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The phenol market share is expected to increase by USD 5.84 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.36%.
This phenol market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers phenol market segmentations by derivative type (BPA, phenolic resins, nylon-KA oil, and others) and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The phenol market report also offers information on several market vendors, including Aditya Birla Management Corp. Pvt. Ltd., AdvanSix Inc., ALTIVIA, Compania Espanola de Petroleos SA, Covestro AG, Deepak Nitrite Ltd., Domo Chemicals GmbH, Essential Industries Inc, Formosa Chemicals and Fibre Corp., Honeywell International Inc., INEOS Group Holdings SA, Jinan Shengquan Group Share Holding Co Ltd, Kumho Petrochemical Co. Ltd., LG Chem Ltd., Mitsubishi Chemical Holdings Corp., Mitsui Chemicals Inc., PTT Global Chemical Public Co. Ltd., Shell plc, Solvay SA, and The Dow Chemical Co. among others.
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The increasing demand for phenol from developing economies is notably driving the phenol market growth, although factors such as fluctuating prices of phenol may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the phenol industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Phenol Market Driver
The increasing demand for phenol from developing economies is one of the major drivers impacting the phenol market growth. Factors such as the increasing disposable income and purchasing power of people in developing countries are contributing to an increase in demand for automobiles and houses. This is contributing to the expansion of investments in the automotive, construction, and chemical industries. The increase in the GDP of these emerging countries such as India, China, the UK, Australia, and others is expected to cater to the growth of the manufacturing industries in these countries, which, in turn, is expected to drive the demand for phenol. This is also contributing to an increase in opportunities for phenol manufacturers to capitalize on the growth of emerging markets, such as South Africa, China, Indonesia, and India, that contribute to spending on automotive, paints and coatings, and building and construction industries. This is expected to increase the demand for phenol derivatives, such as phenolic resins, which, in turn, contribute to the growth of the global phenol market during the forecast period.
Key Phenol Market Trend
The emergence of the alternative manufacturing processes is one of the major trends influencing the phenol market growth. INEOS is the largest producer of technical grade phenol, and its product purity represents the industry standard. The proposed process generates a final product with nearly more than 99% purity by mass. Benzaldehyde is the main impurity and composes nearly 0.17% of the final product by mass. This alternative will transform the method of production of phenol from a direct raw material such as benzene. Hence, the advances in the alternative manufacturing process for phenol are expected to help vendors to reduce the costs and time associated with its production. This is expected to drive the growth of the market in the coming years.
Key Phenol Market Challenge
Fluctuating prices of phenol are one of the major challenges impeding the phenol market growth. Constant fluctuations in the price of phenol are one of the major challenges faced by the global phenol market. These fluctuations can be primarily attributed to the changes in the prices of raw materials and the growing demand. For instance, benzene and propylene are the two primary raw materials used for the manufacturing of phenol. The demand for benzene has been increasing globally, which is resulting in its scarcity. As a result, globally, the price of benzene has been witnessing fluctuations regularly, which is significantly affecting the prices of phenol across the globe. Such fluctuations in the price of phenol in major regions, such as APAC, Europe, and North America, are posing a significant threat to the growth of the market. In addition, the weak benzene market is causing fluctuations in phenol prices. These fluctuations are affecting the global phenol market as well as the production of phenol derivatives in various regions.
This phenol market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global phenol market as a part of the global commodity chemicals market within the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the phenol market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the phenol market encompasses successful business strategies deployed by the key vendors. The phenol market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The phenol market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the phenol market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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55% of the market’s growth will originate from APAC during the forecast period. China, Taiwan, and South Korea (Republic of Korea) are the key markets for phenol in APAC. Market growth in this region will be faster than the growth of the market in Europe, MEA, and North America.
The widespread use of phenol across various sectors will facilitate the phenol market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 negatively impacted the growth of the phenol market in APAC in 2020. Several countries in this region, such as India, China, and Japan, imposed partial or full lockdowns due to the COVID-19 outbreak. Therefore, commercial and productional activities across end-user industries such as construction and infrastructure, automotive, and metal got hampered owing to the temporary closure of the manufacturing units in this region in 2020, which, in turn, hindered the growth of the phenol market in APAC. However, as a result of large-scale vaccination drives across the region in 2021, lockdown restrictions were lifted in several nations in this region, which resulted in the restoration of several commercial and developmental activities in APAC. This further helped end-user industries to resume operations in their manufacturing units, fueling the demand for phenol in this region. As a result, the growth of the market in focus in APAC is anticipated to propel during the forecast period.
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The phenol market share growth by the BPA segment will be significant during the forecast period. BPA is a colorless, solid, synthetic compound, which is soluble in organic solvents. The wide application of BPA is expected to drive its demand, thereby contributing to the growth of the segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the phenol market size and actionable market insights on post COVID-19 impact on each segment.
Phenol Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2022-2026 |
$ 5.84 billion |
Market structure |
Fragmented |
YoY growth (%) |
2.92 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key consumer countries |
US, China, Taiwan, South Korea, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Aditya Birla Management Corp. Pvt. Ltd., AdvanSix Inc., ALTIVIA, Compania Espanola de Petroleos SA, Covestro AG, Deepak Nitrite Ltd., Domo Chemicals GmbH, Essential Industries Inc, Formosa Chemicals and Fibre Corp., Honeywell International Inc., INEOS Group Holdings SA, Jinan Shengquan Group Share Holding Co Ltd, Kumho Petrochemical Co. Ltd., LG Chem Ltd., Mitsubishi Chemical Holdings Corp., Mitsui Chemicals Inc., PTT Global Chemical Public Co. Ltd., Shell plc, Solvay SA, and The Dow Chemical Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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