The global phenol market is expected to progress at a steady growth rate over the forecast period. Phenol is an aromatic compound and is also known as carbolic acid; it has a similar structure to that of alcohol but higher acidity levels. Phenol is a volatile white crystalline solid and because of acidic property, it can cause chemical burns so needs to be handled carefully. Earlier phenol was extracted from coal tar and as its commercial viability increased it is now been extracted from petroleum. Cumene oxidation is one of the most common and important technology used in manufacturing phenol and its main by product is acetone. The key use of phenol is that it can be converted to plastics and other related materials. Global demand for industrial phenol is growing at a steady pace in the past few years, owing to the commercial viability and use of its derivatives which are used to manufacture a wide variety of products. Furthermore growing emphasis on the use of sustainable energy in lieu of rising crude oil prices is increasing the demand for epoxy resins which are used for wind turbine power generators is expected to further drive the growth of this market.
On the basis of application, the phenol market can be segmented into epoxy resins, polycarbonates, nylon, bakelite, detergents, phenolic resins, pharmaceutical drugs, and herbicides. Polycarbonates accounted for the largest market share and are expected to continue its growth rate for the estimated period owing to a wide range of utilities of polycarbonate in manufacturing industries. On the basis of end use, the market can be segmented into bisphenol, phenolic resins, caprolactam, and other applications. Bisphenol accounted for over half of the total market share and is expected to be the key market end use segment during the forecast period. On the basis of geography, the phenol market is segmented in four key regions namely North America, Europe, Asia Pacific, and RoW. Asia Pacific has the largest market share for the estimated period as China has emerged to be the largest consumer and producer of phenol and its derivatives in the world, and is considered to be the major driving factor in the Asia Pacific region. North America and European markets are growing at a slow pace and are expected to continue the same growth rate for the estimated period owing to stringent government and environment regulations in the region.
Few key players analyzed in the report are Aditya Birla Chemicals, PTT Phenol, Mitsubishi Corporation, Bayer Material Science, and Shandong Sheng Quan Chemicals Co. Ltd.
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The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products. The report will account for Covid19 as a key market contributor.