The global cumene market is expected to reach USD 29.04 Billion by 2027, according to a new report by Reports and Data.

NEW YORK CITY, NY, UNITED STATES, September 16, 2021 /EINPresswire.com/ -- Reports and Data has added a new investigative report on the Global Cumene Market that offers insightful data about market dynamics such as drivers and restraints, growth opportunities and prospects, current and historic data, segments and sub-segments, and recent technological advancements in the market. The report provides market estimations such as market size, market share, revenue growth, and CAGR, and market analysis for the forecast period of 2021-2027. The report also offers a comprehensive analysis of the competitive landscape with company profiles and product portfolios. To provide a deeper understanding of the global market, the report offers a statistical analysis of the global and local production and consumption ratio.

Cumene is used as a raw material in the production of phenol, which finds extensive application in the plastic industry as a starting material in the polymerization reaction for producing various types of plastics. It is used to produce a broad range of polymers which are used to synthesize epoxide resins and polycarbonates used in the manufacturing of plastics.

Key companies in the report:
Royal Dutch Shell PLC, ExxonMobil Corporation, BASF SE, Dow Chemical Company, JXTG Holdings, China Petroleum & Chemical Corporation, INEOS Group, Borealis, Sinopec Group Ltd., and LG Chem Ltd., among others.

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Rising global population has led to increasing number of construction and building activities across the globe, in turn, driving demand for materials and chemicals. Availability of advanced finishing materials, environmentally sustainable raw materials and chemicals, and growing progress of plastics industry has significantly contributed to the revenue growth of the market. Chemicals and materials industry is a crucial part of the world economy and produces over 70,000 products that are needed across various end-use industries. Consumer products such as soaps, detergents, and cosmetics, along with electronic gadgets, automobiles, and paints & cosmetics, among others are in high demand across the globe and are majorly dependent on various types of chemicals and materials. International corporations are actively engaged in developing sustainable products to reduce carbon emissions and pollution and ensure safe operations of the facilities. These key factors have significantly contributed to market revenue growth and is expected to continue to do so going ahead.

For the purpose of this report, Reports and Data have segmented the global cumene market on the basis of raw materials, production method, applications, and region:
Raw Materials Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

Propylene

Benzene

Production Method Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

Aluminum Chloride Catalyst

Solid Phosphoric Acid (SPA) Catalyst

Zeolite Catalyst

Applications Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

Phenol

Acetone

Others

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Key companies are focused on mergers and acquisitions, joint ventures, collaborations, partnerships, product launches, brand promotions, and R&D activities among others to cater to growing global demand and gain a strong foothold in the market. The report also analyzes the presence of key companies, their ventures, and investment and funding opportunities in key regions of the world including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The study covers critical information and factual data about the Cumene industry along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. The report also covers SWOT analysis and Porter’s Five Forces analysis to offer better understanding of the competitive landscape of the global Cumene market.

Further key findings from the report suggest

By raw materials, benzene contributed to a larger market share in 2018 and is expected to grow at a rate of 3.4% in the forecast period.
By production method, the zeolite catalyst-based production method dominated the market in 2018. The industrial alkylation processes for the production of cumene, most commonly use zeolites for use as catalyst owing to its eco-friendly attribute and efficiency. Zeolites diminish the formation of by-products, including n-propylbenzene and propylene oligomers, both of which reduce the quality of the final product.
By application, phenol held the largest market share in 2018 and is expected to grow at a rate of 3.5% in the forecast period. Phenol is used in industries such as raw material to produce plastics, explosives like picric acid, and drugs, for instance, aspirin. The common phenol hydroquinone is the constituent of photographic developer that is used in the reduction of exposed silver bromide crystals to black metallic silver.
The market in the Asia Pacific region contributed to the largest market share in 2018 and is expected to grow at a rate of 4.3% in the forecast period. The emerging economies in the APAC region are projected to foresee constant growth due to the overall growth of the economy. Additionally, increased investments by leading market players along with a rise in the level of the disposable income of people in the region are causative of the growth of the market.

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