Phenol Market: Global Opportunity Analysis and Industry Forecast, 2021-2031 Market

Phenol Market Analysis 2020-2027:

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. 

COVID-19 scenario:

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. 

Market dynamics:

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. 

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. 

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. 

Regional analysis:

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.

Key benefits of the report:

• his study presents the analytical depiction of the global phenol industry along with the current trends and future estimations to determine the imminent investment pockets.T
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global phenol market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global phenol market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global phenol market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the phenol market research report:

• Which are the leading players active in the phenol market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Phenol Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights