The cumene market is estimated to register a substantial CAGR of over 4% during the forecast period, 2021–2028. The growth of the market is attributed to its expanding demand in various applications such as composites, laminates and plastics.
Cumene also known asIsopropyl-benzene is an organic compound comprises of aromatic hydrocarbons with aliphatic substitution. It is a flammable, colourless liquid and is a component of crude oil and refined fuels with a boiling point of 152°C. Cumene is firm material but when comes in contact of air it shows little instability turning peroxides while storage. Furthermore, cumene is converted into hydro peroxide and used in several sectors.
The Covid-19 pandemic had an unpleasant impact on the cumene market. The production has been on halt and both the demand and supply ware affected. The market suffered significant loss; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
Global acetone and phenol production, directly involves cumene. The rising demand for acetone and phenol is expected to boost the cumene market during the forecast period.
Acetone has various properties; thereby, it is used in a wide range of applications such as production of methyl methacrylate (MMA) and as a solvent in the cosmetics and pharmaceutical industries.
Furthermore, MMA is extensively used for manufacturing of PMMA resins that is being used in producing acrylic sheets in the construction industry. Other secondary applications include production of medical devices and automotive parts.
The rising expansion of pharmaceutical industry leading to demand for acetone is projected to propel the market growth of cumene in the near future.
The expanding cosmetic industry is raising the demand for acetone for its application as a