Dublin, March 20, 2023 (GLOBE NEWSWIRE) -- The "Phenol Derivatives Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Benzene, Propylene, Toluene), By Derivative, By Application, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The global Phenol Derivatives Market is forecasted to witness staggering growth at an impressive CAGR during the forecast period due to increasing population and urbanization. As of Nov 2022, the world population has reached over 8 million.
Due to the growing number of applications across a range of sectors like automotive, electronics, paints & coatings, etc. Global Phenol Derivates Market will face massive capacity utilization during the forecast period. Phenol and its Derivates have captured a considerable market share in the consumption of intermediates used for the industrial synthesis of a broad spectrum of chemicals.
Phenol derivatives exhibit some antique characteristics such as flexibility, durability, spotless coatings, and solid plasticizing effect, which makes them highly favorable to be utilized as intermediates for producing various significant end products. Asia-Pacific Region will likely dominate the Global Phenol Derivates market owing to the substantial capital investments to boost production levels and reduce import dependency from western countries.
Although the COVID-19 crisis has adversely affected the trade of various chemical products, including Phenol Derivatives, due to strict lockdown imposed by the government and reduced utilization of end-products made from Phenol Derivatives, the maturation in the market is occurring at an even higher CAGR than before pandemic was arrived due to solid recovery strategies adopted by market players.
Increasing Population and Urbanization to Propel the Market Growth
Population size and urbanization are inevitable factors responsible for the growth of many industrial markets, including the Global Phenol Derivatives market. The rate of Consumerism across industries like automotive has upsurged over recent years.
As per the data released by OICA (Organization Internationale des Constructeurs d' Automobiles), the production of light commercial vehicles has escalated by around 10% in the APAC region. Increasing Automotive production activities in the APAC region are projected to drive the growth of the Global Phenol Derivatives Market during the forecast period.
Extensive Applications in Medical Devices, Food, and Drink Packaging
Massively, products used in the medical, food, and packaging industries require extensive usage of Phenol Derivatives due to their property of withstanding extreme heat conditions and resistance to other abrasions.
Bisphenol-A, one of the significant chemical segments derived from Phenol, is extensively used in the manufacturing of Polycarbonates which is used as an actual application in safety equipment, headlights, food & drink, and packaging, etc.
Recent Trends and Developments
Honeywell UOP has rented its UOP Q-Max Phenol 3G and Evonik MSHP technologies to Lotte GS Chemical Corporation to ramp the production of Phenol and its derivatives beyond 565,000 metric tons per annum at its petrochemical complex facility located in Yeosu, South Korea. This strategic decision was made to fulfill the growing demand for plastic and resins chemically prepared from Phenol derivatives across multiple geographies.
Report Scope
In this report, Global Phenol Derivatives Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Phenol Derivatives, By Product:
- Benzene
- Propylene
- Toluene
Phenol Derivatives, By Derivative:
- Bisphenol A
- Phenolic resins
- Caprolactam
- Alkyl Phenol
- Adipic Acid
Phenol Derivatives, By Application:
- Electronics
- Textile Fiber
- Construction
- Automotive
- Laminates
- Insulation
- Paints & Coatings
- Additives
Phenol Derivatives, By Region:
- North America
- United States
- Mexico
- Canada
- Europe
- Netherlands
- Belgium
- Germany
- Spain
- United Kingdom
- Asia-Pacific
- China
- South Korea
- Taiwan
- Japan
- India
- Singapore
- South America
- Brazil
- Colombia
- Argentina
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE
- Qatar
For more information about this report visit https://www.researchandmarkets.com/r/iy2zxv
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