Press release
Phenol Derivatives Market to grow at over 5.4% CAGR between 2019 and 2025 | By key players BASF, Covestro AG, Mitsubishi Corporation, Bayer Material Science, Shandong Sheng Quan Chemicals Co. Ltd., PTT Phenol, Ineos Phenol, Cepsa Quimica
Additionally, the chemical compound’s chemical structure also consists of closely-knit bonds of phenyls and hydroxy. This in turn replicates the functional characteristics of alcohol. Due to this, it is also used for deriving commercial house care products in the form of base compound.
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The production of circuit boards demands the use of phenolic resins, which makes it very integral across the electronics industry. Rising demand for circuit boards will play a major role in fueling phenol derivatives market share.
The compound’s rising demand can be boiled down to its exceptional characteristics. Which include corrosion and chemical resistance, retaining strength at high temperatures and resisting creep under load.
The resin is mainly used to produce paints, adhesives, coatings, plastics, and primers to be used in a plethora of industrial domains. In fact, the high-growth construction, automotive, aerospace, and electronics sectors already utilize phenol-based products. This sizable application scope of phenolic resins is expected to fuel the overall industry growth over the projected timeframe.
With respect to the product segment, the Bisphenol A segment makes up a major part of the overall phenol derivatives market. Bisphenol A acts as a major building block in the synthesis of plastics such as polycarbonates, and epoxy resins.
The material is said to be one of the most essential derivatives of phenol. Its is known for its safety features and their ability to function in high temperatures. This has propelled its demand in construction, electronics, and automotive sectors.
Moreover, polycarbonates also boast of outstanding insulating properties, which is very beneficial in producing telecommunication and electrical hardware. Demand in these industries is likely to expand at a steady speed in coming years, outlining the overall phenol derivatives market outlook more prominently.
According to a report published by Global Market Insights, Inc., Asia Pacific had dominated the overall phenol derivatives market in 2018. Going forward, the region is likely to play a dominating role in fueling global phenol derivatives market outlook.
This growth can be attributed to rising disposable income, growing consumer spending on aesthetic appearances, functionality, and comfort as well as rapid urbanization. This shift in economic conditions has escalated the demand for automobiles, furniture, agricultural equipment, household and industrial appliances.
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As these demands are aimed at major application areas of phenol derivatives, it is further predicted to fuel the growth of regional market share.
In fact, seeing the untapped potential, several major players in the industry have started to shift their manufacturing units to APAC countries like China. Subsequently, numerous domestic firms have also began investing in China’s phenol derivatives industry, thereby strengthening the market share in the Asia Pacific.
Several industry players are focused on innovating and improving their respective production capabilities to strengthen their presence in the market landscape.
Regional initiatives like tax incentives for investing in R&D efforts and duty rationalization for raw materials as well as improved infrastructure might further help companies proliferate their market presence.
According to a Global Market Insights, Inc., research report, the global phenol derivatives market valuation is expected to surpass $67 billion by 2025.
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https://www.marketwatch.com/press-release/graphene-market-will-likely-exceed-usd-400-million-by-2026-2020-09-08?tesla=y
https://www.marketwatch.com/press-release/spray-adhesives-market-size-is-set-to-surpass-usd-9-billion-by-2025-2020-09-08?tesla=y
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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