Rockville, Aug. 29, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a market research and competitive intelligence provider, the global Phenol Crystals Market is estimated to be valued at US$ 2.46 billion in 2023 and is forecasted to advance at a CAGR of 4.8% from 2023 to 2033, as per this new study by Fact.MR.
Rise in population, particularly in countries such as the United States and India, is driving various healthcare needs, leading to increased demand for pharmaceuticals. Phenol's versatility makes it a vital ingredient in pharmaceutical products such as antiseptics, pain relievers, and other medications. Its antiseptic and disinfectant properties play a crucial role in global disease prevention and control, rendering it crucial in the pharmaceutical sector.
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Due to growing concerns about the environment and increased awareness, industries are expected to prioritize sustainable approaches for phenol production. This involves utilizing renewable resources or improving waste management strategies. Due to the toxic nature of phenol, the shift towards sustainable methods becomes essential to meet rising demand without causing adverse effects.
Key Takeaways from Market Study
- The global phenol crystals market reached a valuation of US$ 2.46 billion in 2022, progressing at a CAGR of 3.3% from 2018 to 2022.
- The market is projected to expand at 4.8% CAGR and reach US$ 3.94 billion by 2033.
- Sales of phenol crystals are estimated at US$ 544.1 million for 2023 in China.
- Leading market players include Sinopec and Mitsui, Chang Chun Group, Kumho PandB, PTT Phenol, Formosa, Taiwan Prosperity, LG Chem, Mitsubishi Chemical, Borealis Polymers, and Versalis.
- The market in the United States is estimated to reach US$ 745 million by the end of 2033.
“Use of phenol crystals as additives in lubricants set to increase substantially over the coming years,” says a Fact.MR analyst.
Market Growth Stratagems
In the phenol crystal market, manufacturers are focusing on research and development for new applications and continuous product innovation as well as on forming partnerships & collaborations, optimizing the supply chain, promoting sustainability, expanding the range of phenol crystal-based products, and ensuring regulatory compliance.
Market players are also investing in marketing and branding efforts to raise awareness about the applications of phenol crystals and differentiating themselves from competitors to stand out and get recognized among their consumers. By pursuing these growth strategies, market players aim to foster sustainable growth, gain a competitive edge, and meet the evolving demands of end users.
Competitive Landscape Analysis
Leading phenol crystal manufacturers in the industry include Sinopec, Mitsui, Chang Chun Group, Kumho PandB, PTT Phenol, Formosa, Taiwan Prosperity, LG Chem, Mitsubishi Chemical, Borealis Polymers, and Versalis.
Within the phenol crystals sector, market participants employ diverse strategies to fortify their market positions and sustain competitiveness. These strategies encompass ongoing research and development for new applications and product innovations, strategic partnerships and collaborations, supply chain optimization, sustainability initiatives, expanding their portfolio of phenol crystals-based products, and ensuring regulatory compliance.
To enhance market visibility and distinguish themselves from rivals, companies are investing in marketing and branding endeavors, elevating awareness regarding the applications of phenol crystals. These efforts are aimed at establishing recognition and differentiation among consumers. Pursuing these growth strategies enables market players to foster sustainable expansion, gain a competitive edge, and meet the ever-evolving demands of the chemical industry.
Sinopec, in conjunction with Mitsui, a prominent Chinese enterprise, is actively establishing a Bisphenol-A plant in the Shanghai Chemical Industry Park. This initiative seeks to diversify Bisphenol-A-related product offerings and expand their global presence by introducing novel applications. Additionally, Sinopec's collaboration with MCI leverages MCI's technical, financial, and marketing expertise, bolstering its global competitiveness in phenol manufacturing.
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Phenol Crystals' Significant Demand in the United States:
The United States' phenol crystal market is poised to attain a valuation of US$ 745 million by 2033. This growth trajectory is intricately linked to the burgeoning pharmaceutical sector within the nation, which is expected to fuel the demand for phenol crystals.
Phenol crystals find a pivotal role in pharmaceutical applications, particularly in the synthesis of intermediates and as catalysts in coupling reactions. These contributions significantly enhance drug solubility and overall performance in pharmaceutical formulations.
Phenol derivatives, when subjected to chemical alterations, give rise to bioactive compounds characterized by distinct medicinal properties, ranging from antibacterial and anti-inflammatory to anticancer effects. The exceptional reactivity of phenol, coupled with its ability to undergo diverse chemical transformations, renders it an indispensable component in the pharmaceutical manufacturing processes thriving across the United States.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the phenol crystals market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights based on purity (>98%, <98%) and end use (precursors for cyclohexanone, additives for synthetic resins, nonionic detergents, pharmaceutical drugs, solvents, additives in lubricants, others [dyes, synthetic tanning agents, perfumes, etc.]), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa),
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Phenol and Acetone Market: Based on the analysis by Fact.MR, the global phenol and acetone market is estimated to be valued at US$ 22.9 Billion in 2023 and it is expected to grow at a CAGR of 5.3% to reach US$ 38.3 Billion by the end of 2033.
Phenolic Resins Market: Worldwide sales of phenolic resins market have reached US$ 14.69 billion in 2022, and, as per detailed analysis, the global phenolic resins market is projected to register 5.4% CAGR to reach a valuation of US$ 24.78 billion by 2032.
Nonylphenol Market: The Global Nonylphenol market was estimated to be worth around US$ 1.3 Bn by 2021. According to Fact.MR analysis, with the increasing uses of Nonylphenol in various industries worldwide, the market is expected to reach a worth of about US$ 2.3 Bn by the end of 2032, with a projected CAGR of 5.3% during 2022 – 2032.
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