The global phenol market was worth US$ 22.1 Billion in 2019. Phenol is an aromatic organic compound with the chemical formula C6H5OH. It is a toxic, colorless crystalline solid which is commonly used as a disinfectant and antiseptic. As compared to other hydrocarbons with a similar molecular weight, it is more soluble in water due to its stronger hydrogen bonding. It is majorly used for manufacturing household products like detergents; as an intermediate or precursor for synthesizing several chemical compounds; and as a derivative in the production of nylon, herbicides, epoxies and cosmetics. Looking forward, IMARC Group expects the global phenol market to exhibit moderate growth during 2020-2025.
Breakup by End-Use:
Bisphenol A (BPA) currently represents the largest segment, accounting for the majority of the total market share. BPA finds vast applications in the production of epoxy resins and polycarbonate which are further used for manufacturing food and beverage containers, medical devices, electronic equipment, household appliances and automotive parts.
On a geographical front, Asia Pacific enjoys the leading position in the market on account of the increasing production and consumption of phenol in China. Besides this, a rise in the purchasing power of the consumers has escalated investments in the chemical, automotive and construction industries, thereby fueling the market growth.
The market is fragmented with the presence of several large and small manufacturers who compete in terms of quality and prices. Some of the biggest players operative in the market are:
Key Questions Answered in This Report:
The global phenol market was worth around US$ 22.1 Billion in 2019.
According to the estimates by IMARC Group, the global phenol market will exhibit steady growth during the next five years.
The market is currently experiencing a negative impact on account of the rapid spread of the coronavirus disease (COVID-19) and consequent lockdowns imposed by governments of several countries, which has resulted in a labor shortage, supply chain disruptions and limited availability of raw materials.
The increasing utilization of phenol in the industrial processes as a cleaner, intermediate and raw material is bolstering the market growth.
The introduction of new catalysts and improved production technologies to enhance yield, ensure safety, and optimize overall costs represents one of the major trends in the market.
Based on the end use, the market has been classified into bisphenol A (BPA), phenolic resins, caprolactam, alkyl phenyls and others.
On the geographical front, the market has been segmented into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa.
Leading industry players are INEOS AG, Cepsa Quimica SA, Mitsui Chemicals, Inc. and Formosa Chemicals & Fiber Corporation.
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