The Asia Pacific holds a significant market share in the market due to the extensive and diverse application of phenol in the construction sector and its downstream products. The growth in the service and manufacturing sectors expands the construction activities in this region. Furthermore, several government initiatives for infrastructure development propel the phenol market growth.
The extensive application of polycarbonate and epoxy resins in the construction sector aids the market for phenol. For instance, polycarbonate sheets allow natural light to enter a building, while tinted sheets lower the amount of sunshine that reflects inside buildings, reducing the costs of interior cooling during the summer. As a result, these sheets are extensively used in summer-based Asian countries, especially in Southeast Asia.
Downstream products of Bisphenol A, including epoxy resin and polycarbonate plastics, find use in construction materials such as adhesives, coatings, and sealants, among others, and several electrical devices, such as housings, connectors, battery boxes, smartphones, and optical media, among others, respectively.
In November 2023, Mitsui Chemicals, Inc. (OTCMKTS: MITUY) obtained certification for two further phenol-chain products under the International Sustainability and Carbon Certification (ISCC) PLUS system for certifying sustainable products. The certification was obtained for methyl isobutyl ketone (MIBK) in July, which is employed in paint, ink, and adhesives, and for isopropyl alcohol (IPA) in April 2023, which is applied in ink, electronic material cleaning, and reaction solvent.
The ISCC PLUS certification has been obtained by all seven phenol-chain products, including phenol, acetone, alpha-methylstyrene, bisphenol A, epoxy resin, IPA, and MIBK. The company has partnered with a University of Tokyo professor to develop epoxy resins derived from bio-based hydrocarbons. In order to contribute to further advancements in society's use of biomass, Mitsui Chemicals intends to keep working towards obtaining ISCC PLUS accreditation throughout the Mitsui Chemicals Group.
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Market Analysis by End Use, and Region:
- The market, on the basis of end use, can be divided into bisphenol A, phenolic resins, caprolactam, and alkyl phenols, among others.
- The major regional markets for phenol include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- According to reports, the construction sector is expected to reach USD 13.9 trillion in 2037, up from USD 9.7 trillion in 2022, due to the growing construction activities in China and India. Approximately 20 ongoing projects in China collectively have a production capacity of around 3.7 million tons per year. The growth in construction drives the demand for phenol by creating demand for its downstream products.
- The growing initiatives by key players in the market to develop sustainable products using bisphenol A are expected to positively influence the market. The increasing research and development to derive sustainable resin that can be employed in commercial applications, encompassing the automotive, telecommunications, and healthcare sectors, further contributes to the phenol market growth.
- Petroleum-based bisphenol epoxy resin (DGEBA) is incorporated in the insulating castings of electrical equipment, such as in dry-type transformers. The growing adoption of electronics such as televisions and smartphones is catering to the growth of the market.
- The extensive application of resins and coatings in the automotive industry creates opportunities for the market for phenol. Polycarbonate plastics are made of Bisphenol A (BPA), making them shatter-resistant, lightweight, and offering UV protection. These plastics find application in the automotive sector and help to produce more fuel-efficient vehicles while maintaining safety.
Key Offerings of the Report:
- The EMR report gives an overview of the global phenol market for the periods (2018-2023) and (2024-2032).
- The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the end uses and regions of phenol.
- It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.
- The market report also analyses the trade data by covering the major importing and exporting countries.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global phenol market are INEOS Group, Mitsui Chemicals, Inc., Shell International B.V., Solvay SA, and Honeywell International Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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