IMARC Group, a leading market research company, has recently released a report titled “Phenol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global phenol market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Phenol Market?
The global phenol market size reached US$ 22.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.19% during 2023-2028.
What is Phenol?
Phenol, also known as carbolic acid, is an aromatic organic compound with the molecular formula C6H5OH. It is a white crystalline solid at room temperature and is soluble in water. Phenol is obtained primarily through the distillation of coal tar, but it can also be produced synthetically. It is widely used in the manufacture of plastics, resins, disinfectants, and pharmaceuticals. Due to its antiseptic properties, it was historically used for cleaning and disinfecting wounds, although it has largely been replaced by safer alternatives in medical settings. It is a volatile substance and can be corrosive, making handling and disposal critical to safety. Inhalation or ingestion of phenol can be toxic and pose serious health risks.
What are the Growth Prospects and Trends in the Phenol Industry?
Advances in technology and research and development (R&D) activities are geared towards improving phenol production efficiency and widening its application base, which represents one of the key factors driving the growth of the market across the globe. Government regulations pertaining to environmental safety and disposal can also impact the market. While stringent regulations can pose challenges, they can also drive innovation in safer production techniques. Phenol serves as a crucial raw material in the production of polycarbonates and epoxy resins, which are extensively used in the automotive and construction sectors. As these industries grow, so does the demand for phenol. The pharmaceutical industry relies on phenol for drug formulation and as a precursor for various medications. The increasing prevalence of chronic diseases is expected to further fuel this demand. Phenol-derived products like resins are used in the manufacturing of consumer electronics. The continuous innovation and consumer demand in this sector positively affect phenol consumption which is further facilitating the growth of the market across the globe.
Who are the Key Players Operating in the Phenol Market?
The report has also provided a comprehensive analysis of the competitive landscape in the global phenol market. Some of the companies covered in the report include:
- INEOS Phenol Gmbh
- CEPSA Química S.A. (Compañía Española de Petróleos S.A.U.)
- Mitsui Chemicals Inc.
- Formosa Chemicals & Fibre Corporation
- Kumho P & B Chemicals Inc. (Kumho Petrochemical Co. Ltd.)
- Shell Chemicals (Shell plc)
What is Included in Market Segmentation?
The report has categorized the market based on end-use and region.
Breakup by End-Use:
- Bisphenol A
- Phenolic Resins
- Caprolactam
- Alkyl Phenyls
- Others
Regional Insights:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
Request for a PDF Sample of This Report: https://www.imarcgroup.com/phenol-technical-material-market-report-3/requestsample
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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