Global Phenol Market Report and Forecast 2023-2028

Global Phenol Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global phenol market attained a value of USD 19.61 billion in 2022. Aided by the growing demand for phenol-based derivatives in various industries, the market is projected to further grow at a CAGR of 4.9% between 2023 and 2028 to reach a value of USD 25.08 billion by 2028.

Phenol, also known as carbolic acid, is an aromatic organic compound featuring a hydroxyl group attached to a phenyl ring. It is primarily used as a precursor to synthesise various chemicals, including bisphenol A (BPA), phenolic resins, caprolactam, and alkylphenols, among others. These derivatives find extensive applications in industries such as automotive, electronics, construction, and packaging. Phenol's diverse applications in the production of polycarbonate, epoxy resins, and nylon have accelerated the growth of the phenol market. As these materials are crucial components in automotive manufacturing, construction, and electronics industries, the demand for phenol continues to rise. Additionally, the growing usage of phenolic resins in the production of adhesives, insulation materials, and laminates is further driving market expansion.

The increasing focus on sustainable and eco-friendly materials is a key trend stimulating the market for phenol. This trend is expected to boost the demand for phenol and its derivatives in various industries, consequently propelling the phenol market. The demand for phenol is primarily driven by its extensive applications in various end-use industries, such as automotive, construction, electronics, and packaging. Phenol-based derivatives, such as bisphenol A (BPA), phenolic resins, and caprolactam, are crucial components in the manufacturing of materials like polycarbonate plastics, epoxy resins, and nylon. The expansion of these industries worldwide is a major factor contributing to the growth of the market for phenol.

Phenol and its derivatives are essential components in the manufacturing of printed circuit boards, semiconductors, and other electronic components. The expansion of the electronics industry is, therefore, a significant driver of the phenol market. The rising demand for epoxy resins, due to their excellent mechanical properties, chemical resistance, and electrical insulating properties, has led to an increased demand for phenol, consequently driving market growth. The rapid pace of urbanisation and the need for infrastructure development across the globe have led to increased construction activities. As a result, the growth of the construction industry is directly impacting the demand for phenol and driving the phenol market.

Market Segmentation

The market can be divided on the basis of end use and region.

Market Division by End Use:

• Bisphenol A
• Phenolic Resins
• Caprolactam
• Alkyl Phenols
• Others

Market Segregation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global phenol companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• INEOS Group
• Mitsui Chemicals, Inc.
• Shell International B.V.
• Solvay SA
• Honeywell International Inc.
• Others

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.