Market Size of Phenol Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Phenol Market Analysis
The global phenol market is projected to register a CAGR of over 4% during the forecasted period.
Due to the COVID-19 outbreak, nationwide lockdowns around the globe, disruption in manufacturing activities and supply chains, and production halts impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory during the forecast period. The chemical and petrochemical industries have been on track for recovery ever since the retraction of the pandemic in mid-2021. The exponential rise in demand from paints and coatings, adhesives, and other end-user sectors continues to exert pressure on these sectors, which are expected to contribute to the positive outlook of the phenol market.
- The growing demand for Bisphenol-A is the major driving factor augmenting the growth of the market studied.
- On the flip side, a ban on BPA in the United States and Europe is hindering the growth of the market.
- Nevertheless, the production of phenol from recycled feedstock, termed Bio-based Phenol is likely to create lucrative growth opportunities for the global market soon.
- The Asia-Pacific region is expected to dominate the global phenol market and is also forecasted to be the fastest-growing region over the forecast period.
