Phenol Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Phenolic Resins, Caprolactam, Bisphenol-A, and Others), By End User (Chemical, Construction, Automotive, Electronic Communication, Metallurgy, and Others), and Country

Phenol Market size was valued at US$ 24,198.5 million in 2023 and is projected to reach US$ 35,907.7 million by 2030 is poised to grow at 5.8% CAGR from 2024-2030. The phenol market is driven by the factors such as growing demand from the construction industry, expanding application in electrical and electronics industries, increasing use in automotive applications, and rising application in the medical and pharmaceutical industries. Phenol is a key raw material in the production of plywood, laminated boards, and other construction materials, the rising demand for housing and infrastructure development in developing countries is expected to drive the phenol market growth, phenol are being used in the production of automotive parts such as dashboards, door panels, and bumpers. The growing automotive industry, particularly in Asia Pacific, is expected to propel the demand for phenol.

Additionally, phenol is used in the manufacturing of printed circuit boards and other electrical components. The increasing demand for consumer electronics and advancements in the electrical and electronics sector are expected to create significant growth opportunities for the phenol market. Phenol is used in the production of various drugs, disinfectants, and antiseptic solutions. The growing healthcare sector and increasing awareness about hygiene are expected to drive the demand for phenol in these applications. Despite the positive outlook, yet the stringent environmental regulations, fluctuating prices of crude oil, and health and safety concerns are the constraints in the market which effects the market growth, and however, the development of bio-based phenol, rising demand from emerging economies, and increasing applications in new industries are the opportunities in the market which will shape the market in the upcoming years with the significant growth.

Phenol Market Key Developments:

• In April 2023, INEOS Phenol also acquired Mitsui Phenols Singapore Ltd. for a sum of US$ 330 million. The acquisition covers the entire capital base from Mitsui Phenols located 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.
• In December 2022, the formation of MX Phenol Acetone Corporation as a joint venture between Mitsubishi Chemical Corporation (MCC) and Mitsui Chemicals, Inc. (MCI) is indeed a significant development in the chemical industry. With the planned production capacity of 1 million tons of phenol and 600,000 tons of acetone per year, this venture is poised to have a substantial impact on the market dynamics of these chemicals.