The global cumene market size is expected to experience a period of dynamic growth as cumene is majorly used for producing phenol and acetone, shares Fortune Business Insights™ in its report, titled “Cumene Market Size, Share & Industry Analysis, By Application (Phenol, Acetone) and Regional Forecast, 2024-2032”. Phenol and acetone are organic compounds that are widely utilized across a variety of end-user industries. Phenol, for example, is commonly adopted by health professionals for treating sore throat. It is also an active ingredient in analgesics, which are extensively used to manage pharyngitis for a temporary period. On the other hand, acetone is one of the most basic organic compounds produced, having common household applications such as paint thinning and nail polish removing. In the US, acetone has volatile organic compound-exempt status. Cumene is the essential compound in producing phenol and acetone, both of which play a key role in the manufacturing of plastics.
Highlights of the Report:
- Microscopic analysis of the factors and trends driving and constraining the market growth;
- Piecemeal evaluation of the performance of all market segments;
- Comprehensive profiling and study of the key market players and their dominant strategies; and
- Granular examination of the regional dynamics and upcoming opportunities.
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Market Restraint
Health Risks Posed by Cumene May Inhibit Adoption
One of the major challenges impeding the cumene market growth is the health risks posed by the compound. Cumene, also known as isopropyl benzene, is a component of crude oil and refined fuels, which gets released into the environment through the evaporation and consumption of petroleum products and refining of petroleum. According to the US Environmental Protection Agency (EPA), prolonged inhalation of cumene can cause unconsciousness, incoordination, drowsiness, dizziness, and headaches in humans. Furthermore, the compound is a known skin- and eye-irritant in humans and animals, the EPA highlights. In addition, research conducted by the US Department of Health and Human Services found that inhalation or dermal exposure of cumene caused moderate toxicity, while the toxicity was low in case of ingestion.
The growth of this market is also likely to be hindered by the COVID-19 pandemic as the crisis has created unprecedented upheavals in global supply chains and has led to a severe economic downturn. More importantly, the demand for crude oil is falling. According to the International Energy Agency (IEA), the daily demand for oil is likely to decline by 8.1 million barrels, with people working from home, countries imposing lockdowns, and air travel being heavily restricted. This will contract the production of petrochemicals and hamper the growth of this market.
Regional Insights
Robust Industrial Growth in China and India to Propel the Market in Asia Pacific
Among regions, Asia Pacific is currently dominating the cumene market share and is expected to hold its leading position in the near future owing to the strong growth patterns exhibited by various industries such as automotive and construction. The rapid expansion of the cosmetics and consumer goods industries will also favour the market growth in the region.
In North America the market will be primarily driven by the heavy investments made in hydrocarbon research, while the market in Europe is anticipated to surge on the back of increasing demand for lightweight automobiles. On the other hand, speedy urbanization and burgeoning hydrocarbon and plastic industries will ensure steady growth of the market in Latin America.
Competitive Landscape
Capacity Expansion to be the Main Focus Area for Key Players
Major competitors in this market are singularly focused on developing and strengthening their R&D and production capacities to meet the booming demand for petrochemical products. Companies are strategically investing in plants and machineries to scale up manufacturing and cater to the evolving requirements of various end-use industries.
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Industry Development:
- July 2019: INEOS Phenol, the UK-based chemicals company, announced the building of a state-of-the-art, world-scale cumene facility in Germany, which will be completed in 2021. The new plant will have a capacity of 750,000 tons and will facilitate the optimization of supply between the company’s plants in Antwerp and Gladbeck.
List of Key Companies Profiled in the Cumene Market Report:
- Braskem
- Shell Global
- Sinopec Group Ltd.
- BASF SE
- JX Holdings
- Total S.A.
- Borealis
- China Petroleum & Chemical Corporation
- ExxonMobil Corporation
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