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The global phenol market is being driven by its extensive use in the production of bisphenol A, which accounts for 48% 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 40% 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 specialty 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, Manufacturing Process, and Regions:
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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.
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