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The Asian and Pacific Phenols Market Is Set to Increase at a CAGR of 2.7% per Year until 2023

According to a recently published report about the Asian and Pacific phenols market, it was equal to 829 thousand tons in 2013. The largest country market within the region was Thailand, which in 2013 accounted for a share of 36% of the total in volume terms. Until 2023, the Asian and Pacific market is forecast to reach around 975 thousand tons, thus growing at a CAGR of about 2.7% per annum in the period 2018-2023. This is a slight increase, compared to the decline at a CAGR of around 0.1% per year, registered in 2013-2017.

The analytical research projects that the Asian and Pacific production of phenols is likely to grow to around 1.1 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.

- Company: Williams & Marshall Strategy (WMStrategy)
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Williams & Marshall Strategy (WMStrategy) is a global full-service market research and consulting company, providing market insight and analysis on a wide range of industries and markets. Our unique research methodology combines quantitative and qualitative analysis and covers the whole value chain of the markets we analyze – from manufacturers and distributors through wholesalers and retailers to the final clients, which allows us to provide unmatched wide and deep industry understanding. Thus, our clients receive actionable insights on the volume, value and dynamics, trends, growth drivers, threats and opportunities of each market – intelligence that helps them be always a step ahead of the competition. WMStrategy’s reports help our clients make informed commercial planning and strategic decisions and so timely tackle the complex challenges and maximize the opportunities that impact their businesses and drive the generation, evaluation and implementation of powerful growth strategies. We are constantly enhancing our research skills and coverage by improving our work and adding new experts and geographical markets to our portfolio, making our products an essential resource for companies at global, national and local level. Our reports free up your resources and offer you timely deep industry understanding and strategic insights, required in today’s increasingly competitive business environment.

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