Global Phenol Market, By Product Type, (Phenolic Resins, Caprolactum, Bisphenol-A, and Other), Manufacturing Process (Cumene Process, Dow Process, and Ranching–Hooker Process), Classification, (Monohydric, Dihydric, and Trihydric), Application, (Epoxy Resins, Polycarbonates, Nylon, Bakelite, Detergents, Phenolic Resins, Pharmaceutical Drugs, and Herbicides), End-Users (Bisphenol A, Phenolic Resins, Caprolactam, and Others) – Industry Trends and Forecast to 2031.
Phenol Market Analysis and Size
Phenol's antiseptic properties make it a valuable component in disinfectants and antiseptic solutions, contributing to its use in the healthcare industry. Its effectiveness as a solvent also makes it a preferred choice for industrial cleaning products, capable of removing tough contaminants like grease and oil. It is employed in wood preservation treatments, safeguarding wood from decay and pests. Beyond these applications, phenol is utilized in producing dyes, detergents, and herbicides, showcasing its versatility and importance in various sectors. As a result, the phenol market continues to thrive, driven by its wide-ranging applications and benefits across industries.
Data Bridge Market Research analyzes that the global phenol market is expected to reach USD 33.03 billion by 2031, which is USD 24.70 billion in 2023, registering a CAGR of 3.7% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Phenol Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Phenolic Resins, Caprolactum, Bisphenol-A, and Other), Manufacturing Process (Cumene Process, Dow Process, and Ranching–Hooker Process), Classification (Monohydric, Dihydric, and Trihydric), Application (Epoxy Resins, Polycarbonates, Nylon, Bakelite, Detergents, Phenolic Resins, Pharmaceutical Drugs, and Herbicides), End-Users (Bisphenol A, Phenolic Resins, Caprolactam, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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KUMHO P&B CHEMICALS., INC (South Korea), TPCC (China), Shell plc (U.K.), Mitsui Chemicals, Inc. (Japan), LG Chem (South Korea), Honeywell International Inc. (U.S.), Solvay (Belgium), Aditya Birla Group (India), SHENGQUAN GROUP (China), PTT Phenol Company Limited. (Thailand), Bayer AG (Germany), AdvanSix (U.S.), Cepsa (Spain), INEOS (U.K.), Domo Investment Group NV. (Belgium), Altivia (U.S.), Formosa Plastics Corporation (Taiwan), Prasol Chemicals Pvt. Ltd. (India), Sasol LTD (South Africa), China National Bluestar (Group) Co, Ltd. (China), and Merck KGaA (Germany)
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Market Opportunities
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Market Definition
Phenol is a chemical compound with the molecular formula C6H5OH, also known as carbolic acid. It is a mildly acidic white crystalline solid with a distinct, sweet odor. Phenol is soluble in water, alcohol, and ether, and it is highly reactive due to the presence of a hydroxyl group (-OH) attached to a benzene ring. It is used in various industries as a precursor to plastics, resins, and pharmaceuticals, and it also has antiseptic properties, making it useful in disinfectants and medicinal applications.
Global Phenol Market Dynamics
Drivers
- Expanding Automotive and Construction Industries
Phenol is used in the production of various materials used in these industries, such as insulation materials and laminates, contributing to the market's growth. For instance, in June 2023, INEOS and BASF revealed a collaboration to advance and market innovative technologies based on phenol. This partnership aims to develop novel processes for phenol and its derivatives’ production alongside exploring fresh applications for materials derived from phenol. The growth of the automotive and construction industries, particularly in emerging economies, is driving the demand for phenol and favoring market growth.
- Growing Applications in Phenolic Resins
Phenolic resins are one of the major drivers of the market. These resins are widely used in coatings, adhesives, and molded products due to their excellent thermal and chemical resistance properties. For instance, in November 2022, ASK Chemicals Group finalized the purchase of the industrial resins business from the US-based SI Group. The acquisition encompasses resin manufacturing facilities in Rio Claro (Brazil), Ranjangaon (India), and Johannesburg (South Africa), and licensed technology and the completion of several tolling agreements worldwide. This acquisition strengthens ASK Chemicals' presence in the foundry market and marks a significant stride in establishing a phenolic industrial resin business. The increasing demand for phenolic resins is fueling the market growth.
- Innovations in Production Processes
Innovations in phenol production processes are also driving the market. New technologies and processes are being developed to produce phenol more efficiently and sustainably, reducing production costs and environmental impact and driving market growth.
Opportunity
- Emerging Applications in Healthcare and Pharmaceuticals
Phenol and its derivatives are finding new applications in the healthcare and pharmaceutical industries, such as in producing pharmaceuticals, disinfectants, and medical devices. Phenol is a vital component in the pharmaceutical sector, primarily functioning as a precursor for a range of drugs, such as aspirin and other pharmaceutical formulations. Its chemical properties make it a key ingredient in synthesizing these medications, enabling the production of high-quality and effective pharmaceutical products. Furthermore, phenol's antiseptic properties make it a valuable remedy for conditions such as pharyngitis, where it is used in throat sprays and lozenges to alleviate symptoms and promote healing, which is creating new opportunities for the market to grow.
- Focus on Recycling and Sustainable Bio-Based Phenol
The market is witnessing a notable shift towards bio-based phenol sourced from renewable raw materials. This transition is driven by a rising consumer preference for sustainable products, prompting industries to seek environmentally friendly alternatives. With increasing emphasis on sustainability, there is a growing focus on recycling phenol and its derivatives. Companies that can develop innovative recycling technologies and promote a circular economy approach will have a competitive advantage in the market. Cepsa Quimica SA, a materials manufacturer, commenced production of an environmentally friendly variant of phenol in April 2022, a crucial feedstock for engineering resin production, as reported by Sustainable Plastics. Marketed under the brand name NextPhenol, this sustainable phenol produced by the Madrid-based CQ can be utilized to manufacture nylon, polycarbonate, methyl methacrylate, and coatings. Focus on sustainability will create more opportunities for market growth.
Restraints/Challenges
- Ban on BPA Impacts Phenol Derivatives
The challenge posed by the ban on Bisphenol-A (BPA) affecting the phenol derivatives market arises from the fact that BPA is a key ingredient in producing various phenol derivatives, such as polycarbonate plastics and epoxy resins. For instance, In December 2021, the EFSA's Panel on Food Contact Materials, Enzymes, and Processing Aids proposed a new recommendation for Bisphenol-A (BPA) intake, suggesting a limit of 0.04 nanograms per kilogram of body weight per day. This is a significant reduction from the temporary limit of 4 micrograms per kilogram of body weight per day set in 2015. The panel highlighted an increase in a specific type of immune system cell related to allergic lung inflammation as the most sensitive health effect linked to BPA exposure along with reproductive and developmental effects, presenting a huge challenge for the market.
- Fluctuating Phenol's production cost
The impact of price volatility on market stability is significant for the phenol market. For manufacturers and buyers of phenol and its derivatives, the uncertainty in pricing makes it challenging to plan and budget effectively. Rapid price changes can disrupt supply chains, leading to inventory management issues and increased costs for businesses, which is major challenge for the market.
This phenol market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the phenol market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In January 2023, Formosa Chemicals & Fibre Corporation and Mitsubishi Chemical Corporation disclosed a collaboration to advance and market novel composite materials derived from phenol. This partnership aims to create materials that surpass current phenol-based options in terms of strength, weight, and durabililty
- In August 2022, INEOS Phenol revealed the purchase of Mitsui Phenols Singapore Ltd's asset base from Mitsui Chemicals for a total of USD 330 million. This acquisition includes the Jurong phenol and BPA assets, offering integration prospects with existing manufacturing facilities in Germany, Belgium, and the U.S. The acquisition is set to augment the total production capacity by 1 million tonnes
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Phenol Market Scope
The phenol market is segmented on the basis of product type, manufacturing process, classification, application, and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Phenolic Resins
- Caprolactum
- Bisphenol-A
- Other
Manufacturing Process
- Cumene Process
- Dow Process
- Ranching–Hooker Process
Classification
- Monohydric
- Dihydric
- Trihydric
Application
- Epoxy Resins
- Polycarbonates
- Nylon
- Bakelite
- Detergents
- Phenolic Resins
- Pharmaceutical Drugs
- Herbicides
End-Users
- Bisphenol A
- Phenolic Resins
- Caprolactam
- Others
Global Phenol Market Regional Analysis/Insights
The phenol market is analyzed and market size insights and trends are provided by country, product type, manufacturing process, classification, application, and end-users as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.
Asia-Pacific is expected to dominate the market due to its significant consumption and production of phenol, the growing economies of developing nations and increased investment in the region.
Europe and North America is expected to be the fastest growing region due to environmental regulations concerning phenol usage in these regions.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Phenol Market Share Analysis
The phenol market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to phenol market.
Some of the major players operating in the phenol market are
- KUMHO P&B CHEMICALS., INC (South Korea)
- TPCC (China)
- Shell plc (U.K.)
- Mitsui Chemicals, Inc. (Japan)
- LG Chem (South Korea)
- Honeywell International Inc. (U.S.)
- Solvay (Belgium)
- Aditya Birla Group (India)
- SHENGQUAN GROUP (China)
- PTT Phenol Company Limited. (Thailand)
- Bayer AG (Germany)
- AdvanSix (U.S.)
- Cepsa (Spain)
- INEOS (U.K.)
- Domo Investment Group NV. (Belgium)
- Altivia (U.S.)
- Formosa Plastics Corporation (Taiwan)
- Prasol Chemicals Pvt. Ltd. (India)
- Sasol LTD (South Africa)
- China National Bluestar (Group) Co, Ltd. (China)
- Merck KGaA (Germany)
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