NEW YORK, April 4, 2023 /PRNewswire/ -- The global phenol market size is estimated to grow by USD 5.84 billion from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 4.36% during the forecast period. The market is driven by the increasing demand for phenol from developing countries. The demand for phenol is increasing in countries such as India, China, Brazil, Russia, and Indonesia. This can be attributed to the growth of various end-user industries such as manufacturing, food and beverage, pharmaceutical, electronics, and consumer products in these countries. Many OEMs of phenol are shifting their manufacturing operations to these developing countries due to the presence of low-cost labor, availability of land, low transportation costs, and comparatively lesser stringent government norms. In addition, factors such as the increasing disposable income and purchasing power of people in developing countries have led to an increase in demand for automobiles and houses. All these factors are driving the growth of the global phenol market. For more insights on the market size (2022 to 2026) - Request a sample report
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Global Phenol Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on derivative type (BPA, phenolic resins, nylon-KA oil, and others) and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
- The market growth in the BPA segment will be significant during the forecast period. Bisphenol A (BPA) is a colorless, solid, synthetic compound that is soluble in organic solvents. It is widely used in water pipes as inside coatings. It is also used in various industries as a protective coating for various metals. In the medical industry, BPA is used in medicines and drugs. It is used in nebulizers, dialysis machines, and needleless safety syringes, as it can be easily sterilized and is durable. Many such applications of BPA are driving the growth of the segment.
Geography Overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global phenol market.
- APAC will account for 55% of the market growth during the forecast period. Rapid population and rapid urbanization have increased the demand for electronics, automobiles, residences, pharmaceuticals, and cosmetics in APAC. In addition, improvements in the standard of living and rising disposable income are driving the growth of the phenol market in APAC.
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Global Phenol Market – Vendor Analysis
The global phenol market is fragmented due to the presence of many global and regional vendors. Key vendors have a vast geographical presence with large production facilities. They focus on increasing their capacities to ensure smooth and easy access to fast-growing emerging markets, such as China, India, and other Southeast Asian countries. Vendors compete on the basis of innovation, price, operational cost, and product quality. Factors such as moderate product differentiation, moderate exit barriers, and low switching costs will increase rivalry among vendors. Hence, the threat of rivalry was high in 2021 and will remain the same over the forecast period. Some of the key players covered in the report include:
- Aditya Birla Management Corp. Pvt. Ltd.
- AdvanSix Inc.
- ALTIVIA
- Compania Espanola de Petroleos SA
- Covestro AG
- Deepak Nitrite Ltd.
- Domo Chemicals GmbH
- Essential Industries Inc
- Formosa Chemicals and Fibre Corp.
- Honeywell International Inc.
- INEOS Group Holdings SA
- Jinan Shengquan Group Share Holding Co Ltd
- Kumho Petrochemical Co. Ltd.
- LG Chem Ltd.
- Mitsubishi Chemical Holdings Corp.
- Mitsui Chemicals Inc.
- PTT Global Chemical Public Co. Ltd.
- Shell plc
- Solvay SA
- The Dow Chemical Co.
Global Phenol Market – Market Dynamics
Leading trends influencing growth
- The emergence of alternative manufacturing processes is identified as the key trend in the market.
- Vendors are adopting alternative manufacturing processes to manufacture phenol. One such approach is the direct use of benzene, which is also known as the Hock process.
- The Hock process uses a copper chromium oxide catalyst. It is a more manageable and economically viable method when compared with a synthetic route.
- The adoption of this alternative method of manufacturing phenol from a direct raw material such as benzene is helping vendors to reduce the costs and time associated with its production.
- This trend will have a positive impact on the growth of the market during the forecast period.
Major challenges hindering growth
- Fluctuating prices of phenol will challenge the growth of the market.
- The market faces continuous fluctuations in the prices of phenol. They can be attributed to the changes in the prices of raw materials and the increasing demand.
- The increased global demand for benzene has resulted in the scarcity of this raw material.
- Hence, the price of benzene has been witnessing fluctuations regularly, which is directly affecting the prices of phenol worldwide.
- This is affecting the profit margins of vendors as well as the growth of the market.
What are the key data covered in this phenol market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the phenol market between 2022 and 2026
- Precise estimation of the size of the phenol market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the phenol market industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of phenol market vendors
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Related Reports:
- The formaldehyde market is estimated to grow at a CAGR of 6.86% between 2022 and 2027. The size of the market is forecast to increase by 10.15 million tons. The market is segmented by derivative type (urea formaldehyde, phenol formaldehyde, melamine formaldehyde, polyoxymethylene, and others), end-user (construction and furniture, automotive, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
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Phenol Market Scope |
|
Report Coverage |
Details |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2022-2026 |
USD 5.84 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
2.92 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key countries |
US, China, Taiwan, South Korea, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AdvanSix Inc., ALTIVIA, Covestro AG, Deepak Nitrite Ltd., Domo Chemicals GmbH, Essential Industries Inc, Formosa Chemicals and Fibre Corp., Honeywell International Inc., INEOS Group Holdings SA, Jinan Shengquan Group Share Holding Co Ltd, Kumho Petrochemical Co. Ltd., LG Chem Ltd., Mitsubishi Chemical Holdings Corp., Mitsui Chemicals Inc., PTT Global Chemical Public Co. Ltd., Shell plc, Solvay SA, The Dow Chemical Co., Aditya Birla Management Corp. Pvt. Ltd., and Compania Espanola de Petroleos SA |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of contents:
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Derivative Type
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Derivative Type
- 5.1 Market segments
- Exhibit 24: Chart on Derivative Type - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Derivative Type - Market share 2021-2026 (%)
- 5.2 Comparison by Derivative Type
- Exhibit 26: Chart on Comparison by Derivative Type
- Exhibit 27: Data Table on Comparison by Derivative Type
- 5.3 BPA - Market size and forecast 2021-2026
- Exhibit 28: Chart on BPA - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on BPA - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on BPA - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on BPA - Year-over-year growth 2021-2026 (%)
- 5.4 Phenolic resins - Market size and forecast 2021-2026
- Exhibit 32: Chart on Phenolic resins - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Phenolic resins - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Phenolic resins - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Phenolic resins - Year-over-year growth 2021-2026 (%)
- 5.5 Nylon-KA oil - Market size and forecast 2021-2026
- Exhibit 36: Chart on Nylon-KA oil - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Nylon-KA oil - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Nylon-KA oil - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Nylon-KA oil - Year-over-year growth 2021-2026 (%)
- 5.6 Others - Market size and forecast 2021-2026
- Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
- Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
- Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
- Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)
- 5.7 Market opportunity by Derivative Type
- Exhibit 44: Market opportunity by Derivative Type ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 46: Chart on Market share by geography 2021-2026 (%)
- Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 48: Chart on Geographic comparison
- Exhibit 49: Data Table on Geographic comparison
- 7.3 APAC - Market size and forecast 2021-2026
- Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.4 Europe - Market size and forecast 2021-2026
- Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.5 North America - Market size and forecast 2021-2026
- Exhibit 58: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.6 South America - Market size and forecast 2021-2026
- Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.8 China - Market size and forecast 2021-2026
- Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.9 US - Market size and forecast 2021-2026
- Exhibit 74: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.10 Taiwan - Market size and forecast 2021-2026
- Exhibit 78: Chart on Taiwan - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on Taiwan - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on Taiwan - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Taiwan - Year-over-year growth 2021-2026 (%)
- 7.11 South Korea - Market size and forecast 2021-2026
- Exhibit 82: Chart on South Korea - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on South Korea - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on South Korea - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on South Korea - Year-over-year growth 2021-2026 (%)
- 7.12 Germany - Market size and forecast 2021-2026
- Exhibit 86: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 87: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 88: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 89: Data Table on Germany - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 90: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 91: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 93: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 94: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 95: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 96: Matrix on vendor position and classification
- 10.3 Compania Espanola de Petroleos SA
- Exhibit 97: Compania Espanola de Petroleos SA - Overview
- Exhibit 98: Compania Espanola de Petroleos SA - Business segments
- Exhibit 99: Compania Espanola de Petroleos SA - Key offerings
- Exhibit 100: Compania Espanola de Petroleos SA - Segment focus
- 10.4 Covestro AG
- Exhibit 101: Covestro AG - Overview
- Exhibit 102: Covestro AG - Business segments
- Exhibit 103: Covestro AG - Key news
- Exhibit 104: Covestro AG - Key offerings
- Exhibit 105: Covestro AG - Segment focus
- 10.5 Honeywell International Inc.
- Exhibit 106: Honeywell International Inc. - Overview
- Exhibit 107: Honeywell International Inc. - Business segments
- Exhibit 108: Honeywell International Inc. - Key news
- Exhibit 109: Honeywell International Inc. - Key offerings
- Exhibit 110: Honeywell International Inc. - Segment focus
- 10.6 INEOS Group Holdings SA
- Exhibit 111: INEOS Group Holdings SA - Overview
- Exhibit 112: INEOS Group Holdings SA - Business segments
- Exhibit 113: INEOS Group Holdings SA - Key offerings
- Exhibit 114: INEOS Group Holdings SA - Segment focus
- 10.7 Kumho Petrochemical Co. Ltd.
- Exhibit 115: Kumho Petrochemical Co. Ltd. - Overview
- Exhibit 116: Kumho Petrochemical Co. Ltd. - Product / Service
- Exhibit 117: Kumho Petrochemical Co. Ltd. - Key offerings
- 10.8 Mitsubishi Chemical Holdings Corp.
- Exhibit 118: Mitsubishi Chemical Holdings Corp. - Overview
- Exhibit 119: Mitsubishi Chemical Holdings Corp. - Business segments
- Exhibit 120: Mitsubishi Chemical Holdings Corp. - Key offerings
- Exhibit 121: Mitsubishi Chemical Holdings Corp. - Segment focus
- 10.9 Mitsui Chemicals Inc.
- Exhibit 122: Mitsui Chemicals Inc. - Overview
- Exhibit 123: Mitsui Chemicals Inc. - Business segments
- Exhibit 124: Mitsui Chemicals Inc. - Key offerings
- Exhibit 125: Mitsui Chemicals Inc. - Segment focus
- 10.10 PTT Global Chemical Public Co. Ltd.
- Exhibit 126: PTT Global Chemical Public Co. Ltd. - Overview
- Exhibit 127: PTT Global Chemical Public Co. Ltd. - Business segments
- Exhibit 128: PTT Global Chemical Public Co. Ltd. - Key news
- Exhibit 129: PTT Global Chemical Public Co. Ltd. - Key offerings
- Exhibit 130: PTT Global Chemical Public Co. Ltd. - Segment focus
- 10.11 Shell plc
- Exhibit 131: Shell plc - Overview
- Exhibit 132: Shell plc - Business segments
- Exhibit 133: Shell plc - Key news
- Exhibit 134: Shell plc - Key offerings
- Exhibit 135: Shell plc - Segment focus
- 10.12 Solvay SA
- Exhibit 136: Solvay SA - Overview
- Exhibit 137: Solvay SA - Business segments
- Exhibit 138: Solvay SA - Key news
- Exhibit 139: Solvay SA - Key offerings
- Exhibit 140: Solvay SA - Segment focus
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 141: Inclusions checklist
- Exhibit 142: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 143: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 144: Research methodology
- Exhibit 145: Validation techniques employed for market sizing
- Exhibit 146: Information sources
- 11.5 List of abbreviations
- Exhibit 147: List of abbreviations
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