Asia Pacific Phenol Market Report and Forecast 2024-2032

Asia Pacific Phenol Market Outlook

The Asia Pacific phenol market size reached a volume of 5.58 million tons in 2023. The market is further projected to grow at a CAGR of 3.9% between 2024 and 2032, reaching a volume of 7.99 million tons by 2032.

Key Takeaways

• Asia-Pacific is both the largest producer and consumer of phenol due to factors like cheap labour, low operating costs, and increased investments in infrastructure development.

• As per industry reports, major phenol producing countries in Asia Pacific are China, South Korea, Taiwan, India, and Japan.

• Notable players in the market are Mitsui Chemicals, Inc., JFE Chemical Corporation, Mitsubishi Chemical Group Corporation, PTT Global Chemical Public Company Limited, CEPSA QUÍMICA, S.A., and Shell PLC.

The Asia Pacific phenol market growth is driven by various factors such as increasing consumption and production of phenol and high demand for phenol's derivatives for use in various applications such as production of cosmetics, herbicides, nylon and epoxies, and others. The popularity of phenol-based products in sectors such as automotive, construction, electronics, and healthcare has also fuelled the demand for phenol in the region.

One of the key trends aiding the Asia Pacific phenol market development is the rise in construction activities, which is accelerating the consumption of phenol in manufacturing of flooring panels, laminated beams and plywood, and other applications. Additionally, the growing demand for epoxy resins for turbine power generation is driving the market swiftly.

Furthermore, the utilisation of phenol as a precursor in numerous chemical preparations, rising demand for epoxy resins manufacturing, usage in consumer goods packaging, industrialisation, and technological advancement in developing countries, will further create opportunities for the phenol market in the region.

For instance, in China, the government has implemented policies to promote the development of the chemical industry, including the "Made in China 2025" initiative, which aims to upgrade the country's manufacturing capabilities and promote the development of high-end chemical products.

The phenol market in Asia Pacific is also experiencing growth due to the increasing demand for phenol from the electronics industry, particularly in China and South Korea. The electronics industry requires phenol to produce printed circuit boards, capacitors, and other electronic components.

Market players are continuously investing in research and development activities to enhance the efficiency and performance of phenols. INEOS has invested in the construction of a new phenol production facility in China, which is expected to increase the company's production capacity and strengthen its position in the Asia Pacific market.

Market Segmentation

Asia Pacific Phenol Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Phenolic Resin

• Bisphenol A

• Caprolactam

• Others

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Competitive Landscape

Market players are focusing on expanding their production capacity and investing in research and development activities to develop new and innovative phenol-based products.

• Mitsui Chemicals, Inc.

• JFE Chemical Corporation

• Mitsubishi Chemical Group Corporation

• PTT Global Chemical Public Company Limited

• CEPSA QUÍMICA, S.A.

• Shell PLC

• Solvay SA

• Kanto Chemical Co., Inc.

• Junsei Chemical Co., Ltd.

• Kumho P&B Chemicals., Inc.

• Others

Key Highlights of the Report