As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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:
Key Findings of the Report:
Key Offerings of the Report:
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.
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.
Expert Market Research
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790
*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.
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.