The global Phenol market stood approximately 10 million tonnes in 2021 and is expected to grow at a CAGR of 3.59% during the forecast period until 2035. INEOS Phenol, one of the giants of phenol production has recently acquired Mitsui Phenols Singapore Ltd. For a sum of USD 330 million, expanding its production capacity by 1 million tonnes. The contract covers the whole capital base from Mitsui Phenols situated in Singapore, adding more than 1 million tonnes of capacity each year. This contains a list of chemicals including phenol of 0.3 million tonnes per annum.
Phenol is an aromatic hydrocarbon with the chemical formula of C6H5OH. This appears as a white solid compound and readily soluble in water. This compound is produced by three main methods which are Dow process, Cumene process, and Raschig–Hooker process. On industrial level, the primary technologies used for its production are Honeywell UOP, KBR, Versalis/Lummus, Mitsui, Badger, Lummus Technology, and Others. Phenol is utilized to produce various chemicals such as picric acid, bisphenol A, adipic acid, phenolic resins. These chemicals and intermediates are further utilized to produced commodities like nylon, Bakelite, epoxies, herbicides, inks, cleaners, detergents, and disinfectants. Phenolic resins are highly durable and insulating properties and employed by the woodwork industry for the manufacture of plywood, laminates, furniture items and even adhesives.
The primary market driver of the global Phenol market is for the synthesis of chemicals and their derivatives. Phenol is employed in various chemical industries to produce vital compounds such bisphenol A. Bisphenol-A industry consumed more than 40% of the global Phenol market in 2021 and is expected to dominate the market in the coming years as well. Polycarbonate plastic, one of the most widely used plastic, is synthesized using bisphenol A as raw material. Hard plastic products like baby bottles, plastic containers, reusable plastic bottles, cups, kitchenware, and food & beverage storage containers are made of polycarbonate plastic. Consumption of Phenol is expected to reach around 17 million tonnes by 2035.
The dominating region all over the world that demands the most significant volume of Phenol is Asia Pacific. This region topped with a consumption of more than 50% of the global market in 2021. With growing economies, the demand of plastics in the sectors like packaging, food, beverage, transportation which are anticipated to accelerate the Phenol demand in the forecast period. After Asia Pacific, Europe and North America also have significant market positions. Asia Pacific is also leading as a producer of global Phenol market. In 2021, Asia Pacific region produced more than 35% of global Phenol.
Based on the end-user industry, the Phenol market is segmented into multiple sectors like Bisphenol-A, Phenolic Resin, Pharmaceuticals, Others. The Bisphenol-A industry is dominating the Phenol market. The primary application of Bisphenol-A is for the synthesis of polycarbonates. Epoxy resins, which serve as a protective layer inside some metal cans of packaged food items, also contain Bisphenol-A as an ingredient. Pharmaceuticals employ phenol due to its antibacterial and antifungal properties. Phenol is used as a disinfectant and antiseptic.
Significant companies for Global Phenol are Ineos Group Ltd, Cepsa Corporation, Formosa Chemicals and Fibre Corp., Kumho P&B Chemicals., Inc., Chang Chun Petrochemical Co., Ltd., LG Chem Ltd., PTT Phenol, Advansix, Zhejiang Petroleum & Chemical Co., Ltd., SABIC Innovative Plastics, and Shell Chemicals.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023-2035
This report will be delivered on an online digital platform with one-year subscription and quarterly update.
The objective of the Study:
•To assess the demand-supply scenario of Phenol, which covers the production, demand, and supply of Phenol around the globe.
•To analyze and forecast the market size of Phenol.
•To classify and forecast the Global Phenol market based on end-use and regional distribution.
•To examine global competitive developments such as new capacity expansions, mergers & acquisitions, etc., of the Phenol market.
To extract data for the Global Phenol market, primary research surveys were conducted with Phenol manufacturers, suppliers, distributors, wholesalers, and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for the Global Phenol market over the coming years.
ChemAnalyst calculated Phenol demand around the globe by analyzing the historical data and demand forecast, which was carried out considering the production of raw material to produce Phenol. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources, such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Phenol manufacturers and other stakeholders
• Organizations, forums and alliances related to Phenol distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Phenol manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Phenol market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
|
Details
|
Market size Volume in 2021
|
10 million tonnes
|
Market size Volume by 2035
|
17 million tonnes
|
Growth Rate
|
CAGR of 3.59% from 2022 to 2035
|
Base year for estimation
|
2022
|
Historic Data
|
2015 – 2021
|
Forecast period
|
2023 – 2035
|
Quantitative units
|
Demand in million tonnes and CAGR from 2022 to 2035
|
Report coverage
|
Industry Market Size, Capacity By Company, Capacity by Location, Capacity by Technology, Capacity by Process, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share
|
Segments covered
|
By End-Use: (Bisphenol-A, Phenolic Resin, Pharmaceuticals, Others)
By Sales Channel: (Direct Sale and Indirect Sale)
|
Regional scope
|
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
|
Pricing and purchase options
|
|
Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com