The new report by Expert Market Research titled, 'Europe Phenol Market Report and Forecast 2021-2026', gives an in-depth analysis of the Europe phenol market, assessing the market based on its segments like source, product, industry, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market (2020): 8 MMT
- Forecast CAGR (2021-2026): 0 %
- Market Forecast (2026): 1 MMT
Europe is one of the largest markets for phenol in terms of consumption and accounts for nearly 30% share in the global phenol market. Due to the presence of only a few producers in the region, the domestic production cost of phenol is on the higher side. Europe is a major sourcing destination for Middle Eastern countries like Saudi Arabia and Asian countries like China. However, the region experiences surplus demand for bisphenol A, which makes it necessary to import some amount to meet domestic demand. The European Union is thus reliant on imports from the United States to meet up to 10% of the regional demand for phenol. Imports have been on a constant rise since the past few years and are likely to witness further growth in the forecast period.
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Industry Definition and Major Segments
Phenol or carbolic acid is a corrosive, aromatic white crystalline solid compound with the formula C6H5OH. It is found in the tars of coal and wood, and may be derived through the Cumene process, Dow process, Raschig-Hooker process, among others. It is mainly used in the conversion to plastic precursors. Phenol derivatives have a wide range of applications in the home and personal care industries for the preparation of cosmetic products such hair color, sunscreen, and skin lightening products. It is used as a precursor of drugs like aspirins and is employed as a remedy for pharyngitis in the pharmaceutical sector. Phenol is also widely used as a disinfectant.
By end use, the industry is categorised into:
- Phenolic Resin
- Bisphenol A
- Alkyl phenyls
By region, the industry is categorised into:
- United Kingdom
The demand for pharmaceuticals has been increasing rapidly due to the growth in the healthcare sector and technological advancements. The Europe phenol market is thus experiencing strong growth due to the rise in the pharmaceuticals industry. A significant share of the European phenol is used in the manufacturing of bisphenol A (BPA), which is a key component of polycarbonates used in various industries such as automobile, construction, and electrical appliance industries. The healthy growth in downstream industries such as tires, adhesives, coatings, and rubber products are providing further impetus to the growth of the Europe phenol market. Increasing urbanization and rising purchasing powers in the region have also supported the market. New technologies to ensure better yields of phenol may provide opportunities for further growth of the market.
Key Market Players
The major players in the market are INEOS Group, Honeywell International Inc, Royal Dutch Shell Plc, Solvay SA, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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