Nonylphenol Market is forecast to reach $1.6 billion by 2026, after growing at a CAGR of 5.8% during 2021-2026, owing to the increasing usage of nonylphenol in various end-use industries. Nonylphenol is also further processed in order to produce nonylphenol ethoxylates (NPE), which is extensively used in various applications. In addition, it is also used in the production of phenolic resins and epoxy. The growing population and expanding textiles and leather, polymers, and metals industry are the prime growth drivers of the nonylphenol market.
The functioning of the apparel and textile industry in different regions has been impeded due to the national lockdown and the coronavirus (COVID-19) pandemic. As a result of the coronavirus outbreak, supply chains, logistics operations, and the availability of workers have suffered to a large extent due to moderate impairment of the functioning of the apparel and textile industry. As nonylphenol is usually used in the apparel and textile industries, the decreasing functioning of this end-use industry during the outbreak of Covid-19 directly limits the growth of the market for nonylphenol.
Nonylphenol Market Segment Analysis – By End-Use Industry
The chemical industry held the largest share in the nonylphenol market in 2020 and is growing at a CAGR of 4.6% owing to increasing usage of nonylphenol in the chemical industry as an intermediate for various chemicals. Generally, nonylphenol is further processed to produce nonylphenol ethoxylates (NPE), owing to which it is predominantly used as emulsifiers, detergents, antioxidants, and cleaners in several other industrial applications. Nonylphenol ethoxylates are being used in the oilfield chemical segment to demulsify crude oil and reduce surface tension in water, thus helping to remove dirt particles from the surface. Nonylphenol is also used as a chemical intermediate or precursor in the manufacture of, among other things, phenolic oxides, phenolic resins, epoxy resins, paints, and additives for the tire and mining industries. Thus, with the increasing application of nonylphenol in the chemical industry, it is anticipated that the nonylphenol market will be flourished during the forecast period.
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Nonylphenol Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the nonylphenol market in 2020 up to 44%, owing to the increasing chemical industries in the region. The increasing population and per capita income are increasing the chemical industry in the region. According to the European Chemical Industry Council or Cefic, with €1,198 billion in 2018, China was the largest chemical producer in the world, contributing 35.8% of global chemical sales in 2018. The BRIC countries (Brazil, Russia, India, and China) accounted for 42.8% of global chemical sales in 2018. Six countries out of the top 10 biggest producers are Asian generating chemical sales of €1,886 billion – 51.5% of the world market. China’s sales levels are higher than the EU and US markets combined (€1,198 billion compared to €565 bn + €468 bn). According to Invest India, the Chemicals & Petrochemicals market is projected to reach $300 bn by 2025, and the petrochemical demand is expected to grow at 7.5% CAGR from FY 2019-23, with polymer demand growing at 8%. Thus, with the flourishing chemical industry, there will be an upsurge in the demand for nonylphenol, which is anticipated to drive the nonylphenol market in the Asia Pacific region during the forecast period.
Nonylphenol Market Drivers
Flourishing Food & Beverages Industry
There is an increasing demand for nonylphenol from the packaging industries to manufacture polymer and plastics. Nonylphenol is generally used as a polymer resin in plastic food packaging and polyethylene plastic. The Indian government will be investing Rs 40 crore (US$ 6.2 million) to increase the domestic production of plastics in the country. According to Invest India, by 2025, India’s food processing sector is expected to be worth over half a trillion dollars. In 2018, Japan’s total value of retail food and beverage sales was $479.29 billion (¥53,339 billion), an increase of 2.3%, according to the United States Department of Agriculture (USDA). The rising disposable income has resulted in the increasing demand for the food and beverage industry in various regions, which is boosting the packaging industry. Thus, the expanding food and beverage industry acts as a driver for the nonylphenol market.
Increasing Personal Care & Cosmetics Industry
Nonylphenol ethoxylates are extensively used in the personal care & cosmetics industry in products such as skin cream, deodorant, makeup, hair dye, and shampoo. The market size of India’s beauty, cosmetics, and grooming market will reach $20 billion from the current $6.5 billion by 2025, according to the India Brand Equity Foundation (IBEF). According to the International Trade Administration (ITA), Thailand’s beauty and personal care products market was valued at about $6.2 billion in 2018 and is expected to reach $8.0 billion in 2022. The beauty and personal care industry in Thailand is expected to grow by 7.3 percent per year from 2019 to 2022. Tremendous growth has been witnessed in the personal care & cosmetics industry which acts as a driver for the nonylphenol market.
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Nonylphenol Market Challenges
Aquatic Toxicity from Nonylphenol
Nonylphenol widely recognized for extreme aquatic toxicity to fish and wildlife is one of the most notorious examples of persistent, bioaccumulative, and toxic chemicals (PBTs). Under the ECHA company classification, nonylphenol is toxic to aquatic life with long-lasting effects, causes severe damage to the eyes, is harmful if swallowed, and causes irritation of the skin. In addition, the United States, Europe, and China have phased out the use of nonylphenol in detergents completely and Denmark has banned nonylphenol ethoxylates (NPEs) in the textile and leather industries. The EU passed a directive 2003/53/EC in 2003 in Europe, restricting the marketing and use of products and product formulations that contain more than 0.1% of NPE or NP9. Further, in 2016, it restricted NPE concentration to 0.01 % in textile articles entering the market after 2021. There are no specific standards for the chemical in India, although it is prohibited in cosmetics. IS 4707 (Part 2): In 2009 the use of Nonylphenol in cosmetics was banned by the Bureau of Indian Standards. Under the EU REACH, the use of NPEs is restricted in formulations containing more than 0.1% of the substance. Thus, the aquatic toxicity from nonylphenol may hinder the nonylphenol market.
The Emergence of Covid-19 Pandemic
For the oil, gas, and chemical industries, the first quarter of 2020 was an unanticipated turning point, owing to the Covid-19 outbreak. Throughout these industries, which were already struggling with challenging longer-term trends, the dual effects of the COVID-19 related economic downturn and the oil price collapse reverberated. In the production of countless products, such as plastics, packaging products, fertilizers, medicines, and more, the chemical industry plays an important role. With the prevalence of the coronavirus, several manufacturing facilities of several end-user industries have been halted. As a result, the demand for chemicals used in these plants has decreased, adversely affecting the growth of the nonylphenol market during the pandemic, as nonylphenols are mainly used as chemical intermediates in the end-use industries.
Nonylphenol Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the nonylphenol market. In 2020, the market of nonylphenol has been consolidated by the top five players accounting for xx% of the share. Major players in the nonylphenol market are AkzoNobel N.V., Clariant AG, The DOW Chemical Company, Huntsman, Stepan Company, India Glycols, SABIC, PJSC Nizhnekamskneftekhim, Solvay S.A., and PCC Exol SA.
Asia Pacific dominates the nonylphenol market owing to the flourishing chemical industry in the region. Further, rising public and private investments in chemical industry is another factor contributing in the dominance of APAC region.
Growing demand for detergents and surfactants in various end-use industries as well as in domestic applications across the globe is expected to drive the demand for the nonylphenol market during the forecast period.
Being the major precursor compound for the resins manufacturing coupled with the growing market of polymer and plastic have subsequently increased demand for nonylphenol.
However, the half-life period of Nonylphenol is around 60 years that indicate the slow rate of Nonylphenol degradation, which is acting as a restrain for the nonylphenol market during the forecast period.
Related Reports :
A. Nonylphenol Ethoxylates Market
B. Phenol Derivatives Market
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