The North East Asian Phenols Market Projected to Reach 5.8 Million Tons by 2023

According to a recently published report about the North East Asian phenols market, it was equal to 4.122 million tons in 2013. The largest country market within the region was China, which in 2013 accounted for a share of 42% of the total in volume terms. Until 2023, the North East Asian market is forecast to reach around 5.8 million tons, thus growing at a CAGR of about 3.2% per annum in the period 2018-2023. This is a slight slowdown, compared to the growth at a CAGR of around 3.9% per year, registered in 2013-2017.

The analytical research projects that the North East Asian production of phenols is likely to grow to around 5.6 million tons in the medium term. Upward dynamics of the overall installed production capacities in the region are also expected. However, their annual average utilization rates are expected to remain relatively flat. In addition, the market is forecast to remain relatively balanced in terms of supply and demand, also showing moderately upwards dynamics in the medium term.

In terms of end-use industries, the major uses of phenol, consuming two thirds of its production, involve its conversion to precursors for plastics. Bisphenol A, phenolic resins and cyclohexanone are all major outlets for phenols and also widely used in the construction and automotive industries. In addition, phenol is a versatile precursor to a large collection of drugs, most notably aspirin but also many herbicides and pharmaceutical drugs.

Regionally, the capacity expansion in Thailand and South Korea followed the commissioning of three world scale plants in China in 2015, which increased Asia’s total phenol capacity and subsequently supply. In North America consumption of phenol derivatives has been trending higher since the recession of 2008, however, increased derivative imports have slowed down growth in consumption of USA produced phenol. The European phenol market is primarily contract based, which allows for a degree of forward planning in the market that has resulted in a relatively balanced market during the observed period.

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This release was published on openPR.