The North America phenol market witnessed a stable growth in 2018. Phenol, or C6H5OH, is an aromatic compound, which occurs in a white crystalline form at room temperature. Due to a strong hydrogen bonding, it is more soluble in water than alcohol and has higher boiling points as compared to other hydrocarbons with similar molecular weight. Currently, phenol finds many applications in household products and as a precursor or an intermediate for the synthesis of many chemical compounds and industrial materials.
The North America phenol market is being driven by several factors. The escalating demand for phenol as an industrial cleaner for machineries and electronic devices has propelled the market growth in the region. In addition to this, it is largely used for the preparation of mouthwash, liquid detergents, dyes and inks, floor cleaners, and disinfectants. Apart from this, the increasing demand for phenol in the pharmaceutical industry for producing various drugs and antioxidants further catalyzes market growth in the region. Also, rapid construction of roads, highways, pools, individual houses, office buildings and shopping arcades has led to a growth in the demand for phenol. Looking forward, IMARC Group expects the market to reach a grow at a CAGR of more than 3% during 2019-2024.
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