Global Phenol Market Is Expected to Witness an Incredible Growth by 2027 with COVID -19 Impact
The global Phenol market is valued at US$21.6 billion in 2021 and is expected to grow at a CAGR of 3.1% during the forecast period mainly due to the growing demand of the chemical in the production of polycarbonates and epoxy resins.
ChemIntel360’s global Phenol Market study is a 181-page report containing an in-depth analysis on historical and forecasted spending, consumption patterns in the sector and related market dynamics such as trends, drivers and challenges. The study offers granular value and volume data from a global, regional, segment, product type and process perspective.
Phenol (C6H5OH), also known Phenolic Acid, is a toxic, colourless, crystalline solid which is soluble in water due to its strong hydrogen bonding. It is used as an intermediate for synthesizing several chemical compounds, as a derivative in the production of nylon, herbicides, epoxies and cosmetics as well as in manufacturing of household products such as detergents. It is also used as a disinfectant and antiseptic. Further, the use of polycarbonates and epoxy resins in various end-user industries such as paints and coatings, electronics, packaging and adhesives will drive the market growth.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Regional Insights
Asia-Pacific was the largest market for Phenol in 2021 in terms of volume, with China being one of the largest producers and consumers of Phenol derivatives globally. Moreover, with many on-going and upcoming construction projects in China, the demand for Phenol based end products, and Phenol derivates is expected to increase significantly. Meanwhile, stringent government and environmental regulations curbing the use of Phenol based products in the North American and European countries are expected to restrict the demand for Phenol in the regions.
Insights on key countries:
The Chinese market was the largest in 2021 and was valued at US$4969.3 million for the same year. Phenol was utilized in the manufacture of phenolic resins which are used extensively in the construction sector. In addition, robust demand of the chemical in the pharmaceutical sector in the manufacture of different drug is expected to contribute to the growth of the Chinese market.
The U.S market was valued at US$3840.6 million in 2021. Growing use of Phenol in the form of industrial cleaner for electronic appliances as well as machinery components would contribute to the growth of the market. In addition, increasing demand of the product in the production of liquid detergents and floor cleaners would drive the growth of the country.
Impact of COVID-19
The global Phenol market has been adversely impacted by the COVID-19 induced lockdowns. Growth of the market is primarily dependent on the demand for two chemicals Bisphenol-A (BPA) and Phenolic Resins which are used in the construction, automotive and electronics industries. The lockdowns resulted in the closure of many manufacturing plants and construction activities around the world, which drastically reduced both supply and demand for these chemicals and also of the end products such as paints and coatings. For example, as per a study by French organisation, International Organization of Motor Vehicle Manufacturers, global vehicle manufacturing in 2020 was estimated to be around 77 million, as compared to 92 million in the previous year.
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Key players
The key players in this industry include Solvay, INEOS Capital Limited, AdvanSix Inc., Royal Dutch Shell PLC, Kumho P&B Chemicals Inc., Altivia, Mitsubishi Chemical Corporation, Cepsa, Domo Chemical GmbH, and Mitsui Chemicals Inc
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