The phenol market is expected to grow at a CAGR of over 4% during the forecast period. Growing demand for Bisphenol-A is driving the market. On the flip side, a ban on BPA in the United States and Europe is hindering the growth of the market.
– The largest single market for phenol is in the production of Bisphenol-A (BPA), which is manufactured from phenol and acetone. BPA is, in turn, used to manufacture polycarbonate (the largest and fastest-growing use for BPA) and epoxy resins. Both polycarbonate and epoxy resins are used in many different industries and in countless items that we encounter every day.
– The Asia-Pacific region is expected to dominate the global phenol market and is also forecasted to be the fastest-growing region over the forecast period.
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Key Market Trends
Bisphenol-A Product Type to Drive the Market
– Bisphenol-A (BPA), a colorless crystalline solid organic compound, is used primarily as a strengthener in polycarbonate plastics and epoxy resins. Additionally, it is used for unsaturated polyester, polysulfone, and polyetherimide.
– Increasing demand for polycarbonate and epoxy resins in various end-user industries, such as paints and coatings, adhesives, electrical and electronics, packaging, and other end-user industries, is one of the major factors responsible for the growth of Bisphenol-A (BPA) market, thereby, for the growth of phenol market.
– Epoxy resins are created by mixing BPA and epichlorohydrin (ECH). Owing to their versatility, high resistance to chemicals, durability, adhesion, toughness, high electrical resistance, strong durability at both low and high temperatures, and ease they offer while pouring on cast without forming any bubbles, epoxy resins are becoming an integral part of various commercial and industrial sectors.
– One of the major applications of epoxy resins is in the paints and coatings industry. Epoxy paints and coatings include anti-corrosive primers, primer tie coats, fire-resistant coatings, and heat-resistant coatings. They are commonly used for construction (including flooring), shipbuilding, water and sewage treatments, as well as home appliances.
– By the year 2023, it is forecasted that the volume of polycarbonate market will reach 6,141.32 kilo metric tons while that of epoxy resin market will reach 4,639.94 kilo metric tons.
– Thus, growing application of epoxy resins is likely to increase the demand of Bisphenol-A and that is in-turn driving the market for phenols.
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