According to the market report “Global Cumene Market – Share, Outlook, Trends, Size and Forecasts (2018 – 2024)”, the Global Cumene Market is expected to reach USD 27.2 Billion by 2024 with a CAGR of 4.55% over the forecast period (2018 – 2024).
Cumene is an organic compound based on aromatic hydrocarbons with aliphatic substitution which is a flammable colorless liquid and is produced from benzene and propylene Cumene is used in the production of phenol and acetone production. Cumene is also used as a blending component in gasoline pool to avoid restriction in gasoline and also to yield maximum profit out of optimum investment.
The driving factors of Cumene market include the growing demand for phenol in industries like plastic, composites, laminates and others. Few of the end-user industries of Cumene market include polycarbonate, bisphenol -A, and phenolic resins.
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The largest consumer of phenol is BPA (Bisphenol A) which is used as a key ingredient for the production of polycarbonate and epoxy resins. These resins are vitally used in wood adhesives for binding the layers of plies to exterior plywood.
The global Cumene market is segmented, on the basis of application, into phenol, acetone, paints & enamel, high-octane aviation fuels and derivatives of phenol & acetone and so on.
The leading countries in Global Cumene Market are North America, Europe and Asia-Pacific. Rise in demand for enamels, lacquers, and paints, along with the increase in the usage and consumption of Cumene for the manufacturing of steel, iron, and rubber in various regions across the globe resulted in the boosting of market growth.
Few leading industries include BASF SE, BP PLC, Chang Chun Plastics Co., Ltd., China Petrochemical Development Corporation, ExxonMobil Corp and others.
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