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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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