Rockville, MD, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Strong demand for phenol in the pharmaceutical sector, where it is used to produce medications such as disinfectants, slimicides, and antiseptics, is complementing market growth. The global Phenol Market has been calculated at a value of US$ 26.13 billion in 2024 and is forecasted to advance at a CAGR of 4.8% from 2024 to 2034.
Substantial investments by industry giants in research and analysis are contributing to the growth of the phenol market. These investments are aimed at uncovering breakthroughs and further market acceleration over the coming years.
Phenol helps relieve irritation and aids in skin cleansing. Moreover, phenol is also used as an oral analgesic in products such as Chloraseptic to treat conditions such as pharyngitis. Phenol is widely used in a surgical procedure called phenolization to treat ingrown toenails.
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Key Takeaways from Market Study:
- The global phenol market is projected to expand at a CAGR of 4.8% through 2034.
- Global sales of phenol are estimated at US$ 26.13 billion in 2024.
- The market is forecasted to reach US$ 41.77 billion by 2034-end.
- The North American market is forecasted to expand at a CAGR of 4.9% through 2034.
- The PPO/orhtooxylenol production segment is estimated to account for a 31% market share in 2024.
- East Asia is projected to account for 38.4% share of the global market by 2034.
“Phenol market growth is being fueled by its crucial role in chemical and pharmaceutical production, extensive use in medicine and phenolic resin production, and significance in the electrical sector,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Phenol Market:
Key players in the phenol market such as Mitsubishi Chemical Corporation, Shell, and INEOS are keeping a strong eye on their quality checks considering the toxicity of their products.
Competitive Landscape:
Leading manufacturers of phenol such as Shell, INEOS, and Mitsubishi Chemical Corporation are closely monitoring their quality inspections. These important market players are searching for new opportunities to grow and are now looking for ways to improve the quality of their products even further to strengthen their position.
Country-specific Analysis:
The automotive sector makes extensive use of phenolic resins and its derivatives, such polycarbonate, because of their exceptional durability and heat resistance. Heating iron and steel is a step in the car manufacturing process that may necessitate the use of phenol to improve component durability.
Because of their mechanical robustness, phenolic resins find employment in a wide range of applications, including filters, separators, varnishes, and laminates. The automotive industry in the United States is strong, with leading companies constantly striving to improve the efficacy and efficiency of their offerings.
Phenol Industry News:
- Mitsubishi Corporation and South Pole partnered in May 2021 to produce and market carbon credits produced by carbon removal technologies.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the phenol market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on manufacturing process (cumene phenol manufacturing process, Dow phenol manufacturing process, Raschig-Hooker phenol manufacturing process) and end use (bisphenol-A production, phenol formaldehyde resin production, nylon-KA oil production, PPO/orthooxylenol production, alkyl phenol production), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Key Segments of Phenol Market Research:
By Manufacturing Process :
- Cumene Phenol Manufacturing Process
- Dow Phenol Manufacturing Process
- Raschig-Hooker Phenol Manufacturing Process
By End User :
- Bisphenol-A Production
- Phenol-Formaldehyde Resin Production
- Nylon-KA Oil Production
- Alkyl Phenol Production
- Phenol for PPO/Orthooxylenol Production
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