PUBLISHER: The Business Research Company | PRODUCT CODE: 1712389
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712389
Cumene, a colorless and flammable liquid, possesses a distinctive gasoline-like odor. Derived from a combination of crude oil and refined fuels, it contains a benzene ring with an isopropyl substitution.
The primary manufacturing methods of cumene involve using aluminum chloride catalyst, solid phosphoric acid (SPA) catalyst, and zeolite catalyst. Known for its distinct characteristics, cumene is applied in various industries including phenol and acetone production, chromatography, and more. It caters to a range of end-user sectors such as paint, automotive, chemical, plastics, and other related industries.
The cumene market research report is one of a series of new reports from The Business Research Company that provides cumene market statistics, including cumene industry global market size, regional shares, competitors with a cumene market share, detailed cumene market segments, market trends and opportunities, and any further data you may need to thrive in the cumene industry. This comprehensive market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cumene market size has grown strongly in recent years. It will grow from $28.94 billion in 2024 to $30.73 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing demand for phenol and acetone, growing demand for cumene-based resins, growing demand for plastics, expanding industrialization, rising disposable incomes, increasing awareness of the benefits of cumene-based products.
The cumene market size is expected to see strong growth in the next few years. It will grow to $38.84 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to expanding urbanization, increasing consumption of consumer goods, growing pharmaceutical and chemical industries, economic growth, bio-based cumene alternatives, expanding automotive sector, construction and building sector. Major trends in the forecast period include biobased cumene, advanced phenol derivatives, digitalization and industry 4.0, green chemistry and sustainability, advanced cumene.
The expanding automotive industry is anticipated to drive the growth of the cumene market in the upcoming period. This sector encompasses a broad spectrum of entities involved in activities related to motor vehicles. Cumene serves as a crucial raw material in the production of phenol and acetone, both extensively used in the automotive industry. For example, in June 2023, the European-based Automobile Manufacturers Association (ACEA) reported that global motor vehicle production reached 85.4 million units in 2022, reflecting a 5.7% increase compared to 2021. This infographic highlights the regional breakdown of motor vehicle production for 2021 and 2022. Consequently, the expanding automotive industry is fueling the growth of the cumene market.
The cumene market is witnessing growth due to the escalating demand for phenols and acetones across multiple industries. Acetone functions as a solvent in pharmaceutical and cosmetic sectors, while phenols are vital in producing epoxy resins utilized in paints and coatings. The increased demand for these substances has led to an oversupply, providing opportunities for new manufacturers to establish facilities. During the forecast period, the cumene market is projected to experience substantial growth due to the surging global demand for acetone. According to the 2022 acetone market development report by ECHEMI, the solvent segment is projected to account for over 35% of acetone demand by 2024, driven by growth in the construction and automotive industries. Additionally, acetone demand is expected to double by 2034, with usage in chemicals and pharmaceuticals increasing 1.9 times. The rising demand for phenols and acetones is a significant factor driving the growth of the cumene market.
Leading companies in the cumene market are engaging in strategic partnerships to strengthen their market presence. These collaborations enable businesses to reach new customers, expand their audience, enter new markets, and scale operations. For instance, cumene plants are adopting advanced technologies and process optimizations to halve CO2 emissions, aligning with environmental sustainability goals while maintaining production efficiency. For example, in December 2023, Ineos Phenol, a Germany-based global manufacturing company, launched Europe's largest cumene plant in Marl, with an annual production capacity of 750,000 metric tons. This state-of-the-art facility sets a benchmark for sustainability by achieving a 50% reduction in carbon dioxide emissions through innovative heat integration technology. Strategically located to connect with existing production sites and pipelines, the plant enhances operational efficiency and reinforces Ineos's position as the world's leading producer of phenol and acetone. This milestone represents a significant advancement in sustainable manufacturing within the chemical industry, addressing market demands while upholding environmental responsibility.
In August 2022, Ineos, a prominent UK-based chemicals corporation, completed the acquisition of Mitsui Phenol Co. Ltd.'s assets situated in Jurong Island, Singapore, from Mitsui Chemicals for $330 million. This acquisition bolsters Ineos' present portfolio and offers an opportunity for business integration, notably augmenting the production capacity by approximately 1 million tons, inclusive of cumene. Mitsui Chemicals, the previous proprietor, is a leading chemicals firm based in Japan.
Major companies operating in the cumene market include Shell PLC, Exxon Mobil Corporation, BP PLC, Sumitomo Chemical Co. Ltd., BASF SE, Dow Chemical Company, China Petroleum and Chemical Corporation, Ineos Group Limited, Compania Espanola de Petroleos SAU, Chang Chun Group, Braskem SA, Saudi Arabia's Basic Industries Corporation, KMG Chemicals Inc., China National Petroleum Corporation, China Petrochemical Development Corporation, Koch Industries Inc., Mitsui & Co. Ltd., Eni spa, Sunoco LP, Aramco Services Company, Flint Hills Resources LLC, Axiall Corporation, Sigma-Aldrich, TotalEnergies SE, Borealis AG, Total Petrochemicals & Refining USA Inc., Kumho Petrochemical Co. Ltd., Asahi Kasei Chemicals Corporation, LG Chem Ltd., Chevron Phillips Chemical Company, Idemitsu Kosan Co. Ltd., PTT Phenol Company Limited, CEPSA Quimica SA, Reliance Industries Limited, Indian Oil Corporation Limited
Asia-Pacific was the largest region in the cumene market in 2024. Middle East was the second-largest region in the global cumene market. The regions covered in the cumene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the cumene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The cumene market consists of the sales of cumene used in the production of iron, steel, rubber, pulp, and paper. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cumene Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cumene market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cumene ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cumene market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.