BANGALORE, India, Oct. 4, 2021 /PRNewswire/ — The Global Phenol Market is Segmented by Type (Bisphenol A, Phenolic Resins, Caprolactam, Alkyl Phenyls), by Application (Chemical, Construction, Electronic Communication, Automotive, Metallurgy). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under the Chemicals Industry Category.
The global Phenol market size is projected to reach USD 22250 Million by 2027, from USD 17380 Million in 2020, at a CAGR of 4.2% during 2021-2027.
Phenol is an aromatic compound and is also known as carbolic acid; it has a similar structure to that of alcohol but has higher acidity levels. Phenol is a volatile white crystalline solid and because of its acidic properties, it can cause chemical burns so needs to be handled carefully.
Major factors driving the growth of the Phenol market are:
Phenol is also used in fungicides and disinfectants in industries such as farming and animal husbandry. Furthermore, the phenol market’s growth has been boosted by technological advancements in its production procedures.
TRENDS INFLUENCING THE GROWTH OF THE PHENOL MARKET
Construction activities in the residential and commercial domains have benefited greatly from rapid economic expansion around the world. Since phenolic resins are utilized in the manufacture of plywood, laminated beams, and flooring panels, the phenol market is expected to grow rapidly.
Increasing application of phenol in various end-user applications in the chemical industry is expected to drive the growth of the phenol market. Phenol is used to make various chemical products such as phenolic adhesives, polycarbonates, and epoxy resins, which are key raw materials for a variety of industries.
Improvements in phenol production technologies are expected to provide lucrative growth opportunities in the phenol market. To address the expanding global demand for phenol, these initiatives have focused on increasing yield, lowering process costs, and improving process safety.
Growing emphasis on the usage of sustainable energy in the face of rising crude oil costs is predicted to boost demand for epoxy resins used in wind turbine power generators, propelling the industry forward.
PHENOL MARKET SHARE ANALYSIS
Based on type, Bisphenol A (BPA) currently represents the largest segment, accounting for the majority of the total market share. BPA finds vast applications in the production of epoxy resins and polycarbonate which are further used for manufacturing food and beverage containers, medical devices, electronic equipment, household appliances, and automotive parts.
The Asia Pacific is expected to be the most lucrative region in the phenol market due to the increasing production and consumption of phenol in China. Besides this, a rise in the purchasing power of the consumers has escalated investments in the chemical, automotive, and construction industries, thereby fueling market growth.
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PHENOL MARKET SEGMENTATION
- Bisphenol A
- Phenolic Resins
- Alkyl Phenyls.
- Electronic Communication
- Aditya Birla Chemicals
- PTT Phenol
- Bayer Material Science
- Shandong Shengquan Chemicals
- Essential Chemical
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– In 2020, the global Phenolic Resins market size was USD 10360 Million and it is expected to reach USD 14830 Million by the end of 2027, with a CAGR of 3.6% during 2021-2027.
– In 2020, the global Caprolactam (CAS 105-60-2) market size was USD 10810 Million and it is expected to reach USD 16570 Million by the end of 2027, with a CAGR of 6.3% during 2021-2027.
– In 2020, the global Phenol & Acetone market size was USD 22610 Million and it is expected to reach USD 32000 Million by the end of 2027, with a CAGR of 5.0% during 2021-2027.
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