Global Phenol Market : In-depth Players Analysis, Industry Trends, Share Estimation, Global Growth, Future Investments, Forecast Till 2027

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The global Phenol market is valued at US$23.3 billion in 2020 and is expected to grow at a CAGR of 5.5% during the forecast period mainly due to the growing demand of the chemical in the production of polycarbonates and epoxy resins.

Phenol (C6H5OH), also known Phenolic Acid, is a toxic, colourless, crystalline solid which is soluble in water due to its strong hydrogen bonding. It is used as an intermediate for synthesizing several chemical compounds, as a derivative in the production of nylon, herbicides, epoxies and cosmetics as well as in manufacturing of household products such as detergents. It is also used as a disinfectant and antiseptic. Further, the use of polycarbonates and epoxy resins in various end-user industries such as paints and coatings, electronics, packaging and adhesives will drive the market growth.

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Covid Imapct:

The global Phenol market has been adversely impacted by the COVID-19 induced lockdowns. Growth of the market is primarily dependent on the demand for two ...
... chemicals Bisphenol-A (BPA) and Phenolic Resins which are used in the construction, automotive and electronics industries. The lockdowns resulted in the closure of many manufacturing plants and construction activities around the world, which drastically reduced both supply and demand for these chemicals and also of the end products such as paints and coatings. For example, as per a study by French organisation, International Organization of Motor Vehicle Manufacturers, global vehicle manufacturing in 2020 was estimated to be around 77 million, as compared to 92 million in the previous year.

Market Dynamics:

Drivers

Phenol is used as a raw material in many end-use industries. It is used as an industrial cleaner for machinery parts and electronic devices, as a raw material to manufacture drugs and antioxidants, as a key component in wood preservatives such as creosote and as a basic material for plastics and explosives. It is also required for the manufacturing intense colored dyes and in daily use products such as liquid detergents, mouthwash, inks, floor cleaners and disinfectants.

Furthermore, phenolic resins are used to manufacture thermosetting plastics used in the production of electrical components such as electron tubes, insulators and sockets. Additionally, paper phenolics are utilized to manufacture household laminates and paper composite panels, while glass phenolics are utilized in the high-speed bearing market.

Moreover, rapid economic growth backed by strong industrial and construction activity is expected to drive the demand for phenolic resins in the production of plywood, laminated beams and flooring panels.

Opportunities

Bisphenol-A (BPA) is used as a strengthening agent in polycarbonate plastics, epoxy resins unsaturated polyester, polysulfone and polyetherimide.Epoxy resins are produced by mixing BPA and epichlorohydrin (ECH). Due to their versatility and adhesive, anti-corrosive, fire-resistant, and heat-resistant properties, epoxy resins are becoming an intrinsic part of construction (including flooring), shipbuilding, water and sewage treatments, as well as home appliances.

Increasing demand for polycarbonate and epoxy resins in paints and coatings, adhesives, electrical and electronics, packaging, and other end-user industries, is one of the prime reasons responsible for the growth of the Bisphenol-A (BPA) market.

It is expected that the volume of the polycarbonate market will reach 6,141.32 kilo metric tons and epoxy resin market will reach 4,639.94 kilo metric tons by the year 2023, subsequently increasing the demand of BPA and in-turn driving the market for Phenol.

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Key Players

The key players in this industry include Solvay, INEOS Capital Limited, AdvanSix Inc., Royal Dutch Shell PLC, Kumho P&B Chemicals Inc., Altivia, Mitsubishi Chemical Corporation, Cepsa, Domo Chemical GmbH, and Mitsui Chemicals Inc

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