Global Phenol Market Key Insights:
The global phenol market attained about 13 million tons in 2018. The market is further expected to grow in the forecast period of 2019-2024, growing at a CAGR of 3.4% to reach 15 million ton by 2024. The phenol market is expected to witness a higher growth in terms of value. In 2018, the market stood at USD 20 billion. It is projected to grow in value at a CAGR of 5.4% to attain a value of USD 28 billion in 2018.
In 2017, Asia Pacific was the largest regional market with a market share of about 40%. The Asia Pacific was followed by Europe and the United States as the leading markets for phenol with Europe occupying 29% of the global market and the United States accounting for about 26% of the market. Belgium was the leading exporter of phenol, which accounted for 18% of the total exports of phenol globally in 2016. China, on the other hand, was the largest importer of phenol in the world.
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Phenol is extensively used in the production of bisphenol A, accounting for 48% of the end-uses of the former, globally. Bisphenol A is used in epoxy resins which find applications in automobiles, paints, coating and mouldings, electrical appliances and other industries. After the production of bisphenol A, a quarter of the phenol available globally goes into producing phenolic resins. Phenol resins or phenol formaldehyde resins are produced through the polymerisation of phenol. They are used in the manufacture of Bakelite, a thermosetting plastic, which finds its primary application in electrical equipment. Phenolic resins also find their application in the production of nylon fibres, finding extensive uses in the textile industry.
Properties and Applications
Phenol or carbolic acid is an aromatic white crystalline solid. It is an organic compound with the molecular formula C6H5OH. Phenol finds extensive and diverse applications, especially through its downstream products. It finds the majority of its usage in the conversion to precursors for plastics. In the pharmaceutical sector, phenol finds its application as a precursor of drugs like aspirins, and other pharmaceutical drugs. It is also employed as a remedy for pharyngitis. It is derived through the Cumene process, Dow process, and Raschig–Hooker process, among others.
Phenol derivatives find their applications in the home and personal care sectors for the preparation of cosmetics like hair colourings, sunscreens, and skin lightening products.
North America, LATAM, Europe, Asia Pacific, and Middle East and Africa are the major regions that have been examined in the report.
The global phenol demand is being driven by the rising demand for alkyl phenyl. Alkyl phenyl currently accounts for 4.2% of the global end-use application. It is predominantly utilised as a surfactant for industrial as well as domestic applications, globally. Alkyl phenyl also finds uses as precursors to detergents, components of phenolic resins, additives in fuels and lubricants, and as polymers. They are also found in tyres, coatings, adhesive, and high-performance rubber product as a result of their downstream applications.
The demand for phenol has also been rising globally due to the growth of its end-use industries, owing to the increasing urbanisation, changing lifestyles and the rise in disposable incomes globally. Strong demand from emerging countries is facilitating the growth in the market. The technological advancement in the techniques of its production has added further impetus to the phenol market growth.
Phenol is also in demand in sectors like farming and animal husbandry where it is used in fungicides and disinfectants. Through its downstream uses, phenol also finds applications in the automobile and construction sectors. The construction industry is expected to grow by 85% in 2030 to attain USD 15.5 trillion, with China, US, and India accounting for 57% of the estimated growth. China along with India are the key automotive markets. Thus, with the growing demand for phenol derivatives like polycarbonate and epoxy resins in the automobile and construction sector, the phenol market is being propelled forward.
The report analyses the following key players in the global phenol market, looking into their competitive landscape, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and expansions of capacity:
The EMR report gives an in-depth insight into the phenol market by providing an analysis of Porter’s Five Forces as well as offering a SWOT analysis.
2 Research Methodology
3 Executive Summary
3.1 Market Overview
3.2 Key Demand Drivers
3.3 Key Players
3.4 Feedstock Movements
3.5 Supply Market Change
4 Global Phenol Market Outlook
5 Global Phenol Market
5.1 Global Phenol Market Analysis
5.1.1 Chart: Global Phenol Market by Value: Historical Market (2014-2018) & Forecast (2019-2024)
5.1.2 Chart: Global Phenol Market by Volume: Historical Market (2014-2018) & Forecast (2019-2024)
5.1.3 Chart: Global Phenol Market Breakup by End-Use
188.8.131.52 Bisphenol A
184.108.40.206 Phenolic Resins
220.127.116.11 Alkyl Phenols
5.1.4 Figure: Global Phenol Market Breakup by End-Use: Historical Market (2014-2018) & Forecast (2019-2024)
18.104.22.168 Bisphenol A
22.214.171.124 Phenolic Resins
126.96.36.199 Alkyl Phenols
5.1.5 Chart: Global Phenol Market Breakup by Manufacturing Process
188.8.131.52 Cumene Process
184.108.40.206 Dow Process
220.127.116.11 Raschig–Hooker process
5.1.6 Chart: Global Phenol Market Breakup by Manufacturing Process Historical Market (2014-2018) & Forecast (2019-2024)
18.104.22.168 Cumene Process
22.214.171.124 Dow Process
126.96.36.199 Raschig–Hooker process
5.1.7 Chart: Global Phenol Market Breakup by Region
188.8.131.52 North America
184.108.40.206 Asia Pacific
220.127.116.11 Middle East & Africa
5.1.8 Figure: Global Phenol Market Breakup by Region: Historical Market (2014-2018) & Forecast (2019-2024)
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Middle East & Africa
5.2 SWOT Analysis
5.3 Value Chain Analysis
5.4 Porter’s Five Forces Analysis
5.4.2 Buyer’s Power
5.4.3 Supplier’s power
5.4.4 New Entrants
5.4.5 Degree of Rivalry
5.5 Global (HS Code-2907) Trade Analysis (2018)
5.5.1 Major Exporting Countries by Value & Volume
5.5.2 Major Importing Countries by Value & Volume
5.6 Regional Phenol Price Analysis
5.6.1 North America Historical Price trends (2014-2018) & Forecast (2019-2024)
5.6.2 Europe Historical Price Trends (2014-2018) & Forecast (2019 – 2024)
5.6.3 Asia Pacific Historical Price Trends (2014-2018) & Forecast (2019 - 2024)
5.6.4 LATAM Historical Price Trends (2014-2018) & Forecast (2019 – 2024)
5.6.5 Middle East & Africa Historical Price Trends (2014-2018) & Forecast (2019 – 2024)
6 Manufacturing Process
6.1 Detailed Process Flow
6.2 Operations Involved
6.3 Mass Balance
7 Cost Analysis
7.1 Land, Location and Site Development
7.3 Plant Machinery
7.4 Cost of Raw Material
7.9 Other Capital Investment
8 Competitive Landscape & Supplier Analysis
8.1 INEOS Phenol
8.2 Mitsui Chemicals Inc.
8.3 Kumho P&B Chemicals, Inc.
8.4 LG Chem Ltd.
8.5 Taiwan Prosperity Chemical Corporation
8.6 Honeywell International Inc.
8.7 Shell Chemical Co.
8.8 Solvay SA
9 Consumer Analysis
10 Events and Developments
The global phenol market attained a volume of 13 million tons in 2018. It is expected to witness a further growth in the forecast period of 2019-2024, growing at a CAGR of 3.4%. The market is projected to reach 15 million tons in 2024.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on its manufacturing process, the global phenol market can be segmented into the Cumene, Dow, and Raschig–Hooker processes, among others. On the basis of end-uses, the production of bisphenol A accounted for 48% of the end-uses of phenol in the global market. The major regional markets for phenol are North America, Asia Pacific, Europe, LATAM, and Middle East and Africa, with the Asia Pacific accounting for the largest share of the market. The key players in the report include 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 major drivers of the industry such as rising urbanisation, increasing disposable incomes, strong demand from emerging economies, technological advancements, and growing demand for alkyl phenyl are expected to aid the market growth. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected market conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the report are:
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