Phenol Market is Expected to Grow at a CAGR of 4.9% by 2030 – ChemAnalyst

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According to ChemAnalyst report, “Phenol Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Phenol market was valued USD 12.5 Million in 2020 and is forecast to reach USD 20.07 Million by 2030, growing at a CAGR of 4.9% until 2030. Global demand of phenol is growing constantly, owing to its commercial viability and use of its derivatives such as Bisphenol A, Phenolic Resins, Caprolactam, Alkyl Phenyls and others which are further employed to manufacture a wide range of products such as liquid detergents, inks, mouthwash, wood preservatives, herbicides, floor cleaners and disinfectants. Additionally, it acts as an intermediate or precursor for synthesizing several chemical compounds and pharmaceutical drugs or as a derivative in the production of nylon, herbicides, epoxies, and cosmetics.

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Phenol is an aromatic compound containing a hydroxyl group. It is derived from cumene which is manufactured from Propylene and benzene. Cumene is oxidized to form cumene peroxide which further gives phenol and its by product acetone. Globally phenol is consumed majorly in the production of Bisphenol A. BPA is found in polycarbonate plastics and epoxy resins which are further used in electronics, automotive, optical, paint & coating industries. The end-use sector is driven by Bisphenol A, representing approximately half of the market share. Hence, due to Phenol’s multi-faceted application across several industries is expected to push demand for the product to unprecedented levels during the forecast period.

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COVID-19 Impact:

Sudden onset of the global pandemic COVID-19 has created a domino effect and weakened the demand of Phenol in the market as most of the major manufacturers are either shutdown or running at less than 50% of their capacity utilization. However, Phenol and related downstream products market is showing a recovering pattern in demand owing to its applications in the production of phenolic resins, pharmaceutical drugs, detergents coupled with the surging demand of disinfectants and floor cleaners amidst the covid crisis eventually drives the Phenol market globally.

Regional Outlook:

Region wise, Phenol market is dominated by Asia Pacific domain, followed by Europe and the United States. South Korea is the leading exporter of phenol following by Japan. On the other hand, China is the largest importer of Phenol followed by India, as most of the manufacturing units using phenol and its derivatives to produce wide range of products are present in the region. Additionally, rising population & urbanization in these countries lead to the huge demand for electronics and automotive goods which consequently escalates the demand of Phenol. Furthermore, Phenol market is anticipated to grow in the upcoming years because of the global incline towards the sustainable energy for the rising crude oil cost, increasing the demand of epoxy resins for wind turbine power generators.

Key Players:

Cepsa Corporation
Kumho shell
Formosa Chemicals and Fibre Corporation.
Taiwan Prosperity Chemical Corp (TPCC).
Deepak Nitirite Ltd.
LG Chem, Mitsui Chemicals Inc.
DOW Chemicals
Sabic Innovative Plastics

“Due to the wide range of applications including fuel additives, flame retardants, sealant and adhesive chemicals coupled with its requirement in the production of plywood, flooring panels, furniture, laminates, bedding products, automotive care products etc. Phenol industry has shown a robust growth globally. Moreover, rapid industrialization and infrastructural investments across major economies are further likely to create a strong demand for Phenol in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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