The global phenol market size is expected to experience dynamic growth in the forthcoming years owing to the increasing demand for phenol from the pharmaceutical industry, finds Fortune Business Insights™ in its report, titled “Phenol Market, 2023-2030”.
Phenol is an organic compound that can be easily soluble in water. There has been a rising demand for phenol from the pharmaceutical industry as phenol is an antiseptic and also possesses disinfectant properties which are used to disinfect skin and relieve skin irritation and itching. Thus, this is a major factor contributing to the growth of this market. Further, phenol is used in certain medical procedures and as an ingredient in numerous treatments and laboratory applications. However, phenol is a corrosive compound and can cause severe burns if exposed to skin and eyes, which is anticipated to impede the growth of this market.
The major industrial work around the world has come to a halt due to the outbreak of the COVID-19 pandemic. This pandemic has severely affected the demand for phenol from the end-user industries, which is projected to hamper the growth of this market across several regions.
List of Key Players Covered in the Phenol Market Report:
Royal Dutch Shell, Solvay SA, Deepak Nitrite Limited, INEOS Group Limited, ALTIVIA Chemicals, Sasol Chemicals, Mitsubishi Corporation, Domo Chemicals.
On the basis of application, this market is classified into bisphenol A, phenolic resin, caprolactum, alkyl phenyls, and others. Based on end-user industry, the market is divided into chemical, construction, automotive, electronic communication, metallurgy, and others. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
This report contains an in-depth analysis of the market drivers, trends, and restraints, along with a granular assessment of the various segments of the market. In addition, valuable insights into the regional opportunities impacting the market are also incorporated into the report, as well as a holistic examination of the major market players and their dominant strategies.
Increasing Government Initiatives towards the Manufacturing of Phenol to Fuel the Market
The phenol can be utilized in various industries such as chemicals and materials, automotive, and others. Hence, in order to increase the manufacturing capabilities of phenol, the governments of several countries are focusing on rising investments and initiatives towards the production of phenol across several regions. Thus, this is a crucial factor responsible for the growth of this market.
Rising Government Initiatives for Construction Industry to Boost the Asia Pacific Market Growth
Asia Pacific region is projected to witness substantial growth in the phenol market share on account of the rising government initiatives for the construction and chemicals industries in the countries such as China and India.
North America region is anticipated to grow speedily in this market owing to the increasing number of chemical companies in the countries such as the US and Canada.
Increasing Production and Distribution of Phenol to Intensify Competition
The leading phenol manufacturers are focusing on increasing the production and distribution of phenol across several regions owing to the high demand for phenol from various end-user industries. The adoption of this strategy will help key companies to expand their business operations and widen their market presence.
February 2019: Shell announced the restart of the US phenol/acetone manufacturing unit based in Texas after the repair of equipment.
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