The Phenol Derivatives Market is to Touch $23.9 Billion by 2030; Increasing demand in end-use industries and Extensive properties of phenolic resins propels market growth.

The Phenol Derivatives Market size is estimated to reach $23.9 Billion by 2030, growing at a CAGR of 5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Phenol Derivatives Market – By Process (Cumene Peroxidation Process, Rasching Process, Toluene Oxidation Process, Sulphonation Process, Phenyl Acetate Process, Cyclohexane Process, Cyclohexane Dehydration Process, Electrolytic Oxidation Process, and Others), By Raw Materials (Benzene, Propylene, Toluene), By Derivatives (Bisphenol-A (Polycarbonates and Epoxy Resins), Phenolic Resin (Bakelite) (Novolacs and Resoles), Caprolactam (Nylon Fiber), Alkyl Phenols (Cresols, Xylenols, Octylphenols, Nonylphenols, and Others), Anisole, Phenolphthalein, Aminophenol, and Others), By Applications (Chemical Industries, Automotive, Electrical and Electronics, Coating and Adhesives, Textile and Dye, Pharmaceutical Drugs, Household Appliances, Agricultural, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Shift to Bio-based phenol derivatives and Expanding phenol derivative applications in emerging markets are expected to create growth opportunities in the market during forecast period.

Europe accounted for the largest share of 36% of the Phenol Derivatives Market in 2023 followed by APAC and North America. In December 2023, INEOS Phenol has started production at Europe’s largest Cumene facility in Marl, Germany. The world scale 750,000 kt/a plant reduces CO2 emissions by 50% per tonne. Cumene is essential to the production of Phenol used in healthcare and cleaning products.

For decades, chemicals have been attracting the interest of various end use industries, globally, and phenol is a widely used chemical, as an organic compound. The growing use of phenol derivatives in first surgical antiseptic and anesthesia created lucrative opportunities for the manufacturers of phenol derivatives. Phenols derivatives have wide applications in pharmaceutical industries as anesthetic and analgesic combinations to work in the painful and irritating areas. Phenols derivatives are also used to relieve pain caused by sore throat. The use of phenol derivatives is also increasing in the cosmetic industry for manufacturing sunscreens, skin lightening creams and hair coloring solutions. The demand for phenol derivatives is constantly increasing as they have huge applications in pharmaceutical and healthcare sector.

Phenolic resins are widely used in various applications including packaging coatings and the rubber industry as it provides extensive set of properties such as optimum balance of flexibility, durability, chemical resistance and film toughness. There is a growing demand of phenolic resins for metal packaging applications due to its characteristics such as mechanical strength and ability to blend with polymers. Phenolic resins / phenol formaldehyde resins are being extensively used in a variety of industrial products as they are durable, smooth and offer spotless coating. Phenolic resins are perfect for molded objects such as billiard balls and circuit boards or as phenolic coatings on cars and cans as they offer high heat resistance, high moldability and low toxicity of smoke. Thus, Surging demand of phenolic resins because of its properties is driving the Phenol Derivatives Market. 

• In November 2023, Ineos Phenol has successfully acquired Mitsui Phenol Singapore for USD 330 million. Gordon Adams, Business Director at Ineos Phenol, emphasizes the acquisition's significance, enabling the company to enter the Asian market, support global customer growth plans, and venture into new markets with the introduction of bisphenol A. This acquisition positions Ineos Phenol for enhanced market presence and diversified product offerings in the Phenol Derivatives Market.

• In August 2022, In August 2022, a pivotal development unfolded in India, with the inauguration of a new bisphenol-A production facility. Designed to curb reliance on imports, particularly from the United States and China, the facility aims to manufacture 1.35 lakh tons of bisphenol-A domestically. This strategic move fosters self-sufficiency in the Phenol Derivatives Market, aligning with India's goal to strengthen its position in the global chemical industry.

• In June 2022, INEOS Phenol has introduced its groundbreaking bio-attributed product line for phenol, acetone, and alphamethylstyrene at sites in Gladbeck, Germany, and Antwerp, Belgium. Marketed under the INVIRIDIS brand, these innovative products are produced without fossil fuels as feedstock, signaling a significant step towards sustainable practices in the Phenol Derivatives Market, meeting growing demand for eco-friendly solutions.

Key companies profiled in the Phenol Derivatives Market are Compañía Española de Petróleos S.A.U, LG Chem, Honeywell International Inc, INEOS, Mitsui Chemicals, Inc, Allnex Belgium SA/NV, The DOW Chemical Company, QINGDAO Haiwan Chemical Co. Ltd, Royal Dutch Shell PLC, Saudi Basic Industries Corporation, and Others.