As per the latest report by IMARC Group, titled “Phenol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global market reached a value of US$ 23.3 Billion in 2020. Phenol, alternatively known as benzenol, is an aromatic compound that is highly toxic and volatile. It is soluble in water and have more elevated acidity and boiling point as compared to alcohol. Phenol and its derivatives are essentially utilized in the production of nylon, epoxies, herbicides, polycarbonates, etc. Consequently, they find widespread applications across numerous sectors, including chemical, automotive, construction, metallurgy, etc.
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The expanding construction activities in the residential and commercial segments and the increasing demand for epoxy resins and polycarbonate among several end-user industries, such as paints, electronics, adhesives, etc., are primarily driving the global phenol market. In addition to this, the inflating usage of Alkyl phenols as a raw material in the manufacturing of detergents, fragrances, colored dyes, etc., is also positively influencing the market growth. Furthermore, the rising adoption of the chemical as an industrial cleaner for electronic equipment and machines, owing to its antiseptic and disinfectant properties, is acting as another significant growth-inducing factor. Besides this, the elevating requirement for fungicides and disinfectants among the farming and animal husbandry sectors is further catalyzing the market growth. Moreover, the growing integration of advanced technologies in the phenol production process to reduce the processing cost and improve the yield and safety is expected to stimulate the global phenol market in the coming years. Looking forward, IMARC Group expects the global phenol market to grow at a CAGR of 5.5% during 2021-2026.
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- Ineos Phenol
- Cepsa Quimica
- Mitsui Chemicals
- Formosa Chemicals and Fibers
- Kumho P & B Chemicals
Breakup by End-Use:
- Bisphenol A
- Phenolic Resins
- Alkyl Phenyls
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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