Phenol Derivatives Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Russia, China, Japan, India, Thailand, Indonesia, Malaysia, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI2002
Phenol Derivatives Market size is anticipating gains in forecast time period owing to its extensive usage in food & drink packaging, compact disc, medical devices and impact resistant safety equipment. These are the chemical compounds that are used in household product that include cleaners, mouthwash and intermediates for industrial synthesis. They are even used in first surgical antiseptic and is currently utilized in anesthesia.
Pharmaceutical industry has grown at over 5% that is driving phenol derivatives market. The compound is widely used in medicinal products to relieve pain caused by sore throat. These are consumed in aspirin, pacemaker for hip joint replacement and cataract lenses. Increasing usage of the compound in drugs and medical devices will surge its demand in next seven years.
Personal care industry’s robust growth of more than 40% in the last 5 years has raise the usage of the product in skin care cosmetics. Consumption pattern of skin and hair care products in teenagers is substantially boosting. Men and Women are equally contributing in the growth of these components. These compounds are used in various creams and lotion to remove discoloration on skin. Growing consumer awareness towards skin treatment ointments will positively influence phenol derivatives market in forecast period.
Growing agricultural sector is driving phenol derivatives market. Agriculture industry growth will accelerate to over 4% in the forecast period from current 1.2%. Advanced technologies including biotechnology, drip irrigation and pesticides are escalating the industry. Around 50% of the workforce is contributing in the agricultural sector globally. These derivatives are widely utilized to make fungicides that are used on crops for better productivity.
Product is used to produce epoxy resins for paint coatings, molding and in polycarbonate plastics used for compact discs and domestic electrical appliances. They protect coatings against photo induced damages by absorbing harmful solar radiation preferentially to binder. These are consumed in formation of nanoparticles by acting as a reducing agent that helps in stabilization. Extensive usage of the compound in these applications will accelerate its demand in forecast period.
Increasing consumption of the compounds in manufacturing surfactants, detergents and emulsifiers has boosted phenol derivatives market. Growing residential activities has raised the need of cleaning agents. Detergents are used in huge quantity frequently for washing, this factor increase demand for emulsifiers and drives phenol derivatives market.
Challenges faced by the compound is its side effects on human health. Excessive usage of the compound can lead to difficulty in breathing, fever, headache, swelling, vomiting, nausea and can worsen pain, redness and irritation around the mouth. Growing consumer awareness towards ill effect of the product is hindering its demand.
Various products in phenol derivatives market include bisphenol A, alkyl, salicylic, nitro, hydroxyl and bakelite. These have applications into detergents, compact discs, paints, coatings, electrical appliances, antiseptics, bactericides, creams, lotions, pesticides, and pacemaker. End-user industries corresponding to these applications are personal care, pharmaceutical, healthcare devices, and electronics.
North America, led by the U.S. is world’s most important pharmaceutical hub. It contributes over 35% in the global pharmaceutical industry and hosts top companies that include Pfizer, Johnson & Johnson, Roche, Sanofi, Novartis, and Actavis. The products are widely consumed in medicines and medical devices. Rising pharmaceutical industry is expected to drive phenol derivatives market in the region.
India will witness substantial surge in next five years. Agriculture plays a crucial role in the development of Indian economy as over 50% of rural households depends on the industry for their livelihood. The derivatives are used in crops for productivity and longevity in farm fields. Government initiatives that include national bank for rural and agricultural development will drive the industry. The product is extensively consumed in manufacturing pesticides. Agricultural industry is further expecting growth that will positively influence the product demand.
Europe accounts for substantial growth in phenol derivatives market owing to increasing skin and hair care industry. Components are used as additives in creams and lotions. Growing consumer concern towards skin has propelled demand of components.
Prominent manufacturers in phenol derivatives market are LG Chem, Mitsui Chemicals, Honeywell International Inc., CEPSA, INEOS, Rheinmetall Waffe Munition GmbH, Arsol Aromatics GmbH, Schutz & CO. GmbH., Midas Pharma GmbH, Royal Dutch Shell and Ter Hell Plastic. Companies are emphasizing on research and development of the element to attain maximum market share.
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