acting as another significant growth-inducing factor. Furthermore, the elevating industrialization levels and the increasing consumer preferences for high octane derivatives are expected to bolster the cumene market in the coming years.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- BASF SE
- Borealis AG
- ExxonMobil Corporation
- INEOS Capital Limited
- LG Chem Ltd.
- Merck KGaA
- Royal Dutch Shell plc
- Saudi Basic Industries Corporation
- Sumitomo Chemical Co. Ltd
- The Dow Chemical Company
- Versalis S.p.A.
Cumene Market Segmentation:
Our report has categorized the market based on region, manufacturing process, application and end use industry.
Breakup by Manufacturing Process:
- Aluminum Chloride Catalyst
- Solid Phosphoric Acid (SPA) Catalyst
- Zeolite Catalyst
Breakup by Application:
- Paints and Enamels
- High-octane Aviation Fuels
Breakup by End Use Industry:
- Plastics Industry
- Automotive Industry
- Chemical Industry
- Paint Industry
- Rubber Industry
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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