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The global phenol market reached a value of US$ 23.3 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during the forecast period (2021-2026). Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global phenol market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region, and end-use.
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:
The global phenol market reached a value of US$ 23.3 Billion in 2020.
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.
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.
According to the estimates by IMARC Group, the global phenol market is expected to exhibit moderate growth during the next five years.
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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