Global industrial phenols market is expected to augment over the forecast period owing to increasing phenol derivatives demand from end-use industries. Increasing epoxy resins (phenol derivative) demand due to its application in composites, paints & coatings and electronics is anticipated to augment industrial phenols market over next seven years. Industrial phenols are utilized as bonding agents to produce wood products such as plywood and MDF which is also expected to drive market growth over the forecast period. Thermosetting plastics such as bake lite and melamine are manufactured from industrial phenols and are applied in electronics. Industrial phenols demand is also expected to increase over next seven years owing to growing electronics industry, Various niche applications such as cosmetics preparation is also anticipated to propel industrial phenol market over the forecast period. Various industrial applications of phenols such as detergents, herbicides, nylon, phenolic resins and polycarbonates are expected to drive market growth over the forecast period. Industrial phenols are also utilized in phenolization (treatment of ingrown toenail), owing to which product demand is expected to rise over the forecast period. Industrial phenols are components of paint strippers which are applied in aviation industry for removing polyurethane and other chemical resins. This factor is also anticipated to drive the market over next seven years. Growing industrial phenols demand in developing countries such as China and India is expected to act as an opportunity for market participants over coming seven years.
Increasing industrial phenols demand has led to creation of various production processes and market segmentation can be done on the basis of these processes; the most popular production process is cumene process which involves partial oxidation of cumene with help of hock rearrangement. Other processes used for phenol production are dow process which involve hydrolysis of chlorobenezene. Oxidation of nitrous oxide with benzene is considered to be a green process, as it causes less amount of pollution as compared to other processes. Phenols can also be derived from coal pyrolysis.
Phenol derivatives include bisphenol A (BPA), alkyl phenols, caprolactam, chloro-phenols, phenyl amine and salicylic acid. Various applications of these derivatives are further expected to boost industrial phenols market growth over the forecast period. BPA is used to manufacture epoxy resins which are used for paint & coatings, mouldings and polycarbonates which was a popular ingredient for manufacturing CDs. Alkyl phenols are utilized for production of detergents, emulsifiers and insecticides. Caprolactam caters to a variety of applications such as carpets, moulded components, clothing, packaging and fishing nets. Chloro phenol helps inhibit microbial growth, thus promoting its application in the manufacture of pesticides and timber preservation. Salicylic acid assists in the production of pharmaceutical drugs. Hence, numerous advantages of phenol derivatives are projected to foster global market growth.
Asia Pacific is expected to emerge as the largest industrial phenols market over the forecast period. Rising developmental activities in emerging nations such as India and China has led to increased product demand from end-use industries. North America and Europe are expected to witness moderate growth over coming seven years, owing to harmful effects of phenols on human body. Skin contact causes dermatitis and also long-term exposure to phenols can damage liver and kidneys. Prevalence of stringent government and environment regulations in this region are expected to account for low industrial phenols market growth over the forecast period. Middle and East and African countries are also expected to witness rising industrial phenols demand, owing to increasing developmental activities in the region.
Market participants are implementing new marketing strategies to propel phenol demand in low penetrated markets such as Middle East and African countries. Players have increased R&D activities to explore new raw materials for manufacture of industrial phenols, as industrial phenols are produced from petrochemicals. This factor is expected to drive market over the forecast period. R&D is also being carried out by them for discovering new applications for phenols which is also anticipated to grow product demand over next seven years.
Major players operating in industrial phenols market are Mitsubishi Corporation, Aditya Birla Chemicals, Shandong Sheng Quan Chemicals Co. Ltd., PTT Phenol and Bayer Material Science
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