Industrial Phenol Market to Drive Chemical Manufacturing with a CAGR of 5.2% by 2030
According to a new report published by MarkWide Research, titled, “Industrial Phenol Market,” the global market for industrial phenol is poised for steady growth. Phenol is a crucial chemical used in the production of various materials, including plastics, resins, and pharmaceuticals.
The report reveals that the global industrial phenol market is projected to witness a CAGR of 5.2% over the forecast period from 2023 to 2030. This growth is driven by the expanding chemical manufacturing industry, the demand for phenolic resins, and applications in pharmaceuticals and healthcare.
Key Findings from the Report:
- Chemical Manufacturing: Phenol serves as a building block for the production of chemicals like bisphenol A (BPA), used in the manufacturing of polycarbonate plastics.
- Phenolic Resins: Phenol-based resins are essential in the production of laminates, coatings, and adhesives used in construction and automotive industries.
- Pharmaceuticals: Phenol is used in the synthesis of pharmaceutical compounds and as a disinfectant in healthcare settings.
- Environmental Considerations: Sustainable production processes and environmental regulations are shaping the industrial phenol market.
- Market Innovation: Ongoing research focuses on process improvements and alternative raw materials for phenol production.
Market Forecast:
The report indicates that the global industrial phenol market is currently valued at $15.6 billion in 2023 and is projected to reach $23.5 billion by 2030, with a CAGR of 5.2% during the forecast period. Asia-Pacific is expected to be a key region for market growth, driven by the chemical manufacturing sector.
Company Profiles:
Key players in the global industrial phenol market include INEOS Phenol GmbH, Royal Dutch Shell plc, and Dow Inc. These companies are prominent in the production and supply of industrial phenol for various applications.
Conclusion:
The global industrial phenol market is set for steady growth, driven by its vital role in chemical manufacturing and a wide range of applications. With a projected CAGR of 5.2% by 2030, this market offers opportunities for manufacturers to support various industries’ production needs.