Phenol Market Size, Share to grow at a CAGR of 3.59% during the forecast period by 2035 | ChemAnalyst

According to ChemAnalyst report, “Global?Phenol Market ?Analysis: Plant Capacity, Production, Capacity by Process, Capacity by Technology, Operating Efficiency, Demand & Supply, End-User Industries, Foreign Trade, Sales Channel, Regional Demand, Company Share, 2015-2035”,?The Phenol market will likely experience a significant rise and reach approximately 17 million tonnes in 2035, at an expected CAGR of 3.59% during the forecast period by 2035. The rising demand for Bisphenol-A, Phenolic Resin, Pharmaceuticals, and other end-use industries, is anticipated to hike up the need for the Phenol market in the forecast period.

Phenol is an aromatic ring compound synthesized by three main methods: the Dow process, the Cumene process, and the Raschig–Hooker process. It has a chemical formula of C6H5OH. Physically, it is a white solid with water-soluble properties. On industrial level, the technologies employed for its production are Honeywell UOP, KBR, Versalis/Lummus, Mitsui, Badger, Lummus Technology, and Others.

Phenol is utilized to plastic and chemical industries to produce a wide range of chemicals such as picric acid, bisphenol A, adipic acid, and phenolic resins. Most of these chemicals and intermediates are further utilized for niche applications like ink, nylon, disinfectants, Bakelite, epoxies, herbicides, cleaners, and detergents. Durability, integrity, resistance, chemically inertness, and heat resistance are a few of phenolic resin's notable qualities. The woodwork industry utilizes these resins for making furniture items, plywood, laminates and even adhesives.

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The Phenol market globally is driven by its usage for synthesizing chemicals and their derivatives. Chemicals like bisphenol A and Phenolic Resin are primary derivatives of phenol.?The bisphenol-A industry consumed more than 40% of the global Phenol market in 2021 and is expected to take the lead even in the forecast period. Bisphenol A is used to create polycarbonate plastic, one of the most popular plastics. Polycarbonate plastic is used in various industries like Food & Beverage sector and the General commodity sector. It makes food containers, bottles, cups, and more. Furthermore, Phenolic resin is a popular material in the Furniture sector leading to further expansion of the Phenol market. Additionally, the pharmaceutical sector due to the Phenol's disinfectant activity also demands Phenol which is a contributing factor to the expansion of the Global Phenol market.

The global Phenol market is segmented based on end-use, sales channel, and region. Based on demand, Asia Pacific dominates the global Phenol market, consuming about a demand of approximately 50% of the global Phenol in 2021 amongst all other regions. It is anticipated that it will continue to dominate the market in the coming years, followed by Europe and North America. Asia Pacific is also leading as a global producer if Phenol and displayed a production of more than 30% of global Phenol in 2021.

Based on end-uses, the Phenol market is segregated into Bisphenol-A, Phenolic Resin, Pharmaceuticals, and Others. The Bisphenol-A Industry is dominating the Phenol market. It is anticipated to remain the most significant consumer in the forecast period, due to rising demand of plastic item that require Bisphenol-A as raw material. Pharmaceutical Industry is primarily driven due to the antibacterial and antifungal properties of Phenol.

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“Global Phenol Market Analysis: Plant Capacity, Production, Capacity by Process, Capacity by Technology, Operating Efficiency, Demand & Supply, End-User Industries, Foreign Trade, Sales Channel, Regional Demand, Company Share, 2015-2035”,?the significant players functional in the Phenol market are Ineos Group Ltd, Cepsa Corporation, Formosa Chemicals and Fibre Corp., Kumho P&B Chemicals., Inc., Chang Chun Petrochemical Co., Ltd., LG Chem Ltd., PTT Phenol, Advansix, Zhejiang Petroleum & Chemical Co., Ltd., SABIC Innovative Plastics, and Shell Chemicals.

“The increasing demand for plastic goods demands for higher amounts of feedstock chemicals. The constant rising demand of Phenol for synthesizing chemicals like Bisphenol-A and Phenolic Resin, which are consumed by the plastic industry as raw materials to manufacture commodities is expected to drive the Global Phenol market in the forecast period until 2035.?The Phenol global market during the forecast period is finely contributed by demand from the pharmaceutical industry owing to its disinfectant activity. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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