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Global Cumene Market Size, Share And Growth Analysis For 2024-2033
Cumene Market Size, Analysis, Trends, and Strategies 2024–2033
LONDON, GREATER LONDON, UNITED KINGDOM, September 2, 2024 /EINPresswire.com/ --
The cumene market has experienced robust growth in recent years, expanding from $27.24 billion in 2023 to $28.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increasing demand for phenol and acetone, growing demand for cumene-based resins, growing demand for plastics, expanding industrialization, rising disposable incomes, increasing awareness of the benefits of cumene-based products.
Strong Future Growth Anticipated
The cumene market is projected to continue its strong growth, reaching $36.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to expanding urbanization, increasing consumption of consumer goods, growing pharmaceutical and chemical industries, economic growth, bio-based cumene alternatives, expanding automotive sector, construction and building sector.
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Growth Driver Of The Cumene Market
The growing automotive industry is expected to propel the growth of the cumene market going forward. The automotive industry is a vast sector that encompasses a wide range of companies and organizations involved in various activities related to motor vehicles. Cumene is primarily used as a raw material in the production of phenol and acetone, which are widely utilized in the automotive industry.
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Major Players And Market Trends
Key players in the cumene market include Shell PLC, Exxon Mobil Corporation, BP PLC, Sumitomo Chemical Co. Ltd., BASF SE, Dow Chemical Company, China Petroleum and Chemical Corporation.
Major companies operating in the cumene market are undergoing strategic partnerships to mark their place in the market. These partnerships can help companies reach new customers, expand their audience, enter new markets, and expand their business.
Segments:
1) By Manufacturing Process: Aluminum Chloride Catalyst, Solid Phosphoric Acid (SPA) Catalyst, and Zeolite Catalyst
2) By Application: Phenol, Acetone, Chromatography, Other Applications
3) By End Userr Industry: Paints Industry, Automotive Industry, Chemical Industry, Plastics Industry, Other End-User Industries
Geographical Insights: North America Leading The Market
Asia-Pacific was the largest region in the cumene market in 2023. Middle East was the second-largest region in the global cumene market. The regions covered in the cumene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Cumene Market Definition
Cumene is a colorless, flammable liquid and has a penetrating, gasoline-like odor. Cumene is a combination of crude oil and refined fuels. It comprises a benzene ring with an isopropyl substitution.
Cumene Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Cumene Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cumene market size, cumene market drivers and trends, cumene market major players, cumene competitors' revenues, cumene market positioning, and cumene market growth across geographies. The cumene market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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