Global Phenol Industry Report: Analysis and Forecast 2022-2027
Phenol Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices
The market share of phenol industry has reached USD 19.44 Billion in 2021 with a projected market size to grow at a CAGR of 4.2 percent in the forecast timeframe of 2022-2027. By 2027 the phenol market is likely to develop a market value of USD 24.007 Billion.
The rapid spread of the coronavirus disease and subsequent lockdowns enforced by governments in various countries have had a detrimental influence on the phenol market. This resulted in a labour shortage, supply chain problems, and limited availability of raw materials. Nonetheless, due to phenol’s vast and diverse applications in industrial, cosmetic, and domestic products, the raw ingredient has regained impetus and market expansion. The most important demand indication is the top category spender by section—Asia Pacific.
Phenol: Industry Definition and Segmentation
Scope
A phenol, also known as carboxylic acid, is a fragrant white crystalline substance. It is a water-soluble chemical molecule having the molecular formula C6H5OH. Phenol has numerous and diverse applications, particularly through its consumable goods.
It is generated using a variety of processes, including the Cumene, Dow, and Raschig-Hooker processes. In the healthcare industry, phenol is used as a precursor of medications such as aspirin and other medicinal medicines. Phenolic resins are primarily utilised in the production of domestically produced goods such as cleansers, as a reagent, and as a byproduct in the development of polyamide, chemicals, epoxy resins, and creams.
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The phenol market industry report comprises segments based on:
- End-use products – This segment is divided into Bisphenol A, Phenolic Resins, Caprolactam, Alkyl Phenyls, among others
- Region-wise – Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America
Snapshot of the Report
The major regions in the industry are North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa. The Asia Pacific accounts for the greatest market share of 52.5 percent.
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Category Drivers
Rapid economic development around the world has majorly contributed to construction activities in the residential and commercial domains. Since phenolic resins are used in the production of plywood, laminated beams, and flooring panels, this has increased the market growth. Phenol finds substantial 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; as a basic material in wood preservatives such as creosote; for making intense colored dyes; and in everyday products such as mouthwash, liquid detergents, inks, floor cleaners, and disinfectants.
Besides, phenolic resins are used in the manufacturing of thermosetting plastics which are further utilised in the production of electrical components such as electron tubes, insulators, and sockets. Apart from this, paper phenolics are employed for manufacturing household laminates and paper composite panels; and glass phenolics are used in the high-speed bearing market. Additionally, the rise in the demand for molding uses of phenolic resins for several purposes including, sharp grinding wheels, rubbing linings, and intractable products, because of their high elasticity, heat resistance, and dimensional stability, is leading to the growth of the market. Along with other factors, various government initiatives to aid and promote local assembling activities are driving the attention for phenolic resins in the building and construction industry.
Category Insight by Region
The Asia Pacific region was the leading regional phenol market with a market share of about 52.5 percent in 2021. Followed by the Asia Pacific are Europe and the United States as the leading markets for the product, with Europe occupying 22.4 percent of the global phenol market and the United States accounting for about 17 percent of the industry. The Asia Pacific phenol market is growing due to the increasing government initiatives for the construction and chemicals industries such in China and India.
Besides, North America is projected to expand at an increasing rate owing to the rising number of chemical companies in countries like the US and Canada. Europe is likely to account for a substantial share in the international market for phenolic resins, whereas East Asia is estimated to face a major growth all through 2029. The increasing domestic output and consumption of phenolic resins for multiple applications through various end-use industries are expected to largely drive the market growth.
Best Procurement Practices
The global phenol industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of phenol by-products across the globe, such as engagement models, contract terms, buyer, and supplier negotiation levers, among others.
Category Management Studies
Phenol is important to produce other chemical products like phenolic adhesives, polycarbonates, and epoxy resins which are used as essential raw materials for numerous industry sectors. Phenol is applied to many kinds of end products such as plywood, window glazing, flooring and countertop laminates, televisions, computers, household appliances, sports equipment, and boats. Benzene and propylene are used to first produce cumene, which is later oxidised to develop into hydroperoxide, prior to their splitting into phenol and its co-product, acetone. Bisphenol A (BPA), which is produced from phenol and acetone is the only biggest market for phenol. BPA further is utilised to manufacture polycarbonate and epoxy resins. When it is countered with bromine, BPA forms fire retardant tetrabromobisphenol A. It is also applied to produce engineering thermoplastics like polysulfones and polyacrylates.
Key Supplier Profiles included in the Global Phenol Industry Report
The major players in the industry are INEOS Group, Mitsui Chemicals Inc., Honeywell International Inc., Shell Chemical Co., and Solvay SA, among others.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliernutms.
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