Wednesday, April 20, 2022

Global Phenol Industry Report: Analysis and Forecast 2022-2027

Phenol Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

The global phenol market reached a value of about USD 19.44 billion in 2021. The industry is projected to grow at a CAGR of around 4.2 percent in the forecast period of 2022-2027 to reach a value of USD 24.07 billion by 2027. The phenol market has experienced a negative impact on account of the rapid spread of the coronavirus disease (COVID-19) and consequent lockdowns imposed by governments of several countries, which has resulted in a labour shortage, supply chain disruptions, and limited availability of raw materials. Nevertheless, due to the extensive and diverse applications of phenol for industrial purposes, cosmetics, and household products, the raw material has gained momentum again. The key demand indicator is the highest category spender by region— Asia Pacific.

Phenol: Industry Definition and Segmentation

Scope

Phenol or carbolic acid is a fragrant white crystalline solid. It is an organic compound with the molecular formula C6H5OH. Phenol finds extensive and diverse applications, especially through its downstream products. It is obtained through the Cumene process, Dow process, and Raschig–Hooker process, among others. It finds most of its usage in the conversion to precursors for plastics. In the pharmaceutical sector, phenol finds its application as a precursor of drugs like aspirins, and other pharmaceutical drugs. It is also employed as a remedy for pharyngitis. It is majorly used for manufacturing household products like detergents, as an intermediate, and as a derivative in the production of nylon, herbicides, epoxies, and cosmetics.

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The phenol market industry report comprises segments based on:

  • End-use products – This segment is divided into Bisphenol A, Phenolic Resins, Caprolactam, Alkyl Phenyls, among others
  • Region-wise - Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America

Snapshot of the Report

The major regions in the industry are North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa. The Asia Pacific accounts for the greatest market share of 52.5 percent.

Read Full Report with Table of Contents: - https://www.procurementresource.com/reports/phenol-industry-report

Category Drivers

Rapid economic development around the world has majorly contributed to construction activities in the residential and commercial domains. Since phenolic resins are used in the production of plywood, laminated beams, and flooring panels, this has increased the market growth. Phenol finds substantial applications as an industrial cleaner for machinery parts and electronic devices; as a starting material for plastics and explosives such as picric acid; as a raw material in the manufacturing of drugs and antioxidants; as a basic material in wood preservatives such as creosote; for making intense colored dyes; and in everyday products such as mouthwash, liquid detergents, inks, floor cleaners, and disinfectants.

Besides, phenolic resins are used in the manufacturing of thermosetting plastics which are further utilised in the production of electrical components such as electron tubes, insulators, and sockets. Apart from this, paper phenolics are employed for manufacturing household laminates and paper composite panels; and glass phenolics are used in the high-speed bearing market. Additionally, the rise in the demand for molding uses of phenolic resins for several purposes including, sharp grinding wheels, rubbing linings, and intractable products, because of their high elasticity, heat resistance, and dimensional stability, is leading to the growth of the market. Along with other factors, various government initiatives to aid and promote local assembling activities are driving the attention for phenolic resins in the building and construction industry.

Category Insight by Region

The Asia Pacific region was the leading regional phenol market with a market share of about 52.5 percent in 2021. Followed by the Asia Pacific are Europe and the United States as the leading markets for the product, with Europe occupying 22.4 percent of the global phenol market and the United States accounting for about 17 percent of the industry. The Asia Pacific phenol market is growing due to the increasing government initiatives for the construction and chemicals industries such in China and India.

Besides, North America is projected to expand at an increasing rate owing to the rising number of chemical companies in countries like the US and Canada. Europe is likely to account for a substantial share in the international market for phenolic resins, whereas East Asia is estimated to face a major growth all through 2029. The increasing domestic output and consumption of phenolic resins for multiple applications through various end-use industries are expected to largely drive the market growth.

Best Procurement Practices

The global phenol industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of phenol by-products across the globe, such as engagement models, contract terms, buyer, and supplier negotiation levers, among others.

Category Management Studies

Phenol is important to produce other chemical products like phenolic adhesives, polycarbonates, and epoxy resins which are used as essential raw materials for numerous industry sectors. Phenol is applied to many kinds of end products such as plywood, window glazing, flooring and countertop laminates, televisions, computers, household appliances, sports equipment, and boats. Benzene and propylene are used to first produce cumene, which is later oxidised to develop into hydroperoxide, prior to their splitting into phenol and its co-product, acetone. Bisphenol A (BPA), which is produced from phenol and acetone is the only biggest market for phenol. BPA further is utilised to manufacture polycarbonate and epoxy resins. When it is countered with bromine, BPA forms fire retardant tetrabromobisphenol A. It is also applied to produce engineering thermoplastics like polysulfones and polyacrylates.

Key Supplier Profiles included in the Global Phenol Industry Report

The major players in the industry are INEOS Group, Mitsui Chemicals Inc., Honeywell International Inc., Shell Chemical Co., and Solvay SA, among others.

The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliernutms.

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Procurement Resource ensures that our clients remain at the vanguard of their industries by providing actionable procurement intelligence with the help of our expert analysts, researchers, and domain experts. Our team of highly seasoned analysts undertake extensive research to provide our customers with the latest and up-to-date market reports, cost-models, price analysis, benchmarking, and category insights, which aid in simplifying the procurement process for our clientele. We work with a diverse range of procurement teams across industries to get real-time data and insights that can be effectively implemented by our customers. We also track the prices and production costs of an extensive range of goods and commodities, thus, providing you with the updated and reliable data. We, at Procurement Resource, with the help of the latest and cutting-edge techniques in the industry, help our clients understand the supply chain, procurement, and industry climate, so that they can form strategies which ensure their optimum growth.

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