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According to a new report by EMR titled, ‘Global Phenol Market Report and Forecast 2021-2026’, the global phenol market reached a value of around USD 23.17 billion in the year 2020. The industry is further expected to grow in the forecast period of 2021-2026 at a CAGR of 5.3% to reach USD 30 billion by 2026.
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.
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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.
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