Report Code: A08989 | Pages: NA | Mar 2023 | 871 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Phenol Market
Request Now !Phenol, also known as carbolic acid, is an aromatic organic compound. It is a whitish crystalline solid, which is mildly acidic in nature. Phenol is commonly used as an antiseptic and disinfectant. Phenol is water soluble, owing to its property of strong hydrogen bond. Formerly being extracted from coal tar, phenol is now extracted from petroleum as its efficacy increased. It is majorly used in household products such as washing powders or detergents. Phenol is used in the manufacturing of cosmetics, nylon, epoxies, and herbicides.Â
Owing to the outbreak of the novel coronavirus, all industries have been majorly affected. Manufacturing processes and the logistics and supply chain of commodities were negatively affected. However, surge in the healthcare industry can be seen. This has significantly increased the demand for phenol and its derivatives, owing to their usage as disinfectants in sanitizers.Â
Growing demand for phenol can be attributed to its increased commercial viability and its application under various application verticals. Phenol finds wide variety of application such as being used as a raw material in the manufacturing of antiseptics and drugs, as an industrial cleaner for machinery parts, for making saturated colored dyes, paints, and coatings among others. Rapid industrialization and urbanization has led to increase in the construction activities under residential as well as commercial settings. This, in turn, has propelled the demand for phenol as it is used in the manufacturing of flooring panels, plywood and laminated beams. Phenol is used in epoxy resins which are utilized for wind turbine power generator. Dynamic prices of crude oil have shifted the focus on use of renewable energy. This has led to the increase in the demand for wind turbine power generators, which indirectly promotes the demand for phenol.Â
However, due to the acidic nature of phenol, it can cause chemical burns. Hence, phenol needs to be handled by experts and skilled workforce. This factor may hinder the market growth of phenol to a certain extent.Â
Improvement and advancements can be seen in the manufacturing technology of phenol. The most popular method of producing phenol is cumene peroxide route. Innovations have taken place in this method. These advancements and innovations are majorly towards improving safety around phenol processes and reducing the process costs.Â
Asia-Pacific is the largest shareholder. This is due to China being the major consumer as well as the producer of phenol and its derivatives. This is a major driver of the phenol market in the region. Other than Asia- Pacific, North America and Europe region have been growing at a sluggish rate. This is due to strict government and environment regulations regarding phenol in the region.
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Phenol Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Aditya Birla Chemicals, PTT Phenol, Mitsubishi Corporation, Bayer Material Science, Shandong Sheng Quan Chemicals Co. Ltd., Ineos Phenol, Cepsa, Quimica, Mitsui Chemicals, Formosa Chemicals and Fibers, Kumho P & B Chemicals |
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