New Expert Market Research report titled “Phenol market overview in Europe and forecast for 2021-2026‘provides an in-depth analysis of the European phenol market, evaluating the market based on its segments such as source, product, industry and major regions. The report tracks the latest industry trends and examines their impact on the market as a whole. It also assesses market dynamics by covering key indicators of demand and prices, and analyzes the market based on SWOT patterns and Porter’s five forces.
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Key points of the report:
Market overview (2016-2026)
- Historical Market (2020): 8 MMT
- CAGR forecast (2021-2026): 0%
- Market Forecast (2026): 1 million tons
Europe is one of the largest markets for phenol in terms of consumption and accounts for almost 30% of the global phenol market. Due to the presence of only a few producers in the region, the cost of phenol in the domestic market is higher. Europe is the main source of supply for countries in the Middle East like Saudi Arabia and Asian countries like China. However, there is excess demand for bisphenol A in the region, forcing a certain amount to be imported to meet domestic demand. Thus, the European Union depends on imports from the United States to meet up to 10% of the regional demand for phenol. Imports have grown steadily since the last few years and are likely to witness further growth in the forecast period.
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Industry definition and main segments
Phenol or carbolic acid is a corrosive aromatic white crystalline solid with the formula C6H5OH. It is found in the resins of coal and wood and can be obtained by, among others, the Kumen, Dow, Rashig-Hooker processes. It is mainly used in the processing of plastics precursors. Phenol derivatives are widely used in home and personal care products for the preparation of cosmetic products such as hair dye, sunscreen, and skin lightening products. It is used as a precursor to drugs such as aspirin and is used as a pharyngitis medicine in the pharmaceutical sector. Phenol is also widely used as a disinfectant.
By end use, the industry is subdivided into:
- Phenolic resin
- Bisphenol A
By region, the industry is subdivided into:
- Great Britain
The demand for pharmaceuticals is growing rapidly due to growth in the healthcare sector and technological advances. Thus, the European phenol market is experiencing strong growth due to the recovery in the pharmaceutical industry. A large proportion of European phenol is used in the production of bisphenol A (BPA), which is a key component of polycarbonates used in various industries such as automotive, construction and electrical appliances. Healthy growth in industries such as tires, adhesives, coatings and rubber products is providing additional impetus to the growth of the European phenol market. Rising urbanization and growing purchasing power in the region have also supported the market. New technologies providing higher yields of phenol may open up opportunities for further market growth.
Key market players
The main players in the market are INEOS Group, Honeywell International Inc, Royal Dutch Shell Plc, Solvay SA and others. The report covers market shares, capacity, refurbishment of plants, expansions, investments, mergers and acquisitions, and other recent developments of these market players.
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