Phenol, also known as carbolic acid, is a colorless, crystalline solid and is widely used as an important raw material in various applications such as plastic, resins, and adhesives. The increasing demand for phenol in the production of Bisphenol-A (BPA) for the manufacture of polycarbonate plastics and resins is expected to drive the growth of the global phenol market in the coming years.
The increasing demand for phenol in the production of BPA and its derivatives is expected to drive the growth of the global phenol market in the coming years. The increasing use of phenol in the production of various end-use products such as laminates, adhesives, resins, and coatings is expected to drive the growth of the market.
The global phenol market size is estimated at a volume of 11.4 million tons in 2022 and growing at a CAGR of 3.7% during the forecast period till 2028. The growth of the market is driven by the increasing demand for phenol in the production of BPA and its derivatives. The increasing use of phenol in the production of various end-use products such as laminates, adhesives, resins, and coatings is expected to drive the growth of the market.
The global phenol market is segmented based on product type, application, and region. Based on product type, the market is segmented into cumene phenol, phenol-formaldehyde resins, and bisphenol A. The cumene phenol segment is expected to dominate the market due to its increasing demand in the production of phenol-formaldehyde resins and bisphenol A. Based on application, the market is segmented into resins, adhesives, coatings, and others. The resins segment is expected to dominate the market due to the increasing demand for phenol in the production of phenol-formaldehyde resins.
Geographically, the global phenol market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is expected to dominate the market due to the presence of major phenol-producing countries such as China and India. The increasing demand for phenol in the production of BPA and its derivatives is expected to drive the growth of the market in the region.
The major players operating in the global phenol market include Dow Chemical, LyondellBasell Industries, SABIC, Asahi Kasei, Sumitomo Chemical, BASF SE, and China National Chemical Corporation. The companies are focusing on expanding their production capacities and strengthening their presence in the market through partnerships, collaborations, and acquisitions.
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