Phenol Market Size Estimated to Observe Significant Growth by 2026

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Phenol Market: Introduction

• Phenol is a white crystalline solid organic chemical and can cause chemical burns due to its acidic properties. Phenol is an aromatic hydrocarbon used as a precursor to manufacture various chemical intermediates such as bisphenol A, phenolic resins, caprolactam, andadipic acid, and alkyl phenols
• There are four different processes to manufacture phenol: cumene peroxidation process, rasching process, toluene two-stage oxidation process, and sulphonation process
• Cumene peroxidation process is widely used to manufacture phenol. Cumene is produced from the reaction between propene and benzene with the use of acid catalyst. Cumene is then oxidized to form cumene hydroperoxide, and it splits into phenol and acetone.
• It is also used as a raw material in surfactants, explosives, pesticides, plastics, pharmaceuticals, disinfectants, plywood & laminates, perfumery derivatives, phenolic resins, and dyes. Other major applications of phenol include molding component in industrial sector, organic solvent for chloroform, ether, other alcohols, etc. and is used in coating/insulation for medicines.

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Key Drivers of Global Phenol Market

• The phenol market is likely to gain momentum in the near future due to its commercial viability and varied range of applications. The growing demand for its derivatives for use in various applications is likely to drive the global phenol market during forecast period.
• Increase in construction activities as a result of rapid economic growth has boosted the consumption of phenolic resins in manufacturing of laminated beams, flooring panels, and plywood. This factor is likely to propel the global phenol market.
• Latest technological research and development programs related to phenol manufacturing has minimized the processing cost and improved the quality and yield of products. These factors are anticipated to propel the consumption of phenol during the forecast period.
• Need for sustainable energy due to surge in crude oil prices has led to the growth in demand for epoxy resins, which are used in turbine power generation. This factor is expected to drive the demand for phenol during the forecast period.

Significant Growth Opportunities for Phenol Market in Chemical Segment

• In terms of end-use industry the global phenol market can be divided into chemical, construction, automotive, electronic communication, metallurgy, and others
• Chemical segment is expected to hold the major market share followed by construction and automobile segments. Phenol is widely utilized as a precursor in various chemical preparations. It is projected to witness a substantial demand as a raw material for epoxy resins manufacturing during the forecast period.
• Increase in demand for phenol can be attributed to rise in demand for consumer products. Phenol is used to manufacture plastics and resins used in food contact applications and packaging of various consumer goods. Rapid industrialization and advancements in technologies in emerging countries are estimated to drive the global phenol market during the forecast period.

Bisphenol A Application Segment to Witness Lucrative Opportunities

• Based on application, the global phenol market can be divided into bisphenol A, phenolic resins, caprolactam, alkyl phenyls, and others
• Bisphenol A segment is expected to hold the major market share followed by phenolic resins, caprolactam, and alkyl phenyls. Bisphenol A is majorly used in the manufacturing of polycarbonate and epoxy resins, which are used in the production of household equipment, food & beverage containers, automotive parts, etc. 
• Phenol is used in the manufacturing of caprolactam, which is utilized in the production of nylon and other types of fibers

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Asia Pacific to be a Key Market for Phenol

• In terms of region, the global phenol market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific is anticipated to hold the largest share of the global phenol market during the forecast period due to increase in consumption and production of phenol in China. However, rapidly expanding economies such as India, Indonesia, and Malaysia are also offering lucrative opportunities for the market. Growing investments in automotive, chemical, and construction industries due to increased purchasing power are driving the global phenol market.
• This market in Europe and North America is projected to grow at a steady rate due to environment regulations on use of phenol

Key Manufacturers Operating in Global Phenol Market

The global phenol market is highly fragmented with presence of large number of global and regional players operating in the market. Leading market players seek to achieve higher market share through forward integration and developing products from phenol for various end-use applications.