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Phenol Market Segmented By Cumene process, Dow process, Rasching Hooker Manufacturing process in Bisphenol-A, Phenol Formaldehyde Resin, Nylon-KA Oil, PPO/Orthooxylenol, Alkyl Phenol
Demand for phenols is anticipated to surge at a CAGR of 4.9% during the assessment period of 2022-2032. The phenol market is anticipated to reach US$ 41.4 Billion in 2032, up from US$ 25.6 Billion in 2022. As of 2021, the market was valued at US$ 24.3 Billion, and is forecast to experience a Y-o-Y growth of 5.3% in 2022.
“The major factor that is expected to accelerate the growth of the phenol market during the forecast period includes the rising use of phenol in everyday products such as mouthwash, disinfectants, inks, liquid detergents, and floor cleaners fuels the market growth.”
| Attributes | Details |
|---|---|
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Phenol Market CAGR (2022-2032) |
4.9% |
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Phenol Market Size (2022) |
US$ 25.6 Billion |
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Phenol Market Size (2032) |
US$ 41.1 Billion |
Rapid economic development around the world has majorly contributed to construction activities in the residential and commercial domains. Since phenolic resins are used in the production of plywood, laminated beams and flooring panels, this has boosted the market growth.
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The increasing demand for phenol and phenol derivatives from chemical and pharmaceutical sector is expected to accelerate the growth of the Phenol market during the forecast period. Moreover, an increasing use of phenol as feedstock for wide range of compounds and derivatives shall positively impact market growth. In addition, phenol is inexpensive and attracts consumer industry which shall boost the market growth.
Additionally, the increasing usage of phenols as an industrial cleaner for electronic devices and machinery parts drive market growth over the analysis period. Further, the rising use in everyday products such as mouthwash, disinfectants, inks, liquid detergents, and floor cleaners fuels the market growth. Also, the increasing adoption of phenols in the pharmaceutical industry in India for the manufacture of various dugs is creating growth opportunities in market.
Phenol finds applications as an industrial cleaner for machinery parts and electronic devices, as a raw material in the manufacturing of drugs and antioxidants, for making intense colored dyes, as a starting material for plastics and explosives such as picric acid, as a basic material in wood preservatives such as creosote, and in everyday products such as mouthwash, liquid detergents, inks, floor cleaners and disinfectants. All the aforementioned factors are expected to propel the market growth in the forthcoming years.
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Get a Customized VersionRapid economic development around the world has majorly contributed to construction activities in the residential and commercial domains. Since phenolic resins are used in the production of plywood, laminated beams and flooring panels, this has boosted the market growth.
Phenolic resins find applications in the manufacturing of thermosetting plastics which are further utilized in the production of electrical components such as electron tubes, insulators and sockets. Apart from this, paper phenolics are employed for manufacturing household laminates and paper composite panels; and glass phenolics are used in the high-speed bearing market.
Over the past decade, improvements have been made in phenol production technology. New catalysts and processes have been commercialized for manufacturing cumene via alkylation of benzene with propylene. Recent process design innovations have further been used for the cumene hydroperoxide route that remains the preferred method for its manufacturing. These efforts have been directed at enhancing yield and improving process costs and safety for the preparation of phenol in order to meet the growing global demand.
The Phenol provides numerous features such as deeper win insights and attribution around drivers, as well as greater sales targeting efficiency, but has few restraints as well. Phenol is corrosive compound and can cause severe burns if exposed to skin, respiratory tract, and eyes. This factor is expected to hamper the market growth.
In addition, strict government and environment regulations in the countries in North America and Europe are projected to restrain the market growth. Moreover, a ban on BPA in the United States and Europe is hindering the growth of the market during the forecast period.
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| Attributes | Phenol Market |
|---|---|
|
CAGR (2022-2032) |
4.9% |
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Market Value (2032) |
US$ 41.1 Billion |
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Growth Factor |
The increasing demand for phenol and phenol derivatives from chemical and pharmaceutical sector is expected to accelerate the growth of the Phenol market during the forecast period. |
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Opportunity |
The increasing usage of phenols as an industrial cleaner for electronic devices and machinery parts drive market growth over the analysis period. |
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Key Trends |
Growing demand for Bisphenol-A is a major factor that is driving the growth of the Phenol market. |
| Attributes | Cumene Market |
|---|---|
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CAGR (2022-2032) |
4.3% |
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Market Value (2032) |
US$ 30.5 Billion |
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Growth Factor |
An upsurge in the use of phenolic resins & bisphenol-A are anticipated to boost the market growth during the forecast period. |
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Opportunity |
The global cumene market has witnessed significant growth opportunities globally, owing to growth in demand for phenol and acetone and their derivatives. |
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Key Trends |
An increasing demand for phenol in various industries such as plastics, composites, and laminates are anticipated to fuel the global market. |
| Attributes | Chloroxylenol Market |
|---|---|
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CAGR (2022-2032) |
10.6% |
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Market Value (2032) |
US$ 12.0 Billion |
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Growth Factor |
Rise in demand for chloroxylenol in medical and pharmaceutical industries is anticipated to fuel the global chloroxylenol market during the forecast period. |
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Opportunity |
The rise in demand for chloroxylenol in the personal care & cosmetics industry is likely to drive the global chloroxylenol market in the next few years. |
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Key Trends |
The market is expected to grow tremendously during the forecast period, owing to its medicinal usage such as antiseptic, and its disinfectant qualities for skin disinfection and surgical instruments. |
The global phenol market is being driven by the rising demand for alkyl phenols. Alkyl phenols currently accounts for 4.5% of the global end-use application. Alkyl phenols are broadly used as precursors to detergents, as building block chemicals for fragrances, fire-retardant materials, and thermoplastic elastomers, and as additives for fuels and lubricants. They are also found in tyres, coatings, adhesive, and high-performance rubber product, in consequence to their downstream applications.
The demand for phenol has also been rising globally due to the growth of its end use industries, owing to the increasing urbanization, changing lifestyles and the rise in disposable incomes globally. The end use sector is led by Bisphenol A, which accounted for 47% of the industry share. Strong demand from emerging countries is facilitating the growth in the phenol market. The technological advancement in the techniques of its production has added further impetus to the phenol market growth.
By Manufacturing Process, Cumene Process to document highest growth
On the basis of Manufacturing Process, the cumene process segment of the phenol market is expected to hold a larger market size with a CAGR of 4.6% during the forecast period.
The cumene process holds the lion’s share in the global phenol market in terms of manufacturing process and is unlikely to cede this commanding position anytime soon.
By end use, the Bisphenol-A segment of the Phenol Market is expected to grow at the highest CAGR of 4.5% during the forecast period. Bisphenol-A (BPA), a colorless crystalline solid organic compound, is used primarily as a strengthener in polycarbonate plastics and epoxy resins. Additionally, it is used for unsaturated polyester, polysulfone, and polyetherimide.
Increasing demand for polycarbonate and epoxy resins in various end-user industries, such as paints and coatings, adhesives, electrical and electronics, packaging, and other end-user industries, is one of the major factors responsible for the growth of Bisphenol-A (BPA) market, thereby, for the growth of phenol market. Thus, growing application of epoxy resins is likely to increase the demand of Bisphenol-A and that is in-turn driving the market for phenols.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
4.8% |
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China |
4.3% |
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Japan |
4.2% |
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UK |
4.0% |
Asia Pacific to yield Significant Market Growth Opportunities
The global phenol market by region covers five major geographic regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Asia Pacific is expected to hold the prime share in market attributed to the increasing consumption of phenol from China. Increasing government initiatives for construction and chemical sector shall support market growth.
China is expected to represent a massive growth of US$ 3.1 Billion in the phenol market, with a CAGR of 4.3% during the forecast period. On the other hand, Japan is expected to represent a massive growth of US$ 2.7 Billion in the phenol market, with a CAGR of 4.2% during the forecast period.
U.S and U.K to be Frontrunners of the North American and European Markets
North America is expected to hold significant share due to the large manufacturing base for chemicals. Europe is expected to show significant growth due to the increasing demand from pharmaceutical sector.
The U.S is expected to represent a massive growth of US$ 14 Billion in the Phenol Market, with a CAGR of 4.8% during the forecast period. Whereas, U.K is expected to represent a massive growth of US$ 1.8 Billion in the phenol market, with a CAGR of 4.0% during the forecast period.
Royal Dutch Shell, Solvay SA, Deepak Nitrite Limited, INEOS Group Limited, ALTIVIA Chemicals, Sasol Chemicals, Mitsubishi Corporation, and Domo Chemicals, among others are the top companies in the global phenol market.
In order to strengthen their position in the global phenol market, organizations are focused on industry collaborations, mergers & acquisitions, and partnerships. The research offers a comprehensive competition analysis of some top competitors in the phenol market, including company biographies, recent developments, and significant market strategies. It shows how the competitors are taking advantage of the opportunities present in the phenol market.
Recent Developments:
| Attributes | Details |
|---|---|
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Forecast Period |
2022-2032 |
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Historical Data Available For |
2015-2021 |
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Market Analysis |
USD Mn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
Phenol Market by Manufacturing Process
Phenol Market by End User Industry
Phenol Market by Region
The phenol market is projected to document a CAGR of 4.9% during the 2022-2032 period of assessment.
The U.S is the leading country, with an anticipated market share of US$ 14.0 Billion by 2032.
On the basis of manufacturing process, the cumene process category leads the market with the projected CAGR of 4.6% by 2032.
The phenol market is predicted to grow to US$ 41.4 Billion by 2032.
By end use industry, the Bisphenol-A segment leads the market with the projected CAGR of 4.5% in 2032.
