Cumene Market Size, Share, Growth, Trends, and Global Industry Analysis: By Ingredient (Benzene and Propylene), By Catalyst Type (Solid Phosphoric Acid, Anhydrous Aluminium Chloride, Zeolite, and Others), By Application (Phenol, Acetone, Paints, Rubber, and Others), By End-Use Industry (Plastic, Automotive, Chemicals, Paints, Pharmaceuticals, and Others), and Region

Cumene Market size was valued at US$ 20,837.2 Million in 2023 and is poised to grow at a CAGR of 4.6% from 2024-2030. The market refers to the industry involved in the production, distribution, and utilization of cumene, a flammable colorless organic compound. Cumene, also known as isopropylbenzene, is produced through the alkylation of benzene with propylene, resulting in a versatile compound that serves as a precursor for two important chemicals: phenol and acetone. The growing demand for acetone and phenol has a direct and significant impact on driving the market. Given that cumene is a primary raw material to produce phenol and acetone, any increase in the demand for phenol and acetone directly translates to increased demand for cumene. These chemicals have widespread applications in industries such as plastics, adhesives, coatings, pharmaceuticals, cosmetics, and more. As these industries continue to expand, the demand for cumene as a feedstock also increases.

Moreover, evolving industry needs as well as technological advancements further contribute to the expansion of the market. Advances in production processes and technology have improved the efficiency of cumene production. This has led to cost reductions, increased yields, and better product quality, making cumene a more attractive feedstock for downstream applications. However, traditional cumene production involves hazardous intermediates and catalysts, raising environmental concerns. Minimizing the environmental impact can lead to additional costs and regulatory compliance challenges, which impede market growth. Developing greener and more environmentally friendly production processes for cumene can align with the growing demand for sustainable chemicals. Therefore, innovative technologies and approaches that reduce emissions, waste, and energy consumption could create potential opportunities for the market. Key market players are constantly involved in developing innovative solutions to cater to the rising demand for cumene-based products from the various end-use industries. For instance, in June 2022, INEOS Phenol launched its first bio-attributed product line, INVIRIDIS, for phenol, acetone alphamethylstyrene (AMS) production

Cumene Market Key Developments

• In June 2023, Kumho P&B Chemicals obtained ISCC PLUS certification for its five products Cumene, Phenol, Aceotone, Bisphenol-A, and Epoxy resin.
• In August 2021, Lummus Technology has received plant acceptance for its cumene and phenol plant expansion in China from Formosa Chemicals and Fibre Corp.