The global phenol market is heavily influenced by broader developments in the economy of a country or region. Owing to its wide-ranging applications in the residential and commercial sector, its demand is linked to the overall growth of the industrial sector of a country. According to a new report added to the repository of Market Research Reports Search Engine (MRRSE), the global phenol market is likely to grow at a CAGR of nearly 6.8% during the forecast period 2017-2022. The report is titled “Global Market Study on Phenol: Bisphenol – A to Lose Substantial Share During the Forecast Period” and offers a comprehensive outlook on the key factors that are likely to shape the global demand for phenol during the assessment period.
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According to the report, demand for phenol will continue to remain steady on account of its wide-ranging applications such as paints, refineries, resins, fuel additives, and abrasives. Steady growth in the industrial sector of the various countries is likely to present lucrative opportunities for the growth of the global phenol market during the forecast period.
Among the various types of phenol, Bisphenol-A remains the sought-after, owing to its easy availability, cost-effectiveness, and efficacy. According to the report, this segment accounts for nearly half of the revenue share of the global market, and it will continue to remain important in terms of global consumption. Although this segment is likely to lose a little bit of revenue share to other phenol types, it continues to be remain lucrative. The Bisphenol-A segment is likely to reach a value of nearly US$ 8.5 billion by the end of the forecast period.
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Asia Pacific excluding Japan (APEJ) remains one of the largest markets for phenol globally, and it is projected that the markets in the region will continue to offer growth opportunities to manufacturers. APEJ is not only one of the prominent producers of phenol, but it also produces phenol for export. Relatively lax regulations on the production of phenol have meant that manufacturers have continued to use the traditional methods of procuring raw materials. However, stringent regulations in Europe and North America have led to a decline in exports from the region. The report projects APEJ to remain an attractive market for phenol globally, and it is highly likely that its application in the manufacture of cumene will remain significant during the forecast period.
Some of the leading companies profiled in the global phenol market report include Royal Dutch Shell, Solvay SA, Química, Mitsui Chemicals, AdvanSix Inc., PTT Global Chemical Public Company Limited, Ineos Group Limited, CEPSA Deepak Nitrite Limited, Domo Investment Group, and ALTIVIA Chemicals.
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