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Global Phenol Market to Grow at a CAGR of 4.2% over the Forecast Period of 2022-2027

According to a new report by EMR titled, ‘Global Phenol Market Report and Forecast 2022-2027’, the global phenol market reached a value of around USD 19.44 billion in the year 2021. The industry is further expected to grow in the forecast period of 2022-2027 at a CAGR of 4.2% to reach about USD 24.07 billion by 2027.

The global phenol market is being driven by its extensive use in the production of bisphenol A, which accounts for 47% of the end uses of phenol, globally. Bisphenol A is used to manufacture epoxy resins which further find applications in automobiles, paints and coating, mouldings, electrical appliances, and other industries. In 2017, the Asia Pacific dominated the global phenol market, accounting for about 51.7% of the global share, and China was the leading importer of phenol in the world. The other significant markets for the product are Europe and the United States.

The INEOS Phenol is one of the key players in the global phenol market. With an annual manufacturing capacity of more than 4 million tonnes per annum, INEOS Phenol serves as the world's largest producer of phenol and acetone. The company also produces alphamethylstyrene and cumene, used as a feedstock for phenol/acetone manufacturing process. In July 2020, INEOS Phenol announced that it is building a world scale cumene unit in Marl Germany, expected to be completed by 2020. This new cumene plant, having a capacity of 750,000 tonnes, will support future customer demand for phenol and acetone by improving the supply of raw material to the INEOS phenol and acetone plants located in Gladbeck and Antwerp. With the increase in production capacity for cumene, the company will aid other phenol producers as well by fulfilling the global cumene demand, further aiding the global phenol market.

The growing environmental concern is further influencing the manufacturers to focus on sustainable product development. Solvay SA (OTCMKTS: SOLVY) is an advanced materials and speciality chemicals company, providing everyday solutions and a wide range of products. The company has integrated the UN Sustainable Development Goals (SDGs) into their growth strategy, further promoting circular economy. Such steps by the leading manufacturers of phenol are further expected to aid the phenol market globally.

Market Breakup by End Use and Regions:

  • The major end uses of phenol are bisphenol A, phenolic resins, and caprolactam, and alkyl phenols, among others.
  • Region-wise, the global phenol market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing automobile industry is aiding the global phenol industry as phenol and phenol derivatives are used in tyres, coatings, adhesive, and high-performance rubber product. 
  • As epoxies find applications in circuit boards, the expanding electronics industry, especially in the emerging regions, is driving the phenol market globally. 
  • Increasing urbanisation, changing lifestyle, and the rise in disposable incomes have resulted in the growth of infrastructure activities, especially in developing nations like India and China, providing further impetus to the market.
  • The rising demand for phenol derivatives like polycarbonate and epoxy resins is further aiding the industry.

Key Offerings of the Report:

  • The EMR report gives a detailed overview of the global phenol market, providing an insight into the end-uses and regional markets of the product for the periods (2017-2021) and (2022-2027).
  • The report gives the regional historical (2017-2021) and forecast (2022-2027) price trends of phenol.
  • The global trade data analysis has also been provided in the report by EMR.

The major players in the global phenol market are INEOS Phenol, Mitsui Chemicals Inc., Kumho P&B Chemicals, Inc., LG Chem Ltd., Taiwan Prosperity Chemical Corporation, Honeywell International Inc., Shell Chemical Co., and Solvay SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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