The 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 the market over the 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 bakelite and melamine are manufactured from industrial phenols and are applied in electronics. Industrial phenols demand is also expected to increase over the next seven years owing to growing electronics industry, various niche applications such as cosmetics preparation is also anticipated to propel the 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 that are applied in the aviation industry for removing polyurethane and other chemical resins. This factor is also anticipated to drive the market over the 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 the forecast period.
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 the cumene process which involves partial oxidation of cumene with help of hock rearrangement. Another process that is used for phenol production is the dow process which involves hydrolysis of chlorobenzene. 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), alkylphenols, caprolactam, chloro-phenols, phenylalanine, and salicylic acid. Various applications of these derivatives are further expected to boost 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. Alkylphenols are utilized for the 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 the 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. The prevalence of stringent government and environment regulations in this region is expected to account for low 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 to manufacture industrial phenols, as industrial phenols are produced from petrochemicals. This factor is expected to drive the market over the forecast period. R&D is also being carried out by them for discovering new applications for phenols which are also anticipated to grow product demand over next seven years.
Major players operating in the 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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