Posted on 23 Jan 2019
Global Phenol Market to Reach 15 Million Tons by 2024
Phenol is an aromatic organic compound which occurs as white crystalline powder or a colourless liquid, having the chemical formula, C6H6O. Also known as carbolic acid, benzenol or monohydroxy benzene, phenol is mildly acidic in nature. It has stronger hydrogen bond and higher solubility in water than alcohols.
Being inexpensive, phenol has diverse applications in numerous industries. Traditionally, it was used as an antiseptic and in carbolic soaps. Nowadays, it is used in the manufacture of packaging, coatings and adhesives, automotive, agrochemicals, paints, textiles, food, construction, pharmaceuticals, etc. About two-thirds of the production of phenol is consumed in conversion to precursors for other chemicals, plastics and other materials. The derivatives of phenol are also used in the production of certain cosmetics like hair dyes, sunscreens, skin lightening creams, etc. According to a new report by Expert Market Research, the global phenol market reached a volume of 12.3 Million Tons in 2018 and is further expected to reach 15 Million Tons by 2024.
The production of phenol, during 2014-2018, has witnessed a significant growth. Bisphenol A, which is a derivative of phenol is used in epoxy resins for automobiles, paints, coatings and mouldings, electrical appliances, etc. The polymerisation of phenol with formaldehyde forms phenol-resins or phenol-formaldehyde resins which are utilized in the manufacture of Bakelite which is used in electrical equipment. As a result of commercialisation of phenolic resins, the demand of phenol is increasing. Caprolactam, an intermediate of phenol, is used in the manufacture of nylon and polyamide. These applications have significantly increased the global demand for phenol in the past several years. Moreover, rising population, increasing disposable incomes, along with a strong demand from emerging markets are some of the other factors that have facilitated the market growth.
Key findings from the report:
- The major end-uses of phenol include bisphenol A (BPA), phenolic resins, caprolactam and others.
- Region-wise, Asia-Pacific dominated the market with a share of more than a fifth of the total global production in 2018. It was followed by Europe and US.
- The global phenol market is surrounded by a number of players. Some of these players include Ineos Phenol, Mitsui Chemicals, Cepsa Quimica, Kumho P & B Chemicals, and LG Chemicals.
To view the report summary and Table of Contents, click on: https://www.expertmarketresearch.com/reports/phenol-market-report
Expert Market Research has analysed the global phenol market according to end-use, major regions and top players:
Market breakup by End-use
- Bisphenol A (BPA)
- Phenolic Resins
- Caprolactam
- Others
Market Breakup by Region
- Asia-Pacific
- Europe
- US
Top Players
- Ineos Phenol
- Mitsui Chemicals
- Cepsa Quimica
- Kumho P & B Chemicals
- LG Chemicals
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