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Global Phenol Market to Exceed US$ 28 Billion by 2024, Stimulated by Advancements in Production Technologies

As per the latest report by IMARC Group, entitled “Phenol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global phenol market reached a value of US$ 20 Billion in 2018, growing at a CAGR of more than 3% during 2011-2018. Phenol (C6H5OH), also known as benzenol, phenolic acid and monohydroxy benzene, is an aromatic organic chemical compound which is volatile and highly toxic in nature. In comparison with alcohol, phenol is more soluble in water and has a higher boiling point and acidity. While it was earlier sourced from coal tar, it is now primarily produced using petroleum. As phenol and its derivatives play a pivotal role in the production of epoxies, nylon, herbicides, polycarbonates and detergents, there is a high demand for phenol across the world.

Market Trends:

Over the past few decades, the phenol industry has experienced a significant change on account of technological advancements in the production of phenol. New catalysts and processes have now been commercialized for the manufacturing of cumene via alkylation of benzene with propylene. Recent process design innovations have also been utilized for the cumene hydroperoxide route which remains the preferred process for the production of phenol. These advancements have assisted in improving the yield and safety and reducing the processing cost of the phenol production process. Moreover, owing to the antiseptic and disinfectant properties, phenol is used as a raw material in the production of drugs; as an industrial cleaner for different parts of machines and electronic equipment; and for manufacturing intense colored dyes and everyday products such as inks, floor cleaners and liquid detergents. Further, rapid economic growth and increasing construction activities in the residential and commercial sectors of developing countries are anticipated to propel the market growth in upcoming years. Looking forward, the market value is projected to exceed US$ 28 Billion by 2024, expanding at a CAGR of more than 5% during 2019-2024.

Market Segmentation:

  • On the basis of end-uses, the market has been divided into bisphenol A, phenolic resins, caprolactam, alkyl phenyls and others. Amongst these, bisphenol A dominates the market owing to its expanding industrial applications.
  • Region-wise, the market has been segmented into Asia Pacific, Europe, United States, Middle East and Africa, Latin America, and Others. Currently, Asia Pacific is the leading producer as well as consumer of phenol.
  • The competitive landscape of the market has also been examined with some of the key players being INEOS Phenol, Cepsa Quimica Sa, Mitsui Chemicals, and Formosa Chemicals & Fiber.

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