H1 2023: In October 2023, Royal Dutch Shell, a leading phenol producer, declared a force majeure at its Deer Park location in Texas, USA. The site had a capacity of 63 thousand tonnes of phenol and 225 thousand tonnes of acetone annually. Force majeure was lifted in February 2024. In October 2023, INEOS Phenol ended the force majeure status on phenol and acetone shipments in Pasadena, Texas, and Mobile, Alabama, indicating a resolution of underlying issues and a return to normal operations. Additionally, force majeure on cumene, phenol, and acetone supplies were lifted across facilities with a combined annual capacity of 600 thousand tonnes of phenol.
H1 2023: The leading phenol producers in H1 2023 were Ineos Group Ltd, Cepsa Corporation, Formosa Chemicals and Fibre Corp, and Kumho P&B Chemicals., Inc. In April 2023, INEOS Phenol, one of the top phenol producers acquired Mitsui Phenols Singapore Ltd. for a sum of USD 330 million. The contract covers the whole capital base from Mitsui Phenols situated in Singapore, adding more than 1 million tonnes of capacity each year. The company has a $750 million annual revenue. The acquisition includes phenol of 310 thousand tonnes per annum along with other chemicals like cumene, acetone, alpha-methylstyrene, and bisphenol A. Furthermore, from January 2023, Mitsui Phenols Singapore Ltd. had their plant under maintenance shutdown for 3 months. Geographically, Asia Pacific was the leading consumer of Phenol in H1 2023. The price trends of phenol in China's market displayed conflicting market fundamentals in H1 2023. In the beginning of 2023, the demand of phenol by the downstream paints and coatings industries strengthened the phenol market. However, phenol prices fell near mid-February 2023 due to inexpensive imports from Thailand which caused the market price of phenol to decline in China. The prices continued to decline continuously in the Chinese market due to weak demand from the downstream end-user industries.
The global Phenol market stood approximately 11 million tonnes in 2023 and is expected to grow at a CAGR of 4.36% during the forecast period until 2034.
Phenol is an aromatic hydrocarbon with the chemical formula of C6H5OH. This appears as a white solid compound and readily soluble in water. This compound is produced by three main methods which are Dow process, Cumene process, and Raschig–Hooker process. On industrial level, the primary technologies used for its production are Honeywell UOP, KBR, Versalis/Lummus, Mitsui, Badger, Lummus Technology, and Others. Phenol is utilized to produce various chemicals such as picric acid, bisphenol A, adipic acid, phenolic resins. These chemicals and intermediates are further utilized to produced commodities like nylon, Bakelite, epoxies, herbicides, inks, cleaners, detergents, and disinfectants. Phenolic resins are highly durable and insulating properties and employed by the woodwork industry for the manufacture of plywood, laminates, furniture items and even adhesives.
The primary market driver of the global Phenol market is for the synthesis of chemicals and their derivatives. Phenol is employed in various chemical industries to produce vital compounds such bisphenol A. Bisphenol-A industry consumed more than 40% of the global Phenol market in 2023 and is expected to dominate the market in the coming years as well. Polycarbonate plastic, one of the most widely used plastic, is synthesized using bisphenol A as raw material. Hard plastic products like baby bottles, plastic containers, reusable plastic bottles, cups, kitchenware, and food & beverage storage containers are made of polycarbonate plastic. Consumption of Phenol is expected to reach around 17.5 million tonnes by 2034.
Asia Pacific dominates the Global Phenol market. This region topped with a consumption of more than 51% of the global market in 2023. With growing economies, the demand of plastics in the sectors like packaging, food, beverage, transportation which are anticipated to accelerate the Phenol demand in the forecast period. After Asia Pacific, Europe and North America also have significant market positions. Asia Pacific is also leading as a producer of global Phenol market.
Based on the end-user industry, the Phenol market is segmented into Bisphenol-A, Phenolic Resin, Pharmaceuticals, and Others. The Bisphenol-A industry is dominating the Phenol market. The primary application of Bisphenol-A is for the synthesis of polycarbonates. Epoxy resins, which serve as a protective layer inside some metal cans of packaged food items, also contain Bisphenol-A as an ingredient. Pharmaceuticals employ phenol due to its antibacterial and antifungal properties. Phenol is used as a disinfectant and antiseptic.
Significant companies for Global Phenol are Ineos Group Ltd, Cepsa Corporation, Formosa Chemicals and Fibre Corp., Kumho P&B Chemicals., Inc., Chang Chun Petrochemical Co., Ltd., LG Chem Ltd., PTT Phenol, Advansix, Zhejiang Petroleum & Chemical Co., Ltd., SABIC Innovative Plastics, and Shell Chemicals.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
This report will be delivered on an online digital platform with one-year subscription and quarterly update.
The objective of the Study:
• To assess the demand-supply scenario of Phenol, which covers the production, demand, and supply of Phenol around the globe.
• To analyze and forecast the market size of Phenol.
• To classify and forecast the Global Phenol market based on end-use and regional distribution.
• To examine global competitive developments such as new capacity expansions, mergers & acquisitions, etc., of the Phenol market.
To extract data for the Global Phenol market, primary research surveys were conducted with Phenol manufacturers, suppliers, distributors, wholesalers, and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for the Global Phenol market over the coming years.
ChemAnalyst calculated Phenol demand across the globe by analyzing the volume of Phenol consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Phenol manufacturers and other stakeholders
• Organizations, forums and alliances related to Phenol distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Phenol manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Phenol market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
11 million tonnes
Market size Volume by 2034
17.5 million tonnes
Growth Rate
CAGR of 4.36% from 2024 to 2034
Base year
2023
Estimated year
2024
Historic Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in million tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Capacity by Technology, Capacity by Process, Production by Company, Operating Efficiency, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Bisphenol-A, Phenolic Resin, Pharmaceuticals, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
Disruption Tracker
Disruption Tracker reflect the major shutdown on monthly basis which will help you in
tracking the inventory management and smooth functioning of business. Unforeseen shutdowns and disruptions
resulting in a loss of production capacity to impact the bottom line. The capacity tracker provides industries
with a global view of production and consumption capacity loss that reflects the corresponding conversion factors.
It also highlights the immediate impact on supply due to planned and unplanned outages as well as upcoming start-up
of new capacities. Additionally, it emphasizes how each shutdown—whether due to a maintenance turnaround or a case
of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What is the expected global market size of Phenol in terms of volume for 2023?
Ans:
The global market size of Phenol is expected to reach approximately 11 million tonnes by 2023, and it is expected to further expand with a CAGR of 4.36%.
Q2.
What are the major end-use industries of Phenol?
Ans:
Phenol is used in a wide range of end use industries such as Bisphenol-A, Phenolic Resin, Pharmaceuticals, Others.
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