Phenol Market Size, Share & Industry Analysis, By Application (Bisphenol A, Phenolic Resin, Caprolactum, Alkyl Phenyls, Others), By End-User Industry (Chemical, Construction, Automotive, Electronic Communication, Metallurgy, Other) and regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
The global phenol market is experiencing steady growth, Phenol is an aromatic organic compound with chemical formula C6H5OH. The compound is found as white crystalline solid and is mildly acidic in nature the structure of phenol is observed as hydroxyl group attached to benzene ring. Phenol is a weak acid and easily soluble in water. Phenol is precursor for many significant compounds like phenolic resins, bisphenol A, polycarbonates, epoxides, aspirin, pharmaceutical drugs and other chemical compounds.
Increasing demand for phenol and phenol derivatives from chemical and pharmaceutical sector is expected to drive the market. Increasing use of phenol as feedstock for wide range of compounds and derivatives shall positively impact market growth. Additionally, phenol is inexpensive and attracts consumer industry which shall boost the phenol market growth.
However, phenol is corrosive compound and can cause severe burns if exposed to skin, respiratory tract, and eyes. This is expected to hinder the market growth.
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Phenol Market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Key Market Driver -
Growing demand for phenol derivatives.
Key Market Restraint -
Corrosive nature of phenol
Phenol Market Segmentation:
Based on application the phenol market is segmented into bisphenol A, phenolic resin, caprolactum, alkyl phenyls, and others. Based on end-user industry, market is segmented into chemical, construction, automotive, electronic communication, metallurgy, and others.
From a geographical standpoint, the phenol industry is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
- Royal Dutch Shell,
- Solvay SA,
- Deepak Nitrite Limited
- INEOS Group Limited
- ALTIVIA Chemicals
- Sasol Chemicals
- Mitsubishi Corporation
- Domo Chemicals
Regional Analysis:
The phenol industry has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. 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. 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. Latin America and Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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Segmentation
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Phenol Industry Developments
- In February 2019, Shell announced the restart of the US phenol/acetone manufacturing unit based in Texas after the repair of equipment.
- In October 2018, INEOS phenol planned to expand its plant in Mobile, Alabama up to 850000 tons per year. This expansion was estimated to meet the growing demand for phenol from North America.
- Ongoing
- 2023
- 2019-2022
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