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Global Phenol Market to Grow at 4% During 2024-2032, Stimulated by Advancements in Production Technology

June 18, 2020 | Chemical & Materials

As per the latest report by IMARC Group, titled “Phenol Market Report by End-Use (Bisphenol A, Phenolic Resins, Caprolactam, Alkyl Phenyls, and Others), and Region 2024-2032,” the global phenol market reached a value of US$ 23.4 Billion in 2023. Also known as benzenol, phenol (C6H5OH) is an aromatic organic compound that is volatile and highly toxic in nature. It is more soluble in water and has a higher boiling point and acidity as compared to alcohol. It was earlier sourced from coal tar but is nowadays produced using petroleum. As phenol and its derivatives play an essential role in the production of epoxies, nylon, herbicides, polycarbonates and detergents, its demand is escalating around the world.

Global Phenol Market Trends:

The market has experienced significant changes in recent years due to technological advancements in the phenol production process. These advancements have improved the yield and safety and reduced processing costs. Moreover, on account of its antiseptic and disinfectant properties, phenol is being utilized as an industrial cleaner for machines and electronic equipment. It is also used as a raw material in the manufacturing of drugs and intense colored dyes and everyday products, such as inks, floor cleaners and liquid detergents. Apart from this, rapid economic growth and increasing construction activities in the residential and commercial sectors are strengthening the growth of the market. However, the market growth is being negatively impacted on account of lockdowns imposed by governments of several countries, which have resulted in the unavailability of labor, supply chain disruptions, and limited availability of raw materials. The market is expected to grow once normalcy is regained. Looking forward, the market is projected to grow at a CAGR of 4% during 2024-2032.

Market Summary:

  • Based on the end-use, the market has been segmented into bisphenol A (BPA), phenolic resins, caprolactam, alkyl phenyls and others. At present, BPA exhibits a clear dominance in the market. It is utilized in the production of epoxy resins and polycarbonate, which are further employed in the manufacturing of medical devices, automotive parts, electronic equipment, household appliances, and food and beverage containers.
  • Region-wise, Asia Pacific enjoys the leading position in the market. Other major regions include the North America, Europe, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being INEOS Phenol Gmbh, CEPSA Química S.A. (Compañía Española de Petróleos S.A.U.), Mitsui Chemicals Inc., Formosa Chemicals & Fibre Corporation, Kumho P & B Chemicals Inc. (Kumho Petrochemical Co. Ltd.) and Shell Chemicals (Shell plc).

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Million Tons
Segment Coverage End-Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered INEOS Phenol Gmbh, CEPSA Química S.A. (Compañía Española de Petróleos S.A.U.), Mitsui Chemicals Inc., Formosa Chemicals & Fibre Corporation, Kumho P & B Chemicals Inc. (Kumho Petrochemical Co. Ltd.) and Shell Chemicals (Shell plc)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Phenol Market to Grow at 4% During 2024-2032, Stimulated by Advancements in Production Technology
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