Global Phenol Market Report and Forecast 2022-2027
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Bharat Book Bureau Provides the Trending Market Research Report on “Global Phenol Market Report and Forecast 2022-2027”under Chemicals Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
According to the report by Our Research, the global Phenol Market size attained a value of around USD 19.44 billion in 2021. Aided by the rising demand for alkyl phenols, the market is projected to further grow at a CAGR of 4.2% between 2022 and 2027 to reach a value of USD 24.07 billion by 2027.
Phenols are like alcohols but create stronger hydrogen bonds. Hence, they are more soluble in water than alcohol and have higher boiling points. Phenols arise either as white solids or colourless liquids at room temperature and are expected to be highly toxic and caustic. They are mainly used in the production of phenolic resins and in the manufacture of nylon as well as other synthetic fibres. Phenols are also employed in slimicides as an antiseptic and disinfectant, and in medicinal preparations like mouthwash and sore throat lozenges.
Moreover, phenol also known as carbolic acid is an aromatic white crystalline solid. It is also referred to as an organic compound with the molecular formula C6H5OH. Phenol finds its usage mostly in the conversion to precursors for plastics. Further, it finds its application as a precursor of drugs such as aspirins, and other pharmaceutical drugs. It is also utilised as a remedy for pharyngitis.
The rapid industrialisation coupled with infrastructural investments in emerging economies across the globe has primarily promoted construction activities in the commercial and residential domains. As phenolic resins are employed in the manufacturing of laminated beams, plywood, and flooring panels, the growth of phenol market is improving.
The rising demand for Bisphenol-A is aiding the market growth as products produced from BPA meet high-performance demands. Epoxy resins created with BPA are tough and readily adhere to metal surfaces, creating excellent materials for protective coatings. Also, BPA is a chemical employed to create polycarbonate plastic. Polycarbonate plastic made with BPA is shatter-resistant, lightweight, and has high optical clarity like glass. The rising purchasing power of users is likely to generate a demand for higher utilisation of phenol as well as phenol-based derivatives across the electronics industry. The fact that phenols are inexpensive attracts more consumers and thus increases the phenol market demand.
Geographically, the Asia Pacific region is expected to witness significant growth in the phenol market on account of the presence of numerous polycarbonates-based application downstream units in the region over the past few years. The broad usage of BPA finds its application in manufacturing polycarbonates along with epoxy resins which are further representing the market growth in the region. The BPA market in the region is expected to be led by automobiles and the construction industry over the forecast period. Urbanisation, increasing disposable income coupled with rising consumer spending on aesthetic appearance, comfort, and functionality, and high production of phenol in China is driving the phenol market growth in Asia Pacific.
Benefits such as cheap labour and low operating costs, among others are likely to bolster the market growth of phenol in China. The rising uses of phenols as an industrial cleaner for electronic devices as well as machinery parts drives the market growth. Further, the rising use of phenol in day-to-day products like disinfectants, mouthwashes, inks, liquid detergents, and floor cleaners propels the market growth. Additionally, the escalating adoption of phenols in the pharmaceutical industry in India for manufacturing various drugs is generating growth opportunities in the phenol market.
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