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Report Overview
The global phenol market size reached a value of approximately USD 22.00 Billion in 2024. The industry is expected to grow at a CAGR of 4.20% during the forecast period of 2025-2034. A major driver for the phenol market is the increased demand for bisphenol A, which is widely used in the production of polycarbonate plastics and epoxy resins. These are necessary for the automotive, construction, and electronics industries, thus aiding the market growth to attain a valuation of USD 33.20 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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The increasing usage of polycarbonate plastics in the automotive and electronics industries is primarily due to their lightweight, durability, and versatility, thus driving the demand for phenol. B2B companies selling phenol enjoy consistent growth in these sectors, particularly in applications related to vehicle components, consumer electronics, and construction materials, thus augmenting growth in the phenol market.
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The demand for epoxy resins in coatings, adhesives, and electrical laminates is increasing, fueling the rise in phenol consumption. In this regard, B2B suppliers of various products, which include construction and aerospace industries, benefit from widespread use of epoxy-based products in high-performance coatings and structural applications.
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Phenol is increasingly used in pharmaceutical intermediates and medical products, such as antiseptics and anesthetics. This bodes well for B2B suppliers since the growth of the healthcare industry, driven by the aging population and the increasing number of medical infrastructures, leads to steady demand for phenol-based products.
Market Analysis
The global phenol market is being driven by the rising demand for alkyl phenols. Alkyl phenols currently accounts for 4.5% of the global end-use application. Alkyl phenols are broadly used as precursors to detergents, as building block chemicals for fragrances, fire-retardant materials, and thermoplastic elastomers, and as additives for fuels and lubricants. They are also found in tyres, coatings, adhesive, and high-performance rubber product, in consequence to their downstream applications.
The demand for phenol has also been rising globally due to the growth of its end use industries, owing to the increasing urbanisation, changing lifestyles and the rise in disposable incomes globally. The end use sector is led by Bisphenol A, which accounted for 47% of the industry share. Strong demand from emerging countries is facilitating the growth in the phenol market. The technological advancement in the techniques of its production has added further impetus to the phenol market growth.
Phenol is also in demand in sectors like farming and animal husbandry where it is used in fungicides and disinfectants. Through its downstream uses, phenol also finds applications in the automobile and construction sectors. The construction industry is expected to grow by 85% in 2030 to attain USD 15.5 trillion, with China, US, and India accounting for 57% of the estimated growth. China along with India are the key automotive markets. Thus, with the growing demand for phenol derivatives like polycarbonate and epoxy resins in the automobile and construction sector, the phenol market is being propelled forward.
Phenol Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market size of phenol was approximately USD 22.00 Billion.
The phenol market is assessed to grow at a CAGR of 4.20% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 33.20 Billion by 2034.
The major drivers of the industry such as rising urbanisation, increasing disposable incomes, strong demand from emerging economies, technological advancements, and growing demand for alkyl phenyl are expected to aid the market growth.
Improvements in the phenol production technology, focussed on enhancing output, lowering process costs and improving safety, is expected to be a major trend informing the industry growth.
The major regions in the industry are North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest market share of 52.5%.
The leading end use segment in the industry is bisphenol A, accounting for 47% of market share.
The major players in the industry are INEOS Group, Mitsui Chemicals Inc., Honeywell International Inc., Shell Chemical Co., and Solvay SA, among others.
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