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Report Overview
The global phenol market size reached a value of around USD 21.11 Billion in the year 2023. The phenol market is further expected to grow at a CAGR of 4.20% between 2024 and 2032 to reach a value of about USD 30.57 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 2023, the global phenol market attained a value of around USD 21.11 Billion.
In the forecast period of 2024-2032, the market is projected to grow at a CAGR of 4.20%.
By 2032, the market is estimated to reach a value of almost USD 30.57 Billion.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124