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Phenol Market Growth Over 2025 Will Be Usd 31.73 Billion
Total Articles: 41
Phenol always presents in coal tar it was extracted from it and now it is extracted from petroleum. It is used in industries for synthesizing plastics-related material and appreciably soluble in water. Phenol is an aromatic organic compound with the molecular formula C6H5OH. It is a white crystalline solid that is volatile. Phenol is used in plastic material production, phenolic resins, nylon, drugs(aspirin), nucleic acids, and antiseptic.
According to Hexa Research Report, The global phenol market is driven by the rising demand for derivatives such as epoxy resins, polycarbonates, nylon, phenolic resins, detergents, and pharmaceuticals. These derivatives are important intermediates for manufacturing an extensive range of industrial products and are expected to boost the market over the forecast period.
The Asia Pacific had the highest market share in terms of revenue and volume and is expected to maintain its position over the forecast period. Furthermore, China and India have been driving the regional market owing to the increased consumption of the derivatives, produced from phenol to manufacture industrial products. Asia Pacific market is expected to grow at a CAGR of 4.9% over the projected period. Europe and North America are likely to grow at a steady state as a result of stringent government norms to use this product as it is toxic and harmful to the environment.
Bisphenol-A dominated the market accounting for 48.8% of the volume share in 2016. It is one of the major derivatives used to produce polycarbonates and epoxy resins. Moreover, growing importance in the use of sustainable energy owing to rising crude oil prices is expected to drive the demand for epoxy resins. These are thermosets that have an exclusive blend of chemical resistance, toughness and strong adhesion. It is used as a coating application in wind turbine rotor blades, electrical equipment, steel pipes, and metal cans & containers.
However, phenolic resins are the fastest growing segment in terms of both volume and revenue share. These are synthetic polymers and are used for making molded products such as laboratory countertops, billiard balls and as adhesives & coatings which are anticipated to fuel the market over the forecast period.
There is a huge competition among the established players and companies have to comply with environmental regulations implemented by the EPA and European Commission. The presence of a stringent regulatory framework is expected to increase the entry barriers for new players.
The majority of the companies in the field enter into a joint venture agreement with other manufacturers and distributors to expand its presence and meet the requires demand in particular regions. The leading players operating in the phenol market include INEOS Phenol, Mitsui Chemicals, Aditya Birla Chemicals, PTT Phenol, CEPSA Quimica, Shell Chemical, LG Chem, Honeywell Resins & Chemicals, Shandong Sheng Quan Chemicals Co. Ltd., and SABIC Innovative Plastics.
Access full report or request for a free sample at: https://www.hexaresearch.com/research-report/phenol-market
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