Phenol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global phenol market reach nearly US$ 20 Billion in 2018, registering a CAGR of 3.4% during the 2011-2018. The market value is further anticipated to reach US$ 28.4 Billion by 2023, growing at a CAGR of 5.2% during 2019-2024. Phenol or phenolic acid (C6H5OH) is an aromatic organic compound. It is a toxic, colorless crystalline solid which is commonly used as a disinfectant and antiseptic. In comparison to other hydrocarbons with similar molecular weight, phenol is more soluble in water due to its stronger hydrogen bonding. It majorly finds applications in household products like detergents; as an intermediate or precursor for synthesizing several chemical compounds; and as a derivative in the production of nylon, herbicides, epoxies, cosmetics, etc.
Global Phenol Market Drivers:
Phenol finds applications as an industrial cleaner for machinery parts and electronic devices; as a starting material for plastics and explosives such as picric acid; as a raw material in the manufacturing of drugs and antioxidants; for making intense colored dyes; as a basic material in wood preservatives such as creosote; and in everyday products such as mouthwash, liquid detergents, inks, floor cleaners, disinfectants, etc.
Rapid economic development across the world has majorly contributed to the increased construction activities in the residential and commercial domains. This has propelled the market growth as phenolic resins are used in the production of plywood, laminated beams and flooring panels.
Phenolic resins also find wide applications in the manufacturing of thermosetting plastics which are extensively utilized in the production of electrical components such as electron tubes, insulators and sockets. Apart from this, paper phenolics are employed in manufacturing household laminates and paper composite panels; and glass phenolics are suitable in the high-speed bearing market.
Over the past decade, improvements have been made in the production technology of phenol. New catalysts and processes have been commercialized for manufacturing cumene via alkylation of benzene with propylene. Recent process design innovations have further been used for the cumene hydroperoxide route that remains the preferred method for manufacturing phenol. These efforts have been directed at improving yield, and process costs and safety for the preparation of phenol in order to meet the growing demand for phenolic resins.
Breakup by End-Use:
Based on end-use, the report finds that bisphenol A (BPA) currently represents the largest segment of phenol and accounts for around a half of the total global market. BPA finds vast applications in the production of epoxy resins and polycarbonate which are further used for manufacturing food and beverage containers, medical devices, electronic equipment, household appliances, automotive parts, etc. BPA is followed by phenolic resins, caprolactam, alkyl phenyls and others.
On a geographical front, Asia Pacific enjoys the leading position in the global phenol market on account of increasing production and consumption of phenol in China. Besides this, a rise in the purchasing power of the consumers has escalated investments in the chemical, automotive and construction industries, thereby fueling the demand for phenol. Asia Pacific is followed by Europe, United States, Middle East and Africa, and Latin America.
The phenol market is fragmented with the presence of several large and small manufacturers who compete in terms of quality and prices. Some of the biggest players operative in the market are:
Formosa Chemicals and Fibers
Kumho P & B Chemicals
This report provides a deep insight into the global phenol industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the phenol industry in any manner.
The essential aspects of the global phenol market evaluated in the report include:
Major end-use segments
Raw material requirements
Chemical reactions involved in the manufacturing process
Major importers and exporters
Value chain analysis
Market trends for major feedstocks
Price trends for major feedstocks
Key regions for major feedstocks
Key end-use segments for major feedstocks
Key suppliers for major feedstocks
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