Phenol Derivatives Market size is forecast to reach $18.7 billion by 2025, after growing at a CAGR of 5% during 2020-2025. The phenol derivatives market is witnessing an increase its demand as they are widely used in household products, automotive metal coatings, rubber products and as an intermediates for industrial synthesis. Demand for phenol derivatives is increasing due to their unique properties such as flexibility, durability, spotless coating, chemical resistance, film toughness, improved adhesion and strong plasticizing effect. These characteristics of phenol derivatives is driving its demand in various end use industries such as automotive, electronics, textiles and packaging industries, which will increase the phenol derivatives market substantially.
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By Derivative – Segment Analysis
The bisphenol-A derivative segment holds the largest share in the phenol derivative market in 2019, owing to its use in the production of polycarbonates and epoxy resins. Polycarbonates are extensively used in safety equipment, headlights, food & drink, tail lamps, compact discs, sports equipment, packaging such as water & baby bottles, impact-resistant and medical devices, whereas epoxy resins are used to coat metal products such as bottle tops, wind turbine blades, food cans, and water supply pipes. These factors are estimated to lead to rapid utilization of Bisphenol-A in the phenol derivatives market during the forecast period.
By Applications – Segment Analysis
The automotive segments holds the largest share in the phenol derivative market in 2019 and is growing at a CAGR of 5.60%, owing to extensive use of Bakelite in electrical switches and automobiles due to its property of withstanding extreme conditions of heat and resistance to electricity and other chemicals. The intermediate produced during the polymerization-Novolac, is a resin and used as a binding agent or adhesive in many industries. Novolac is also used for protective coating purposes in automobiles. There is an increasing demand for phenol derivatives from the automobile sectors as they are used on a large scale for manufacturing automotive parts such as tail lamps, headlights, sunroofs, windows, brake linings, insulation foams and composites. The extensive use of phenol derivatives for automobile designing and manufacturing is anticipated to drive the phenol derivatives market in the forecast period.
By Geography – Segment Analysis
Asia Pacific holds the largest share in the phenol derivatives market in 2019 up to 32%, owing to factors such as duty rationalization for raw materials, tax incentives for R&D investments, and improved infrastructure in the region. In nations such as China, Japan and India there is a massive growth in industrialization due to population growth and rising per capita income of the individuals. There is an increasing demand for phenol derivative in the region as in these upcoming industries, phenol is used as a starting material to manufacture plastics, explosives such as picric acid, and drugs such as aspirin. Phenol derivatives are extensively used in various household products such as disinfectant in household cleaners, mouthwash, Plywood, window glazing, computers, automotive parts and accessories, and flat panel televisions, which is anticipated to drive the phenol derivatives market in Asia Pacific region.
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Drivers – Phenol Derivatives Market
For decades, chemicals have been attracting the interest of various end use industries, globally, and phenol is a widely used chemical, as an organic compound. The growing use of phenol derivatives in first surgical antiseptic and anesthesia created lucrative opportunities for the manufacturers of phenol derivatives. Phenols derivatives have wide applications in pharmaceutical industries as anesthetic and analgesic combinations to work in the painful and irritating areas. Phenols derivatives are also used to relieve pain caused by sore throat. The use of phenol derivatives are also increasing in the cosmetic industry for manufacturing sunscreens, skin lightening creams and hair coloring solutions. The demand for phenol derivatives are constantly increasing as they have huge applications in pharmaceutical and healthcare sector which acts as a driver.
Phenolic resins are widely used in various applications including packaging coatings and the rubber industry as it provides extensive set of properties such as optimum balance of flexibility, durability, chemical resistance and film toughness. There is a growing demand of phenolic resins for metal packaging applications due to its characteristics such as mechanical strength and ability to blend with polymers. Phenolic resins / phenol formaldehyde resins are being extensively used in a variety of industrial products as they are durable, smooth and offer spotless coating. Phenolic resins are perfect for molded objects such as billiard balls and circuit boards or as phenolic coatings on cars and cans as they offer high heat resistance, high moldability and low toxicity of smoke. Thus, Surging demand of phenolic resins because of its properties is driving the phenol derivatives market, which acts as a driver.
Challenges – Phenol Derivatives Market
Based on a recent safety assessment, the US Food and Drug Administration (FDA) no longer approves the use of phenol derivatives in baby bottles, sippy cups and baby formula packaging. Phenol derivatives can leach from beverage bottles and coated water pipes that can then be consumed by general population exposing them to breathe in vapors or have direct skin contact of phenol derivatives. Phenol derivatives cause skin irritation and rash in some people exposed dermally. There is concern that phenol derivatives affect the brain, behavior and prostate gland in fetuses, infants and children when exposed to levels in consumer products. All these factors may act as a restrain for the phenol derivatives market growth.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the phenol derivatives market. In 2019, the market of phenol derivatives has been consolidated by the top five players accounting for xx% of the share. Major players in the phenol derivatives market are Compañía Española de Petróleos S.A.U., LG Chem, Honeywell International Inc., INEOS, Mitsui Chemicals, Inc., Allnex Belgium SA/NV, The DOW Chemical Company, QINGDAO Haiwan Chemical Co. Ltd., Royal Dutch Shell PLC, Saudi Basic Industries Corporation, Lotte Chemical and PTT Global Chemical Public Company Limited.
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