The new report by Expert Market Research titled, 'Global Phenol Market Report and Forecast 2021-2026', gives an in-depth analysis of the global phenol market, assessing the market based on its segments like end use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2021-2026)
- Historical Market Size (2020): USD 23.17 Billion
- Forecast CAGR (2021-2026): 5.3%
- Forecast Market Size (2026): USD 30 Billion
The global phenol market is driven by the wide range application and commercial viability of phenols. The rapidly growing infrastructure and construction activities has created the demand for plywood, laminated beams and flooring panels thus increasing the consumption of phenolic resin. Additionally, the research and development (R&D) for finding new methods to increase the yield and quality of phenol production, thereby reducing production cost will aid the growth of the market. Further, due to demand for sustainable energy the development in turbine industry will increase the demand for epoxy resins thus propelling the growth of phenol market in the forecast period.
Industry Definition and Major Segments
Phenol is an aromatic organic compound with a chemical formula of C6H5OH. It is while crystalline solid obtained by Cumene process, Dow process and Raschig-Hooker process, among others. It has widespread application with majority consumption in plastic production industry as a raw material. It also finds its application in pharmaceutical sector.
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On the basis of end use, the industry is divided into:
- Bisphenol A
- Phenolic Resins
- Alkyl Phenols
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
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Regionally, Asia Pacific is the largest shareholder in the global phenol market. This can be attributed to the massive production and consumption of phenol in industrial sector of China. Additionally, in regional growing economies such as India, Malaysia, and Indonesia the growing chemical, industrial, construction and automobile sector is expected to provide with great opportunities in the forecast period. Meanwhile, due to environmental regulations, North America and Europe are projected for a moderate growth.
Key Market Players
The major players in the market INEOS Group, Mitsui Chemicals, Inc., Shell International B.V., Solvay SA, Honeywell International Inc., and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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