Press release -
Global cumene market expected to hit 18 million tons by 2020
Demand within the global cumene market has increased over the last decade as a result of increased consumption in the phenol and acetone derivatives market worldwide in various applications.
Global demand for cumene amounted to 8,607,235 tons in 2000, which increased to 12,394,375 in 2011. Demand is expected to grow at a compound annual growth rate (CAGR) of 4.2% to reach 17,988,934 tons by 2020.
Cumene is the common name for isopropylbenzene, an organic compound that is based on an aromatic hydrocarbon with an aliphatic substitution. It is a constituent of crude oil and refined fuels.
Nearly all the cumene that is produced as a pure compound on an industrial scale is converted to cumene hydroperoxide, which is an intermediate in the synthesis of other industrially important chemicals, primarily phenol and acetone.
At a global level, production and demand of cumene has largely been dominated by developed countries. Although large capacity additions in the form of aromatic plants in China has increased the global share held by the Asia-Pacific region, where the relatively developed Japanese market already accounted for a substantial market share.
As a result of this phenomenal growth in China, the Asia-Pacific region has rapidly emerged as the largest global consumer of cumene over the last decade. China, South Korea, Japan and Taiwan contributed a combined 85% share of regional cumene demand in 2011.
Since 2000, phenol production using cumene has been the only major end-use of cumene, accounting for more than 95% of global cumene demand in 2011. End-use industries such as bisphenol-A, polycarbonate and phenolic resins have registered growth in respective end-use sectors, which has increased the demand of cumene in the form of phenol.
For more information on the global cumene market, see the latest research: Global Cumene Market
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