The global cumene market is expected to reach USD 28.2 billion by 2025, according to a new report by Grand View Research, Inc. Rising demand for phenol from various key end use applications such as construction materials, pharmaceuticals, and adhesives, coupled with advancements in the production process of the chemical is expected to drive market growth over the forecast period.
Cumene or isopropylbenzene is derived from the reaction between benzene and propylene. It is produced by using catalysts such as zeolite, aluminum chloride, and phosphoric acid. Isopropylbenzene is mainly used for the production of acetone and phenol. The usage of aluminum chloride and solid phosphoric acid as catalysts in the production process have several disadvantages such as environmental hazard, catalyst non-renewability and high corrosion. These factors have resulted in a shift toward using zeolite as catalysts for production.
Phenol application segment dominated the global demand in 2016. Cumene is mainly used for the production of various phenol derivatives, which includes bisphenol A, caprolactam, and alkyl phenols. These byproducts are used in end use industries such as household appliances, adhesives, construction materials and electronic appliances. The global growth in construction, packaging, electronics and pharmaceuticals industry is expected to contribute a rise in demand for phenol byproducts thus benefitting the overall cumene market growth over the forecast period.
Excessive exposure of cumene can cause adverse effects on human health such as dizziness, headaches, and unconsciousness. It also causes irritation of skin and eyes. Fluctuating oil & gas prices is a cause of concern for cumene producers. However, major producers have integrated themselves among the value chain to deal with price fluctuations.
U.S. cumene market revenue by application, 2014 – 2025 (Kilo tons)
Browse full research report on Cumene Market Analysis:
Further key findings from the report suggest:
- Zeolite production process emerged as the largest segment in 2016 and is expected to generate USD 17.9 billion by 2025. The segment is expected to grow at an expected CAGR of 4.3% over the next eight years.
- Phenol segment is expected to grow at an anticipated CAGR of 4.8% over the forecast period. Strong demand from end use industries such as construction and electronics for by products is a major contributing factor for this scenario.
- The market in Asia Pacific region is projected to witness substantial growth over the forecast period owing to strong demand from countries such as China, India, Japan and South Korea
- Key industry participants include ExxonMobil, BASF SE, China Petroleum & Chemical Corporation, Total S.A., Sinopec Group Ltd., Saudi Basic Industries Corporation, and Dow Chemical Company
For more information: http://www.grandviewresearch.com