Phenol Market Share, Size, Growth, Outlook, Industry Analysis, Opportunity and Forecast 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Phenol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global phenol market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the phenol market?
|Market Size in 2022||US$ 22.0 Billion|
|Market Forecast in 2028||US$ 30.0 Billion|
|Growth rate (2023 to 2028)||CAGR of 5.19%|
|Base Year of the Analysis||2022|
What is phenol?
Phenol (C₆H₅OH) is a white crystalline, solid, aromatic compound that is highly volatile in nature. It is produced by the reaction of propene and benzene using an acid catalyst. It is more soluble in water than alcohol and has a higher boiling point, due to which it is primarily used in medical procedures. Phenol is also used as a derivate in the production of nylon, herbicides, household products, epoxies, and cosmetics and as an intermediate for synthesizing chemical compounds. Apart from this, it is used as a key ingredient in numerous treatments and laboratory applications, including chemical matrixectomy, sore throat spray, phenol injection, vaccine prevention, and oral analgesics.
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What are the growth prospects and trends in the phenol industry?
The growing product demand across the chemical and pharmaceutical industries represents one of the primary factors providing a boost to the market growth. Apart from this, the rising product application as a feedstock and surging demand for phenol as an industrial cleaner for electronic devices and machinery are accelerating the market growth. Additionally, the shifting focus on using sustainable energy due to increasing prices of crude oil has surged the need for epoxy resins, which, in turn, is boosting the market growth. Apart from this, significant improvements in phenol production technology, rising product application in the production of laminated beams, plywood, and flooring panels, and rapid industrialization are positively supporting the market growth.
Who are the key players operating in the industry?
The report covers the major market players including:
- Ineos Phenol
- Cepsa Quimica
- Mitsui Chemicals
- Formosa Chemicals and Fibers
- Kumho P & B Chemicals
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by End-Use:
- Bisphenol A
- Phenolic Resins
- Alkyl Phenyls
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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