-- The global market of cumene is expected to reach the market value more than 25 billion by 2022 and is expected to grow at more than 6% CAGR during the period 2016 – 2022 in terms of value. The report comprises the actual historical market size for the period 2014 and forecast for the period 2016 – 2022 of the global cumene market. Cumene is a colorless and clear liquid with a gasoline-like odor. It is a natural component of crude oil and coal fuel. It is highly used in petroleum products, and high octane fuels, and as a thinner in paints, enamels, lacquers. Cumene is also used for production of acetone, methylstyrene, acetophenone, and phenol.
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Growth in Demand for Phenol/Acetone And Their Derivatives
Over the past few years, the acetone and phenol markets have seen prompt increase in production capacity, globally. The key derivatives of acetone and phenol are polycarbonate, epoxy resins, phenolic resins, methyl methacrylate and bisphenol-A (BPA). Demand for acetone and phenol is on surge at a significant rate as compared to supply, which offers great potential for new manufacturers to set up their facilities. The by-product produced from manufacturing process of phenol is acetone; as a result, resilient demand for phenol has resulted in its oversupply. Furthermore, surge in growth of electronics industry, specifically in China and India, drives the demand for bisphenol-A (BPA), which in turn fuels the global cumene market growth at a noteworthy pace. Additionally, since acetones and phenol are vital raw materials for manufacturing of pesticides and herbicides to yield improvement and crop protection, the demand for cumene is estimated to observe a rapid surge throughout the forecast period.
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Market Segmentation
The cumene market is segmented based on application and geography. Based on application, it is classified into phenol/acetone, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. Furthermore, North America is segmented into U.S., Canada and Mexico. Also, Europe is bifurcated into major countries such as U.K., France, Russia, Germany, and Rest of Europe. Asia-Pacific is sub-classified into Japan, China, Korea, Australia, Malaysia, India and Rest of Asia-Pacific. LAMEA is further segmented Brazil, KSA, South Africa and Rest of LAMEA.
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Increase in Requirement of Cumene
Based on application, phenol/acetone segment held largest market share in 2016 and is expected to maintain its dominance throughout the forecast period. Efficient thinners are in demand in response to the constant changes in the paints & coatings industry. Thus, increase in requirement of cumene as a thinner and escalating use of phenol-based composites and plastics propel the demand of this segment, globally. Increase in demand for phenolic resins, acetone, and bisphenol-A has triggered the market potential of phenol/acetone segment. In addition, growth in plastic, composite, and laminate industries has increased the demand for phenolic resins which offers alluring growth opportunities for the cumene market in near future.
Some of the major companies profiled in the report include The Dow Chemical Company, BP p.l.c., Royal Dutch Shell Plc., Exxon Mobil Corporation, BASF SE, SABIC, Axiall Corporation, JX Nippon Oil & Energy and Sumitomo Chemical Co., Ltd. among others.
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