Global cumene market will witness significant growth on account of rising demand for epoxy resins and polycarbonates. Increasing production capacity of phenol and acetone is one of the major factors resulting in a positive growth of the cumene market. Demand is expected to reach above 18 million tons by the end of 2020. Increasing consumption of acetone and phenol derivatives over the past few years has contributed towards its significant growth.
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Increasing applications of polycarbonate, phenolic resins, and bisphenol-A in various end-use industries including construction, packaging, and pharmaceuticals has resulted in stimulating growth. Demand for the product is strongly connected to the acetone and phenol market. Asia Pacific accounts for above 35% of global demand for the product. Increasing trend towards use of heavy feedstock including benzene, instead of lighter naphtha, has resulted in a significant change in the products’ market dynamics.
Introduction of shale gas technology, availability of less expensive crude oil in the Middle East and abundance of coal-based technology in China has contributed towards significant changes in the overall aliphatic industry in the U.S. These changes have made petrochemicals less dependent on lighter naphtha compounds which have resulted in a positive impact on benzene industry.
Emerging markets including China and India are expected to witness a significant growth in demand over the forecast period on account of increasing application scope of acetone and phenol derivatives which are produced from cumene.
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Rising production capacity in China coupled with the growing number of aromatic facilities owing to the increasing need for acetone and phenol derivatives is a major driver for the industry over the last few years. This has promoted the use of heavier feedstock including benzene and in turn resulted in propelling growth of cumene.
India witnessed considerable rise in aromatic technologies which in turn had a positive impact on the market. North America and Europe are expected to witness sluggish growth as compared to Asia Pacific. Japan, China, Taiwan, and South Korea have contributed to over 85% share of the regional demand. Japan market accounts for a major share owing to the well established aromatics industry in the country.
Rapid urbanization coupled with growing population in emerging markets including China and India is expected to have a positive impact on construction sector which in turn will drive cumene demand.
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