Quick Summary:
As leaders in one of the most versatile markets today, business executives across the globe need to understand the potential of the global phenol market. This comprehensive research report unlocks the reasons behind the rising market growth. It evaluates factors such as diverse industrial applications, economic reform's impact on disposable incomes and lifestyle changes, rising construction projects, and the far-reaching uses of phenol from household cleaning to personal care products and manufacturing applications.
The report also provides an insightful analysis on competition within the market, offering a detailed evaluation on market share, player positioning, success strategies, and company evaluations. It delves into market structure, providing an inside look at the intricacies of industry competition. Finally, it explores the market through multiple lenses, including end-use and regional insights, thus presenting a complete overview of the global phenol market.
Rising Demand for Phenol in Various End-Use Industries Augmenting Market Growth
The diversified industrial applications of phenol due to its versatile nature and affordable pricing is propelling the growth of the market. The economic reform resulting in the increasing disposable incomes and changing lifestyle patterns of individuals across the globe has significantly catalyzed the demand for phenol in various end-use industries. The rising construction of various residential apartments and roads, and highways around the world is propelling the demand for phenol. Phenol is also utilized as a solvent and cleaning agent in households and various commercial setups to prevent the spread of diseases. It is employed as a cleaner for various electronic devices and industrial machinery, as it possesses enhanced penetrating power into organic matter. Moreover, the increasing demand for phenol in the manufacturing of various personal care products to maintain hygiene and prevent the formation of mouth and body odors is impelling the growth of the market. Phenol is also used as an essential raw material in the plastic industry to manufacture plastics and various explosives, such as picric acid, which is an essential component for making matchsticks and electric batteries. The growing utilization of phenol as a raw material in the manufacturing of drugs and antioxidants is offering a favorable market outlook. Furthermore, the increasing adoption of phenol as a primary component in wood preservatives, such as creosote, is bolstering the growth of the market.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented, with several small and large players operating in the industry. The volume of new entrants is moderate in the phenol industry due to the presence of high capital investments, the requirement of manufacturers to gain economies of scale, and easy access to distribution networks. Furthermore, the market is characterized by low product differentiation rates and switching costs.
What is Phenol?
Phenol is an aromatic compound that occurs in a white crystalline form at room temperature. It comprises strong hydrogen bonds, which makes it more soluble in water than alcohol and possesses higher boiling points as compared to other hydrocarbons with similar molecular weight. It is mildly acidic and caustic in nature and occurs either as a colorless liquid or white solid. It darkens slowly on exposure to light and possesses a characteristically sweet odor. Phenol was initially manufactured through a synthetic process involving the sulfonation and chlorination of benzene. It is currently manufactured from benzene and propylene by converting them into cumene, then oxidizing it into cumene hyperoxide, and hydrolyzing it to form phenol. It is commercially available as n-hexylresorcinol, which is often incorporated in cough drops and syrups, and other antiseptic applications. It also consists of butylated hydroxytoluene (BHT), which is non-toxic and a common antioxidant in various food products. It is incorporated into mouthwashes and household cleaners to restrict the growth of various disease-causing microorganisms. It is often utilized as a slimicide which is a broad-spectrum antimicrobial pesticide used to kill slime-producing microorganisms, such as algae, bacteria, and fungi. Phenol is employed in the manufacturing of a wide variety of arts and crafts supplies, body paints, glitters, and other play cosmetics. It is also employed in the pharmaceutical industry as a preservative in vaccines to retain their efficiency. It is also utilized in manufacturing oral analgesics, throat and nasal sprays, and surgeries for ingrown toenails. It is utilized as a gentle preservative for a wide variety of personal care products, such as soaps, deodorants, antiperspirants, shampoos, toothpaste, and toners. It is also injected into muscles to prevent the occurrence of muscle spasticity, which hampers the ability to walk. Furthermore, as it is easily available, cost-effective, and can be purchased in bulk quantities, the demand for phenol is increasing across the globe.Phenol Market Trends:
At present, the rising demand for various cleaning and sanitizing products due to growing health consciousness among the masses represents one of the primary factors influencing the market positively. Besides this, the increasing utilization of phenolic resins for producing thermosetting plastics is propelling the growth of the market. Additionally, there is a reduction in the price of raw materials required for the manufacturing of phenol around the world. This, coupled with the limited availability of substitutes for phenol, is contributing to the growth of the market. Apart from this, the growing demand for phenol in the manufacturing of various skincare products, such as chemical peels to remove dead skin cells and smoothen the skin texture, is offering a favorable market outlook. In addition, the increasing utilization of phenolic compounds as bio preservatives for enhancing the antioxidant and antimicrobial capacity of fresh fruits and vegetables is supporting the growth of the market. Moreover, the rising incorporation of phenol in paints, adhesives, and coatings is impelling the growth of the market. Furthermore, the increasing demand for preservatives in the food and beverage (F&B) industry to retain the taste and quality of various consumable and perishable products is bolstering the growth of the market.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global phenol market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on end-use.End-Use Insights:
- Bisphenol A
- Phenolic Resins
- Caprolactam
- Alkyl Phenyls
- Others
Regional Insights:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global phenol market. Some of the companies covered in the report include:
- Ineos Phenol
- Cepsa Quimica Sa
- Mitsui Chemicals
- Formosa Chemicals and Fibers
- Kumho P & B Chemicals
Key Questions Answered in This Report:
- What was the global phenol market size in 2022?
- What will be the global phenol market outlook during the forecast period 2023-2028?
- What are the key industry trends of the global phenol market?
- What is the impact of COVID-19 on the global phenol market?
- What is the global phenol market breakup by end-use?
- What are the major regions in the global phenol market?
- Who are the leading phenol manufacturers?
What is the estimated value of the Global Phenol Market?
What is the growth rate of the Global Phenol Market?
What is the forecasted size of the Global Phenol Market?
Who are the key companies in the Global Phenol Market?
Report Attribute | Details |
---|---|
No. of Pages | 146 |
Published | June 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 22 Billion |
Forecasted Market Value ( USD | $ 30 Billion |
Compound Annual Growth Rate | 5.3% |
Regions Covered | Global |
No. of Companies Mentioned | 5 |
Table of Contents
Companies Mentioned
- Ineos Phenol
- Cepsa Quimica
- Mitsui Chemicals
- Formosa Chemicals and Fibers
- Kumho P & B Chemicals
Methodology
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