Chemical and Materials

Image

Global Phenol Market – Industry Trends and Forecast to 2031

  • Chemical and Materials
  • Upcoming Report
  • Mar 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Phenol Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR - % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 22.97 Billion
Diagram Market Size (Forecast Year) USD 30.72 Billion
Diagram CAGR %

Global Phenol Market, By Product Type, (Phenolic Resins, Caprolactum, Bisphenol-A, and Other), Manufacturing Process (Cumene Process, Dow Process, and Ranching–Hooker Process), Classification, (Monohydric, Dihydric, and Trihydric), Application, (Epoxy Resins, Polycarbonates, Nylon, Bakelite, Detergents, Phenolic Resins, Pharmaceutical Drugs, and Herbicides), End-Users (Bisphenol A, Phenolic Resins, Caprolactam, and Others) – Industry Trends and Forecast to 2031.

Phenol Market Analysis and Size

Phenol's antiseptic properties make it a valuable component in disinfectants and antiseptic solutions, contributing to its use in the healthcare industry. Its effectiveness as a solvent also makes it a preferred choice for industrial cleaning products, capable of removing tough contaminants like grease and oil. It is employed in wood preservation treatments, safeguarding wood from decay and pests. Beyond these applications, phenol is utilized in producing dyes, detergents, and herbicides, showcasing its versatility and importance in various sectors. As a result, the phenol market continues to thrive, driven by its wide-ranging applications and benefits across industries.

Data Bridge Market Research analyzes that the global phenol market is expected to reach USD 33.03 billion by 2031, which is USD 24.70 billion in 2023, registering a CAGR of 3.7% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Phenol Market Scope and Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016 - 2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Phenolic Resins, Caprolactum, Bisphenol-A, and Other), Manufacturing Process (Cumene Process, Dow Process, and Ranching–Hooker Process), Classification (Monohydric, Dihydric, and Trihydric), Application (Epoxy Resins, Polycarbonates, Nylon, Bakelite, Detergents, Phenolic Resins, Pharmaceutical Drugs, and Herbicides), End-Users (Bisphenol A, Phenolic Resins, Caprolactam, and Others)

Countries Covered

U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America

Market Players Covered

KUMHO P&B CHEMICALS., INC (South Korea), TPCC (China), Shell plc (U.K.), Mitsui Chemicals, Inc. (Japan), LG Chem (South Korea), Honeywell International Inc. (U.S.), Solvay (Belgium), Aditya Birla Group (India), SHENGQUAN GROUP (China), PTT Phenol Company Limited. (Thailand), Bayer AG (Germany), AdvanSix (U.S.), Cepsa (Spain), INEOS (U.K.), Domo Investment Group NV. (Belgium), Altivia (U.S.), Formosa Plastics Corporation (Taiwan), Prasol Chemicals Pvt. Ltd. (India), Sasol LTD (South Africa), China National Bluestar (Group) Co, Ltd. (China), and Merck KGaA (Germany)

Market Opportunities

  • Focus on Recycling and Sustainable Bio-Based Phenol
  • Emerging Applications in Healthcare and Pharmaceuticals

Market Definition

Phenol is a chemical compound with the molecular formula C6H5OH, also known as carbolic acid. It is a mildly acidic white crystalline solid with a distinct, sweet odor. Phenol is soluble in water, alcohol, and ether, and it is highly reactive due to the presence of a hydroxyl group (-OH) attached to a benzene ring. It is used in various industries as a precursor to plastics, resins, and pharmaceuticals, and it also has antiseptic properties, making it useful in disinfectants and medicinal applications.

Global Phenol Market Dynamics

Drivers

  • Expanding Automotive and Construction Industries

Phenol is used in the production of various materials used in these industries, such as insulation materials and laminates, contributing to the market's growth.  For instance, in June 2023, INEOS and BASF revealed a collaboration to advance and market innovative technologies based on phenol. This partnership aims to develop novel processes for phenol and its derivatives’ production alongside exploring fresh applications for materials derived from phenol. The growth of the automotive and construction industries, particularly in emerging economies, is driving the demand for phenol and favoring market growth.

  • Growing Applications in Phenolic Resins

Phenolic resins are one of the major drivers of the market. These resins are widely used in coatings, adhesives, and molded products due to their excellent thermal and chemical resistance properties. For instance, in November 2022, ASK Chemicals Group finalized the purchase of the industrial resins business from the US-based SI Group. The acquisition encompasses resin manufacturing facilities in Rio Claro (Brazil), Ranjangaon (India), and Johannesburg (South Africa), and licensed technology and the completion of several tolling agreements worldwide. This acquisition strengthens ASK Chemicals' presence in the foundry market and marks a significant stride in establishing a phenolic industrial resin business. The increasing demand for phenolic resins is fueling the market growth.

  • Innovations in Production Processes

Innovations in phenol production processes are also driving the market. New technologies and processes are being developed to produce phenol more efficiently and sustainably, reducing production costs and environmental impact and driving market growth.

Opportunity

  • Emerging Applications in Healthcare and Pharmaceuticals

Phenol and its derivatives are finding new applications in the healthcare and pharmaceutical industries, such as in producing pharmaceuticals, disinfectants, and medical devices. Phenol is a vital component in the pharmaceutical sector, primarily functioning as a precursor for a range of drugs, such as aspirin and other pharmaceutical formulations. Its chemical properties make it a key ingredient in synthesizing these medications, enabling the production of high-quality and effective pharmaceutical products. Furthermore, phenol's antiseptic properties make it a valuable remedy for conditions such as pharyngitis, where it is used in throat sprays and lozenges to alleviate symptoms and promote healing, which is creating new opportunities for the market to grow.

  • Focus on Recycling and Sustainable Bio-Based Phenol

The market is witnessing a notable shift towards bio-based phenol sourced from renewable raw materials. This transition is driven by a rising consumer preference for sustainable products, prompting industries to seek environmentally friendly alternatives. With increasing emphasis on sustainability, there is a growing focus on recycling phenol and its derivatives. Companies that can develop innovative recycling technologies and promote a circular economy approach will have a competitive advantage in the market. Cepsa Quimica SA, a materials manufacturer, commenced production of an environmentally friendly variant of phenol in April 2022, a crucial feedstock for engineering resin production, as reported by Sustainable Plastics. Marketed under the brand name NextPhenol, this sustainable phenol produced by the Madrid-based CQ can be utilized to manufacture nylon, polycarbonate, methyl methacrylate, and coatings. Focus on sustainability will create more opportunities for market growth.

Restraints/Challenges

  • Ban on BPA Impacts Phenol Derivatives

The challenge posed by the ban on Bisphenol-A (BPA) affecting the phenol derivatives market arises from the fact that BPA is a key ingredient in producing various phenol derivatives, such as polycarbonate plastics and epoxy resins. For instance, In December 2021, the EFSA's Panel on Food Contact Materials, Enzymes, and Processing Aids proposed a new recommendation for Bisphenol-A (BPA) intake, suggesting a limit of 0.04 nanograms per kilogram of body weight per day. This is a significant reduction from the temporary limit of 4 micrograms per kilogram of body weight per day set in 2015. The panel highlighted an increase in a specific type of immune system cell related to allergic lung inflammation as the most sensitive health effect linked to BPA exposure along with reproductive and developmental effects, presenting a huge challenge for the market.

  • Fluctuating Phenol's production cost

The impact of price volatility on market stability is significant for the phenol market. For manufacturers and buyers of phenol and its derivatives, the uncertainty in pricing makes it challenging to plan and budget effectively. Rapid price changes can disrupt supply chains, leading to inventory management issues and increased costs for businesses, which is major challenge for the market.

This phenol market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the phenol market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

  • In January 2023, Formosa Chemicals & Fibre Corporation and Mitsubishi Chemical Corporation disclosed a collaboration to advance and market novel composite materials derived from phenol. This partnership aims to create materials that surpass current phenol-based options in terms of strength, weight, and durabililty
  • In August 2022, INEOS Phenol revealed the purchase of Mitsui Phenols Singapore Ltd's asset base from Mitsui Chemicals for a total of USD 330 million. This acquisition includes the Jurong phenol and BPA assets, offering integration prospects with existing manufacturing facilities in Germany, Belgium, and the U.S. The acquisition is set to augment the total production capacity by 1 million tonnes

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Phenol Market Scope

The phenol market is segmented on the basis of product type, manufacturing process, classification, application, and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

  • Phenolic Resins
  • Caprolactum
  • Bisphenol-A
  • Other

Manufacturing Process

  • Cumene Process
  • Dow Process
  • Ranching–Hooker Process

Classification

  • Monohydric
  • Dihydric
  • Trihydric

Application

  • Epoxy Resins
  • Polycarbonates
  • Nylon
  • Bakelite
  • Detergents
  • Phenolic Resins
  • Pharmaceutical Drugs
  • Herbicides

End-Users

  • Bisphenol A
  • Phenolic Resins
  • Caprolactam
  • Others

Global Phenol Market Regional Analysis/Insights

The phenol market is analyzed and market size insights and trends are provided by country, product type, manufacturing process, classification, application, and end-users as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

Asia-Pacific is expected to dominate the market due to its significant consumption and production of phenol, the growing economies of developing nations and increased investment in the region.

Europe and North America is expected to be the fastest growing region due to environmental regulations concerning phenol usage in these regions.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Phenol Market Share Analysis

The phenol market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to phenol market.

Some of the major players operating in the phenol market are

  • KUMHO P&B CHEMICALS., INC (South Korea)
  • TPCC (China)
  • Shell plc (U.K.)
  • Mitsui Chemicals, Inc. (Japan)
  • LG Chem (South Korea)
  • Honeywell International Inc. (U.S.)
  • Solvay (Belgium)
  • Aditya Birla Group (India)
  • SHENGQUAN GROUP (China)
  • PTT Phenol Company Limited. (Thailand)
  • Bayer AG (Germany)
  • AdvanSix (U.S.)
  • Cepsa (Spain)
  • INEOS (U.K.)
  • Domo Investment Group NV. (Belgium)
  • Altivia (U.S.)
  • Formosa Plastics Corporation (Taiwan)
  • Prasol Chemicals Pvt. Ltd. (India)
  • Sasol LTD (South Africa)
  • China National Bluestar (Group) Co, Ltd. (China)
  • Merck KGaA (Germany)


SKU-

Please fill in the below form for detailed Table of Content

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Table

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Figure

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for Infographics

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Please fill in the below form for Research Methodology

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

Please fill in the below form for Available Customization

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Free Sample Report

CHOOSE LICENCE TYPE

  • 7000.00
  • 4800.00
  • 3000.00
  • 8000.00
  • 12000.00

Why Choose Us

Industry Coverage

DBMR works across the globe in multiple industries which equip us with knowledge across verticals and provide our clients with insights not only from their industry but how other industries will impact their ecosystem.

Regional Coverage

Coverage of Data Bridge is not restricted to developed or emerging economies. We work across the globe covering the largest array of countries where no other market research or business consulting firm has ever conducted research; creating growth opportunities for our clients in areas which are still unknown.

Technology Coverage

In today’s world, technology drives the market sentiment, so our vision is to provide our clients insights not only for developed technologies but upcoming and disrupting technological changes throughout the product lifecycle by enabling them with unforeseen opportunities in the market which will create disruption in their industry. This leads to innovation and our clients to come out as winners.

Goal Oriented Solutions

DBMR goal is to help our clients achieve their goals through our solutions; hence we formatively create the most appropriate solutions for our client needs, saving time and efforts for them to drive their grand strategies.

Unparallel Analyst Support

Our analysts take pride in our clients’ success. Unlike others, we believe in working along our clients to achieve their goals with 24 hours analyst support determining the correct needs and inspire innovation through service.

Banner

Client Testimonials