Press release
Phenol derivatives market in Asia Pacific to depict strong growth prospects over 2020-2025
Phenol Derivatives Market
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 market, 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 phenol derivatives market landscape.
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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.
Major key players in the phenol derivatives market are BASF, Covestro AG, Mitsubishi Corporation, Bayer Material Science, Shandong Sheng Quan Chemicals Co. Ltd., PTT Phenol, Ineos Phenol, Cepsa Quimica, Formosa Chemicals and Fibers, Kumho P & B Chemicals, Royal Dutch Shell, AdvanSix Inc., Solvay SA, CEPSA Química, Deepak Nitrite Limited, ALTIVIA Chemicals., LG Chem Ltd, Dupont Inc. , SABIC Innovative Plastics, Owens Corning, Arclin Inc., Olympic Panel Products LLC, Hexcel Corp, Kolon Industries Inc, Georgia Pacific Chemicals, Hitachi Chemical Co. Ltd., Sumitomo Bakelite Co. Ltd., AdvanSix Inc., Alpek S.A.B. de C.V., and The Aquafil Group.
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