Phenol Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Description

The global phenol market is set to witness a significant upsurge during the forecast period, driven by its increasing demand across various sectors. The growing use of phenol in everyday products such as disinfectants, inks, liquid detergents, and floor cleaners is anticipated to propel market growth. Additionally, the rising consumption of phenol in the construction and chemical industries further fuels the expansion of this market. Phenolic resins, derived from phenol, are extensively utilized in the production of plywood, laminated beams, and flooring panels, underscoring the material's critical role in the construction domain.The global phenol market is poised for significant growth, with demand expected to rise from $29 billion in 2024 to $39.59 billion by 2031, reflecting a compound annual growth rate (CAGR) of 4.50%.

Market Drivers and Opportunities

The phenol market is primarily driven by the heightened demand for phenol and its derivatives within the chemical and pharmaceutical industries. Phenol serves as a crucial feedstock for a wide range of compounds and derivatives, contributing positively to market growth. The material's affordability makes it attractive to various consumer industries, further enhancing its market presence.

In the industrial sector, phenol is increasingly used as a cleaner for electronic devices and machinery parts, which bolsters its demand. Furthermore, the widespread application of phenol in everyday products, such as mouthwash, disinfectants, and inks, adds to its growing market share. The pharmaceutical industry, particularly in regions like India, is witnessing a surge in the adoption of phenol for the manufacture of various drugs, creating new growth opportunities in the market.

Phenol's versatile applications span across multiple industries. It is employed as an industrial cleaner, a raw material in drug manufacturing, and as a component in the production of antioxidants. The compound is also used in the creation of intense colored dyes, plastics, explosives like picric acid, wood preservatives such as creosote, and everyday household products like floor cleaners and liquid detergents. These diverse applications are expected to continue driving the phenol market forward.

Lucrative Market Opportunities

Rapid economic development worldwide has significantly contributed to increased construction activities in both residential and commercial sectors. The demand for phenolic resins, which are essential in manufacturing thermosetting plastics, has surged as a result. These resins are further utilized in producing electrical components such as electron tubes, insulators, and sockets. Paper phenolics are employed in making household laminates and composite panels, while glass phenolics are used in high-speed bearing markets.

Over the past decade, advancements in phenol production technology have been noteworthy. New catalysts and processes have been developed for manufacturing cumene via the alkylation of benzene with propylene. Recent innovations in process design have enhanced the cumene hydroperoxide route, which remains the preferred method for phenol production. These advancements aim to increase yield, improve process costs, and enhance safety in phenol preparation, meeting the growing global demand.

Market Challenges

Despite its numerous advantages, the phenol market faces several challenges. Phenol, being a corrosive compound, can cause severe burns upon exposure to skin, respiratory tract, and eyes, which is a significant concern. This factor is expected to hamper market growth to some extent.

Additionally, strict government and environmental regulations in regions like North America and Europe pose challenges to market expansion. The imposition of bans on certain phenol-related products, such as Bisphenol A (BPA), in the United States and Europe is also a restraint on the market's growth trajectory.

Demand for Alkyl Phenols

The global phenol market is being propelled by the rising demand for alkyl phenols, which are widely used as precursors to detergents, building block chemicals for fragrances, fire-retardant materials, and thermoplastic elastomers. Alkyl phenols are also used as additives for fuels and lubricants and are found in various applications, including tires, coatings, adhesives, and high-performance rubber products. The growth of these downstream applications significantly boosts the demand for phenol.

Moreover, the increasing urbanization, changing lifestyles, and rising disposable incomes globally have led to a surge in the demand for phenol in its end-use industries. Bisphenol A, a significant end-use sector for phenol, holds a substantial share of the industry. The strong demand from emerging economies further facilitates market growth, while technological advancements in production techniques provide additional impetus.

Segmentation Outlook

In terms of manufacturing processes, the cumene process is expected to dominate the phenol market during the forecast period. This process is anticipated to maintain its leading position in the global market, driven by its efficiency and widespread adoption.

When analyzing the market by end use, Bisphenol-A is projected to be a major growth segment. Bisphenol-A, a colorless crystalline solid organic compound, is primarily used as a strengthener in polycarbonate plastics and epoxy resins. The increasing demand for polycarbonate and epoxy resins across various industries, including paints and coatings, adhesives, and electronics, drives the growth of the Bisphenol-A market, consequently boosting the phenol market.

Regional Insights

The global phenol market is segmented across five major geographic regions: North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. The Asia Pacific region is expected to hold a dominant market share, largely due to the rising consumption of phenol in countries like China. Government initiatives aimed at promoting growth in the construction and chemical sectors further support market expansion in this region.

China is projected to witness significant growth in the phenol market, driven by robust demand from various industries. Japan, too, is expected to exhibit substantial growth, with the phenol market expanding in tandem with the country's industrial activities.

In North America, the United States is poised to hold a considerable market share due to its large manufacturing base for chemicals. Europe, on the other hand, is anticipated to show notable growth, particularly driven by the increasing demand from the pharmaceutical sector.

Competitive Landscape

The global phenol market is characterized by the presence of several key players, including Royal Dutch Shell, Solvay SA, Deepak Nitrite Limited, INEOS Group Limited, ALTIVIA Chemicals, Sasol Chemicals, Mitsubishi Corporation, and Domo Chemicals. These companies are focused on strategic initiatives such as collaborations, mergers and acquisitions, and partnerships to strengthen their market positions. The competitive landscape of the phenol market is marked by continuous innovation and efforts to capitalize on emerging opportunities.

Key Companies Profiled

Royal Dutch Shell
Solvay SA
Deepak Nitrite Limited
INEOS Group Limited
ALTIVIA Chemicals
Sasol Chemicals
Mitsubishi Corporation
Domo Chemicals

Key Segments Covered in the Phenol Market Study

By Manufacturing Process

Cumene Phenol Manufacturing Process
Dow Phenol Manufacturing Process
Rasching Hooker Phenol Manufacturing Process

By End User Industry

Phenol for Bisphenol-A Production
Phenol for Phenol Formaldehyde Resin Production
Phenol for Nylon-KA Oil Production
Phenol for PPO/Orthooxylenol Production
Phenol for Alkyl Phenol Production

By Region

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

1. Executive Summary

1.1. Global Phenol Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023 Domo Chemicals
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Phenol Market Outlook, 2019 - 2031

3.1. Global Phenol Market Outlook, by Manufacturing Process, Value (US$ Bn), 2019 - 2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Cumene Phenol Manufacturing Process
  - 3.1.1.2. Dow Phenol Manufacturing Process
  - 3.1.1.3. Rasching Hooker Phenol Manufacturing Process
3.2. Global Phenol Market Outlook, by End User Industry, Value (US$ Bn), 2019 - 2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Phenol for Bisphenol-A Production
  - 3.2.1.2. Phenol for Phenol Formaldehyde Resin Production
  - 3.2.1.3. Phenol for Nylon-KA Oil Production
  - 3.2.1.4. Phenol for PPO/Orthooxylenol Production
  - 3.2.1.5. Phenol for Alkyl Phenol Production
3.3. Global Phenol Market Outlook, by Region, Value (US$ Bn), 2019 - 2031
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Phenol Market Outlook, 2019 - 2031

4.1. North America Phenol Market Outlook, by Manufacturing Process, Value (US$ Bn), 2019 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Cumene Phenol Manufacturing Process
  - 4.1.1.2. Dow Phenol Manufacturing Process
  - 4.1.1.3. Rasching Hooker Phenol Manufacturing Process
4.2. North America Phenol Market Outlook, by End User Industry, Value (US$ Bn), 2019 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Phenol for Bisphenol-A Production
  - 4.2.1.2. Phenol for Phenol Formaldehyde Resin Production
  - 4.2.1.3. Phenol for Nylon-KA Oil Production
  - 4.2.1.4. Phenol for PPO/Orthooxylenol Production
  - 4.2.1.5. Phenol for Alkyl Phenol Production
- 4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Phenol Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 4.3.1.2. U.S. Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 4.3.1.3. Canada Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 4.3.1.4. Canada Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
- 4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Phenol Market Outlook, 2019 - 2031

5.1. Europe Phenol Market Outlook, by Manufacturing Process, Value (US$ Bn), 2019 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Cumene Phenol Manufacturing Process
  - 5.1.1.2. Dow Phenol Manufacturing Process
  - 5.1.1.3. Rasching Hooker Phenol Manufacturing Process
5.2. Europe Phenol Market Outlook, by End User Industry, Value (US$ Bn), 2019 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Phenol for Bisphenol-A Production
  - 5.2.1.2. Phenol for Phenol Formaldehyde Resin Production
  - 5.2.1.3. Phenol for Nylon-KA Oil Production
  - 5.2.1.4. Phenol for PPO/Orthooxylenol Production
  - 5.2.1.5. Phenol for Alkyl Phenol Production
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Phenol Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 5.3.1.2. Germany Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 5.3.1.3. U.K. Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 5.3.1.4. U.K. Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 5.3.1.5. France Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 5.3.1.6. France Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 5.3.1.7. Italy Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 5.3.1.8. Italy Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 5.3.1.9. Turkey Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 5.3.1.10. Turkey Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 5.3.1.11. Russia Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 5.3.1.12. Russia Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 5.3.1.13. Rest of Europe Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 5.3.1.14. Rest of Europe Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Phenol Market Outlook, 2019 - 2031

6.1. Asia Pacific Phenol Market Outlook, by Manufacturing Process, Value (US$ Bn), 2019 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Cumene Phenol Manufacturing Process
  - 6.1.1.2. Dow Phenol Manufacturing Process
  - 6.1.1.3. Rasching Hooker Phenol Manufacturing Process
6.2. Asia Pacific Phenol Market Outlook, by End User Industry, Value (US$ Bn), 2019 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Phenol for Bisphenol-A Production
  - 6.2.1.2. Phenol for Phenol Formaldehyde Resin Production
  - 6.2.1.3. Phenol for Nylon-KA Oil Production
  - 6.2.1.4. Phenol for PPO/Orthooxylenol Production
  - 6.2.1.5. Phenol for Alkyl Phenol Production
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Phenol Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. China Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 6.3.1.2. China Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 6.3.1.3. Japan Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 6.3.1.4. Japan Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 6.3.1.5. South Korea Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 6.3.1.6. South Korea Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 6.3.1.7. India Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 6.3.1.8. India Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 6.3.1.9. Southeast Asia Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 6.3.1.10. Southeast Asia Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 6.3.1.11. Rest of Asia Pacific Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 6.3.1.12. Rest of Asia Pacific Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Phenol Market Outlook, 2019 - 2031

7.1. Latin America Phenol Market Outlook, by Manufacturing Process, Value (US$ Bn), 2019 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Cumene Phenol Manufacturing Process
  - 7.1.1.2. Dow Phenol Manufacturing Process
  - 7.1.1.3. Rasching Hooker Phenol Manufacturing Process
7.2. Latin America Phenol Market Outlook, by End User Industry, Value (US$ Bn), 2019 - 2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Phenol for Bisphenol-A Production
  - 7.2.1.2. Phenol for Phenol Formaldehyde Resin Production
  - 7.2.1.3. Phenol for Nylon-KA Oil Production
  - 7.2.1.4. Phenol for PPO/Orthooxylenol Production
  - 7.2.1.5. Phenol for Alkyl Phenol Production
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Phenol Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 7.3.1.2. Brazil Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 7.3.1.3. Mexico Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 7.3.1.4. Mexico Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 7.3.1.5. Argentina Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 7.3.1.6. Argentina Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 7.3.1.7. Rest of Latin America Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 7.3.1.8. Rest of Latin America Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Phenol Market Outlook, 2019 - 2031

8.1. Middle East & Africa Phenol Market Outlook, by Manufacturing Process, Value (US$ Bn), 2019 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Cumene Phenol Manufacturing Process
  - 8.1.1.2. Dow Phenol Manufacturing Process
  - 8.1.1.3. Rasching Hooker Phenol Manufacturing Process
8.2. Middle East & Africa Phenol Market Outlook, by End User Industry, Value (US$ Bn), 2019 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Phenol for Bisphenol-A Production
  - 8.2.1.2. Phenol for Phenol Formaldehyde Resin Production
  - 8.2.1.3. Phenol for Nylon-KA Oil Production
  - 8.2.1.4. Phenol for PPO/Orthooxylenol Production
  - 8.2.1.5. Phenol for Alkyl Phenol Production
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Phenol Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 8.3.1.2. GCC Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 8.3.1.3. South Africa Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 8.3.1.4. South Africa Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 8.3.1.5. Egypt Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 8.3.1.6. Egypt Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 8.3.1.7. Nigeria Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 8.3.1.8. Nigeria Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
  - 8.3.1.9. Rest of Middle East & Africa Phenol Market by Manufacturing Process, Value (US$ Bn), 2019 - 2031
  - 8.3.1.10. Rest of Middle East & Africa Phenol Market by End User Industry, Value (US$ Bn), 2019 - 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Company Market Share Analysis, 2023
9.2. Competitive Dashboard
9.3. Company Profiles
- 9.3.1. Royal Dutch Shell
  - 9.3.1.1. Company Overview
  - 9.3.1.2. Therapy Portfolio
  - 9.3.1.3. Financial Overview
  - 9.3.1.4. Business Strategies and Development
- 9.3.2. Solvay SA
  - 9.3.2.1. Company Overview
  - 9.3.2.2. Therapy Portfolio
  - 9.3.2.3. Financial Overview
  - 9.3.2.4. Business Strategies and Development
- 9.3.3. Deepak Nitrite Limited
  - 9.3.3.1. Company Overview
  - 9.3.3.2. Therapy Portfolio
  - 9.3.3.3. Financial Overview
  - 9.3.3.4. Business Strategies and Development
- 9.3.4. INEOS Group Limited
  - 9.3.4.1. Company Overview
  - 9.3.4.2. Therapy Portfolio
  - 9.3.4.3. Financial Overview
  - 9.3.4.4. Business Strategies and Development
- 9.3.5. ALTIVIA Chemicals
  - 9.3.5.1. Company Overview
  - 9.3.5.2. Therapy Portfolio
  - 9.3.5.3. Financial Overview
  - 9.3.5.4. Business Strategies and Development
- 9.3.6. Sasol Chemicals
  - 9.3.6.1. Company Overview
  - 9.3.6.2. Therapy Portfolio
  - 9.3.6.3. Financial Overview
  - 9.3.6.4. Business Strategies and Development
- 9.3.7. Mitsubishi Corporation
  - 9.3.7.1. Company Overview
  - 9.3.7.2. Therapy Portfolio
  - 9.3.7.3. Financial Overview
  - 9.3.7.4. Business Strategies and Development
- 9.3.8. Domo Chemicals
  - 9.3.8.1. Company Overview
  - 9.3.8.2. Therapy Portfolio
  - 9.3.8.3. Financial Overview
  - 9.3.8.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations