As per the latest report by IMARC Group, titled “Phenol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global phenol market size reached US$ 22.1 Billion in 2019. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 3.40% during the forecast period (2020-2025).
- 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 United States, 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 AG, Cepsa Quimica SA, Mitsui Chemicals, Inc. and Formosa Chemicals & Fiber Corporation.
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