Phenol is odorous, toxic, and reactive chemical compound, which is used as a raw material in the production of other chemical products such as phenolic adhesives, polycarbonates, and epoxy resins. It is also known as carbolic acid, phenic acid, mono hydroxybenzene, hydroxybenzene, phenylic acid, phenyl hydroxide, oxybenzone, and monophenol. It is generally used in the manufacturing of caprolactam, bisphenol-A, herbicides, wood preservatives, heavy duty surfactants, lube oil additives, extraction aids, hydraulic fluids, disinfectant materials, pharmaceuticals, tank linings, and coating materials.
Technavio’s analysts forecast the global phenol market to grow at a CAGR of 3.08% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global phenol market for 2017-2021. To calculate the market size, the report considers revenue generated from the sales of phenol from various derivative types.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Phenol Market 2017-2021
Technavio recognizes the following companies as the key players in the global phenol market: INEOS Group Holdings, Mitsui Chemicals, PTT Global Chemical, Royal Dutch Shell, and Solvay.
Other Prominent Vendors in the market are: Borealis, CEPSA, KUMHO P&B CHEMICALS, Novacap, Qingdao Hisea Chem, RÜTGERS Group, Solventis, and Triveni Chemicals.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is restriction on specific phenol-based toys by European Union (EU). The EU had recently amended the Toy Safety Directive (TSD) to include a restriction on the use of phenol in certain toys in 2017. The restriction is expected to become effective in November 2018. In October 2014, the World Trade Organization (WTO) had circulated a proposal to regulate the use of six chemicals in toys for children aged less than 36 months. These six chemicals are BIT, CMI:MI (3:1), CMI, MI, formamide, and phenol.”
According to the report, one driver in the market is applicational growth of phenol. Phenol is used in various applications such as medical, paints and coatings, electricals, cool refineries, resin paint, textile wood, and dying. It is also used in industrial applications such as abrasives, adhesives and sealant chemicals, flame retardants, and fuels and fuel additives. in terms of consumer-based applications, it is used in automotive care products, floor coverings, foam seating and bedding products, and fuels and related products. In extraction industry, phenol is used in the study and extraction of bio-molecules.
Further, the report states that one challenge in the market is changing pricing of phenol in different regions. Benzene and propylene are the raw materials used for manufacturing phenol. The global price of benzene is fluctuating with the growing demand. This is also affecting the price of phenol. In major consuming regions such as APAC, Europe, and North America, the fluctuating prices of phenol pose a major challenge. For instance, in APAC, the price of phenol was around $950- to $1,100 per metric tons in 2016. In Europe, prices of phenol range from $72-$78 per metric tons in 2016.
INEOS Group Holdings, Mitsui Chemicals, PTT Global Chemical, Royal Dutch Shell, Solvay, Borealis, CEPSA, KUMHO P&B CHEMICALS, Novacap, Qingdao Hisea Chem, RÜTGERS Group, Solventis, and Triveni Chemicals.