Procurement Resource’s New Phenol Industry Intelligence Report (2022) – Analyses the Key Sourcing Strategies, Demand Indicators, Price Drivers, and Supplier Assessment

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According to a new report by Procurement Resource titled, ‘Global Phenol Industry Report: Analysis and Forecast 2022-2027’, the global phenol market attained a value of about USD 19.44 billion in 2021. The industry is further expected to grow at a CAGR of over 4.2 percent in the forecast period of 2022-2027 to reach a value of USD 24.07 billion by 2027.

Category Driver

Rapid economic development around the world has majorly contributed to construction activities in the residential and commercial domains. Since phenolic resins are used in the production of plywood, laminated beams, and flooring panels, this has increased the market growth. Phenol finds substantial applications as an industrial cleaner for machinery parts and electronic devices; as a starting material for plastics and explosives such as picric acid; as a raw material in the manufacturing of drugs and antioxidants; as a basic material in wood preservatives such as creosote; for making intense colored dyes; and in everyday products such as mouthwash, liquid detergents, inks, floor cleaners, and disinfectants. Besides, phenolic resins are used in the manufacturing of thermosetting plastics which are further utilized in the production of electrical components such as electron tubes, insulators, and sockets. Apart from this, paper phenolics are employed for manufacturing household laminates and paper composite panels; and glass phenolics are used in the high-speed bearing market. Additionally, the rise in the demand for molding uses of phenolic resins for several purposes including, sharp grinding wheels, rubbing linings, and intractable products, because of their high elasticity, heat resistance, and dimensional stability, is leading to the growth of the market. Along with other factors, various government initiatives to aid and promote local assembling activities are driving the attention for phenolic resins in the building and construction industry.

Industry Developments in terms of Technology/Innovation/R&D/Sustainability

Over the past decade, developments have been made in phenol production technology. New catalysts and processes have been commercialised for manufacturing cumene via alkylation of benzene with propylene. Recent process design innovations have further been used for the cumene hydroperoxide route that remains the preferred method for its manufacturing. These efforts have been directed at enhancing yield and improving process costs and safety for the preparation of phenol to meet the growing global demand. In 2021, INEOS has announced many initiatives in Belgium in its Sustainability Report. The company’s new business Project ONE plans to build one of Europe’s most ground-breaking and finest climate-performing olefin complexes in Antwerp. INEOS Phenol and Engie are planning to use hydrogen fuel in their industrial plant for the first time in Belgium to generate electricity and heat. In December 2021, Cepsa Química launched, certified renewable raw materials to manufacture linear alkylbenzene (LAB) which is a critical component in the production of biodegradable detergents. The company is also leading in the production of phenol from renewable and recycled raw materials.

Key Findings of the Report:

  • The global phenol industry was severely impacted by the COVID-19 pandemic and the subsequent lockdown measures imposed by governments of several countries, which have resulted in a labour shortage, supply chain disruptions, and limited availability of raw materials.
  • Phenol finds extensive and diverse applications, especially through its downstream products. It is obtained through the Cumene process, Dow process, and Raschig–Hooker process, among others.
  • One of the key by-products of phenol is the phenolic resin which is largely used in the building and construction industry.
  • Rapid economic development around the world has majorly contributed to construction activities in the residential and commercial domains. Since phenolic resins are used in the production of plywood, laminated beams, and flooring panels, this has increased the market growth.
  • Phenol finds substantial applications as an industrial cleaner for machinery parts and electronic devices, as a starting material for plastics and explosives.
  • Phenolic resins are used in the manufacturing of thermosetting plastics which are further utilised in the production of electrical components such as electron tubes, insulators, and sockets.
  • The rise in the demand for molding uses of phenolic resins for several purposes including, sharp grinding wheels, rubbing linings, and intractable products, because of their high elasticity, heat resistance, and dimensional stability, is leading to the growth of the market.
  • The Asia Pacific region was the leading regional phenol market with a market share of about 52.5 percent in 2021. Followed by the Asia Pacific are Europe and the United States as the leading markets for the product, with Europe occupying 22.4 percent of the global phenol market and the United States accounting for about 17 percent of the industry. 
  • North America is projected to expand at an increasing rate owing to the rising number of chemical companies in countries like the US and Canada. Europe is likely to account for a substantial share in the international market for phenolic resins, whereas East Asia is estimated to face a major growth all through 2029.
  • Bisphenol A (BPA), which is produced from phenol and acetone is the only biggest market for phenol. BPA further is utilised to manufacture polycarbonate and epoxy resins.

Why Choose Procurement Resource?

  • The phenol report includes preferred sourcing strategies by key suppliers present in the category
  • The report provides an overview of the production process along with recent technologies being positioned
  • The information regarding price movement, price hedging, and demand-supply is also included in the report
  • The phenol industry report further offers category-specific regional trends and market dynamics
  • The report also covers supplier profiles including financial data, product portfolio, and recent category-based initiatives 
  • It provides extensive data pertaining to the demand, supply, cost, and pricing of phenol, along with an in-depth analysis of key indicators of category demand and pricing 
  • The phenol industry report provides category-based buyer and supplier negotiation levers and sourcing and procurement practices
  • The report extensively assesses the demand influencing and restricting factors on a regional and global level

About Us:

At Procurement Resource we have a team of highly skilled and seasoned experts who undertake extensive research to deliver our customers the newest and most up-to-date sourcing and procurement reports, cost models, price analysis, benchmarking, and category insights, which support our clientele to simplify their procurement process. Procurement Resource ensures that our clients remain at the forefront of their industries by offering actionable procurement intelligence with the help of our expert analysts, researchers, and domain experts. We work with a varied collection of procurement teams across industries to get insights and real-time data that our customers can effectively execute. Our team also tracks the prices and production costs of a broad range of goods and commodities, thus, providing our clients with updated and reliable data. We, at Procurement Resource, with the help of the latest and cutting-edge methodologies in the industry, assist our clients to understand the supply chain, procurement, and industry environment to form strategies that ensure their optimum growth and success in every step.

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