Phenol Market: Introduction
- Phenol is a white crystalline solid organic chemical and can cause chemical burns due to its acidic properties. Phenol is an aromatic hydrocarbon used as a precursor to manufacture various chemical intermediates such as bisphenol A, phenolic resins, caprolactam, andadipic acid, and alkyl phenols
- There are four different processes to manufacture phenol: cumene peroxidation process, rasching process, toluene two-stage oxidation process, and sulphonation process
- Cumene peroxidation process is widely used to manufacture phenol. Cumene is produced from the reaction between propene and benzene with the use of acid catalyst. Cumene is then oxidized to form cumene hydroperoxide, and it splits into phenol and acetone.
- It is also used as a raw material in surfactants, explosives, pesticides, plastics, pharmaceuticals, disinfectants, plywood & laminates, perfumery derivatives, phenolic resins, and dyes. Other major applications of phenol include molding component in industrial sector, organic solvent for chloroform, ether, other alcohols, etc. and is used in coating/insulation for medicines.
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Key Drivers of Global Phenol Market
- The phenol market is likely to gain momentum in the near future due to its commercial viability and varied range of applications. The growing demand for its derivatives for use in various applications is likely to drive the global phenol market during forecast period.
- Increase in construction activities as a result of rapid economic growth has boosted the consumption of phenolic resins in manufacturing of laminated beams, flooring panels, and plywood. This factor is likely to propel the global phenol market.
- Latest technological research and development programs related to phenol manufacturing has minimized the processing cost and improved the quality and yield of products. These factors are anticipated to propel the consumption of phenol during the forecast period.
- Need for sustainable energy due to surge in crude oil prices has led to the growth in demand for epoxy resins, which are used in turbine power generation. This factor is expected to drive the demand for phenol during the forecast period.
Significant Growth Opportunities for Phenol Market in Chemical Segment
- In terms of end-use industry the global phenol market can be divided into chemical, construction, automotive, electronic communication, metallurgy, and others
- Chemical segment is expected to hold the major market share followed by construction and automobile segments. Phenol is widely utilized as a precursor in various chemical preparations. It is projected to witness a substantial demand as a raw material for epoxy resins manufacturing during the forecast period.
- Increase in demand for phenol can be attributed to rise in demand for consumer products. Phenol is used to manufacture plastics and resins used in food contact applications and packaging of various consumer goods. Rapid industrialization and advancements in technologies in emerging countries are estimated to drive the global phenol market during the forecast period.
Bisphenol A Application Segment to Witness Lucrative Opportunities
- Based on application, the global phenol market can be divided into bisphenol A, phenolic resins, caprolactam, alkyl phenyls, and others
- Bisphenol A segment is expected to hold the major market share followed by phenolic resins, caprolactam, and alkyl phenyls. Bisphenol A is majorly used in the manufacturing of polycarbonate and epoxy resins, which are used in the production of household equipment, food & beverage containers, automotive parts, etc.
- Phenol is used in the manufacturing of caprolactam, which is utilized in the production of nylon and other types of fibers
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Asia Pacific to be a Key Market for Phenol
- In terms of region, the global phenol market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is anticipated to hold the largest share of the global phenol market during the forecast period due to increase in consumption and production of phenol in China. However, rapidly expanding economies such as India, Indonesia, and Malaysia are also offering lucrative opportunities for the market. Growing investments in automotive, chemical, and construction industries due to increased purchasing power are driving the global phenol market.
- This market in Europe and North America is projected to grow at a steady rate due to environment regulations on use of phenol
Key Manufacturers Operating in Global Phenol Market
The global phenol market is highly fragmented with presence of large number of global and regional players operating in the market. Leading market players seek to achieve higher market share through forward integration and developing products from phenol for various end-use applications.
Key manufacturers operating in the global market include:
- Royal Dutch Shell
- AdvanSix Inc.
- Solvay SA
- CEPSA Química
- Deepak Nitrite Limited
- Domo Chemicals
- Ineos Group Limited
- ALTIVIA Chemicals
- Prasol Chemicals Pvt Ltd
- Sasol Chemicals
- Sigma-Aldrich Chemical Pvt Limited
- Bluestar Harbin Petrochemical Corp
- SHIV SHAKTI INDIA
- Mitsubishi Corporation
Global Phenol Market: Research Scope
Global Phenol Market, by End-use Industry
- Electronic Communication
- Others (Aerospace, Friction Material, Container Sheet Material, and Fireworks & Crackers)
Global Phenol Market, by Application
- Bisphenol A
- Phenolic Resins
- Alkyl Phenyls
- Others (Adipic Acid, Aniline, Softening Agents, and Antioxidant Agents)
Global Phenol Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.