Phenol Derivatives Market Size

Phenol Derivatives Market Size

Phenol Derivatives Market size exceeded USD 45 billion, globally in 2018 and is estimated to grow at over 5.4% CAGR between 2019 and 2025.

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Phenol is an aromatic white crystalline compound with closely bonded groups of phenyls and hydroxy. It is majorly utilized as precursor for formulating important industrial compounds such as plastics and related materials. The chemical structure of the compound is closely related to alcohol owing to which certain properties are similar to that of alcohols such as solubility in water and high boiling point

The compound is also acidic which makes it highly toxic and caustic in nature, so it needs to be handled carefully to avoid chemical burns It is also used in the form of base compounds for synthesis of numerous commercial products such as epoxies, nylon, detergents and polycarbonates. The organic nature of the product further helps in formulating important organic chemicals which will indirectly fuel product sales over the forecast period. The demand is driven by surge in household products manufacturing, such as floor coverings, foam settings, and bedding products, will further augment the phenol derivatives market scope.

Phenol is further separated into different derivatives such as bisphenol A, phenolic resins, caprolactam, alkylphenol, and adipic acid. These derivatives are used as major precursors for producing industrial grade chemicals, plastics, epoxy resins, etc. Technological advancements in manufacturing have enabled efficient reaction mechanism, lower operational cost, and enhanced production capabilities among the key phenol derivatives market players.