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Global Phenols Market Analysis & Outlook 2017-2023: Applications in the Field of Medicine Has Been Growing With the Highest Rate of About 6.15% Per Year - ResearchAndMarkets.com

November 26, 2018
The “The Global Phenols Market” report has been added to ResearchAndMarkets.com’s offering.According to a recently conducted research about the global phenol market, as an overall, it is projected to reach approximately 12,111 thousand tons by the end of 2023, increasing at a CAGR of around 2.2% per year in the period 2017-2023.The report focuses on both product and regional breakdown, offering a larger perspective on the market dynamics. Although phenol is predominantly used for the production of bisphenol A and phenolic resins, the analysis considers the application of phenol across various industries. In particular, the largest share of phenol consumption is for the production of bisphenol A, which accounted for around 50% of the total in volume terms. Meanwhile, the chemical’s application in the field of medicine has been growing with the highest rate of about 6.15% per year.Regionally, the largest global phenol market was North East Asia, which accounted for about 40% of the total in volume terms. In comparison, Africa was the smallest global phenol market during the analyzed period and is expected to remain such in the medium term.

In terms of end-use industries, the major uses of phenol, consuming two thirds of its production, involve its conversion to precursors for plastics. Bisphenol A, phenolic resins and cyclohexanone are all major outlets for phenols and also widely used in the construction and automotive industries. In addition, phenol is a versatile precursor to a large collection of drugs, most notably aspirin but also many herbicides and pharmaceutical drugs.

Regionally, the capacity expansion in Thailand and South Korea followed the commissioning of three world scale plants in China in 2015, which increased Asia’s total phenol capacity and, subsequently, supply. In North America consumption of phenol derivatives has been trending higher since the recession of 2008, however, increased derivative imports have slowed down growth in consumption of USA produced phenol. The European phenol market is primarily contract based, which allows for a degree of forward planning in the market that has resulted in a relatively balanced market during the observed period.

The analytical research projects that the global production of phenol is likely to reach around 12,113 thousand tons by the end of 2023, expanding at a CAGR of about 2.1-3.3% per year. In addition, some of the main players on the phenol market are planning to open up additional production capacities in different regions. As a matter of fact, Asia Pacific is anticipated to witness the fastest-paced capacity increase in the medium term. As far as the balance between supply and demand is concerned, the market is forecast to remain in a state of oversupply in most of the upcoming years.

The increasingly competitive landscape globally forces the chemical companies to focus on innovation and particularly on the development of Green Chemistry, which is becoming crucial for the overall future development of the companies. There are several fast dynamic research areas that can be identified such as nanotechnology, biotechnology, the development of biofuels as a supplement to oil supplies, as well as the expansion of water-based paints and the replacements for chlorofluorocarbons (CFCs). So in order to increase their profit, it is important for manufacturers within the chemical industry not only to cut their costs, but also to ensure that their processes and products conform with the pressing environmental issues.

Key Topics Covered

1. Introduction

2. Executive Summary

3. Characteristics of Phenols

4. State of the Global Demographics and Economy

5. Overview and Analysis of the Global Phenols Market

6. Overview and Analysis of the Global Production of Phenols

7. Characteristics and Analysis of the Global Prices of Phenols

8. Overview and Analysis of the Global Imports of Phenols

9. Overview and Analysis of the Global Exports of Phenols

10. Balance Between Supply and Demand On the Global Phenols Market

Companies FeaturedSasolIneos PhenolDezaBorealisNovapexTotal PetrochemicalsDomo CaproleunaIneos PhenolCepsa QuimicaKazanorgsyntezOmsk RubberSanorsSaratovorgsintezSaudi KayanTacaamolBlue Island PhenolDakota GasificationEmerald KalamaIneos PhenolSasolShell ChemicalsBaosteelFormosa Plastics Corp.Huizhou Zhongxin ChemicalIneos Phenol Yangzi PcShiyou Chemical YangzhouChiba PhenolMitsubishi ChemicalMitsui ChemicalsKumho P&B ChemicalsLG ChemicalDeepak NitritePtt PhenolRhodiaand many more...

For more information about this report visit https://www.researchandmarkets.com/research/lbjk7p/global_phenols?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20181126005423/en/

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Related Topics:Chemicals

KEYWORD:

INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 11/26/2018 08:19 AM/DISC: 11/26/2018 08:19 AM

http://www.businesswire.com/news/home/20181126005423/en

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