New York, June 02, 2022 (GLOBE NEWSWIRE) -- As per a study by Persistence Market Research, from US$ 25.6 Billion in 2022 to US$ 41.1 Billion in 2032, the global phenol market demand is predicted to grow at a 4.9% CAGR from 2022 to 2032. The increasing demand for phenol and phenol derivatives from chemical and pharmaceutical sector is expected to accelerate the growth of the Phenol market during the forecast period.
Moreover, an increasing use of phenol as feedstock for wide range of compounds and derivatives shall positively impact market growth. In addition, phenol is inexpensive and attracts consumer industry which shall boost the market growth. Additionally, the increasing usage of phenols as an industrial cleaner for electronic devices and machinery parts drive market growth over the analysis period. Further, the rising use in everyday products such as mouthwash, disinfectants, inks, liquid detergents, and floor cleaners fuels the market growth. Also, the increasing adoption of phenols in the pharmaceutical industry in India for the manufacture of various dugs is creating growth opportunities in market.
Phenol finds applications as an industrial cleaner for machinery parts and electronic devices, as a raw material in the manufacturing of drugs and antioxidants, for making intense colored dyes, as a starting material for plastics and explosives such as picric acid, as a basic material in wood preservatives such as creosote, and in everyday products such as mouthwash, liquid detergents, inks, floor cleaners and disinfectants. All the aforementioned factors are expected to propel the market growth in forthcoming years.
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Key Takeaways from the Market Study
- On the basis of manufacturing process, the cumene process to grow at a CAGR of 4.6% during the forecast period.
- Bisphenol-A is expected to grow at a CAGR of 4.5% from 2022 to 2032, by end use
- U.S is expected to be worth US$ 14.0 Billion by 2032, registering a CAGR of 4.8% over the forecast period.
- The market size for phenol in China is expected to reach US$ 3.1 Billion by 2032, growing at a CAGR of 4.3%
- Japan is expected to reach a market size of US$ 2.7 Billion by 2032
- U.K is expected to have a market size of US$ 1.8 billion by 2032, with a CAGR of 4% during the research period
Competitive Landscape
Major players such as Royal Dutch Shell, Solvay SA, Deepak Nitrite Limited, INEOS Group Limited, ALTIVIA Chemicals, Sasol Chemicals, Mitsubishi Corporation, and Domo Chemicals, among others are expected to dominate the market share in terms of revenue.
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In April 2022, Materials maker Cepsa Quimica SA had begun production of a sustainable grade of phenol, a feedstock used to make engineering resins. Madrid-based CQ is marketing the new phenol under the NextPhenol brand name. The material can be used to make nylon, polycarbonate, methyl methacrylate and coatings. The firm also recently launched NextLAB, a sustainable linear alkylbenzene, which can be used in cleaning products.
In May 2021, Mitsubishi Corporation (MC) had signed a collaboration agreement with one of the world's largest carbon credit developers, South Pole. Part of MC’s efforts to reduce its environmental impact, the agreement covers the joint study of a project to generate and sell carbon credits derived from carbon removal technologies such as CCUS (Carbon Capture Utilization and Storage). This project aims to solve these problems by developing and selling carbon credits for carbon removal technologies, providing a new source of revenue through credit sales to the companies that supply the credits, and offering credit buyers the opportunity to purchase the credits.
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Find More Valuable Insights on Phenol Market
Persistence Market Research (PMR) published a detailed study on the Phenol Market, which includes global industry analysis for 2015-2021 and forecasts for 2022-2032.
The report provides an insightful analysis of the market concentration across five different regions, through four different segments-application, deployment, organization size, and industrial vertical. The report titled - 'Phenol' deliberates current installed base, product usage in various applications from domestic to industrial, as well as prevailing trends and technologies. Along with this, detailed value chain analysis pertaining procurement and aftermarket services has been presented in the report.
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