Phenol & Acetone Market Size, Share, Growth, and Industry Analysis, By Type (Phenol and Acetone), By Downstream Industry (Industrial, Pharmaceuticals, and Other) and Regional Forecast to 2032

Updated On: 21 October 2024

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PHENOL & ACETONE MARKET REPORT OVERVIEW

The Phenol & Acetone Market Size was Valued at US$ US$ 1872 Million in 2023. The Market is likely to Surpass US$ 2952 Million by 2032 at a CAGR of 4.66% During the Forecast period [2024-2032].

The two chemicals that are used regularly are acetone and phenol each of which has numerous uses. Phenol additionally called carbolic acid is a white crystalline solid that finds software in large part in the manufacturing of resins and plastic and as a beginning material for other capsules and chemical compounds. It is a flammable and volatile liquid that mainly serves as a business solvent and a chief issue for the production of recent products like artificial fibers and plastics.

The wide utilization of phenol and acetone in commercial programs, medicines, and different industries drives the decision for these products. The expansion of the improvement and automotive industries, which utilize phenolic resins significantly, has a first-rate effect on the call for phenol. Similarly to this, the marketplace for acetone is pushed through its use within the manufacturing of adhesives, coatings, and personal hygiene gadgets. Both compounds are vital to several downstream sectors, which ensures their marketability and call for in the end.

COVID-19 Impact: The Pandemic Decreased the Market Growth Due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic extensively impacted the phenol and acetone marketplace, inflicting disruptions in supply chains and fluctuations in name for. During the preliminary ranges of the pandemic, commercial names for phenol and acetone dropped due to reduced manufacturing sports and manufacturing facility shutdowns. However, the call for acetone surged within the pharmaceutical and healthcare sectors due to its use in sanitizers and disinfectants. Despite those shifts, the marketplace confronted demanding situations like raw material shortages and logistical hurdles. Overall, the pandemic created a risky environment, with certain segments experiencing heightened call for at the same time as others faced declines.

LATEST TRENDS

"Increasing Demand from the Automotive and Construction Industries Leads to Market Growth"

The construction and automotive industries especially in the emergent countries are stimulating the new trend of the phenol and acetone market. Nevertheless, there are new trends in use the of biotechnology for the production of phenol and acetone based on the impacts on the environment and the decrease in the consumption of fossil products. With the aid of a sophisticated technique, industries are now set to obtain superior results flexible with cost-effective results. Further, it is getting more demand from other applications that are related to the growth of phenol and acetone consumption in various sectors of pharmaceuticals and personal care products subsegments.

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PHENOL & ACETONE MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Phenol and Acetone.

• Phenol: Phenol is a commonly utilized precursor of many chemicals and medications as well as a byproduct of the manufacture of polymers and resins.

• Acetone: Used in cosmetic items like nail polish removers, acetone is an essential solvent in the production of plastics, textiles, and pharmaceuticals.

By Downstream Industry

Based on Downstream Industry the market is classified into Industrial, Pharmaceuticals, and Other

• Industrial: Acetone and phenol are necessary for the production of goods such as synthetic fibers, resins, and plastics, which makes them vital to the industry.

• Pharmaceuticals: The significance of these compounds in the pharmaceutical industry is demonstrated by the fact that they are utilized as intermediates in the manufacturing of a range of medications and medical supplies.

DRIVING FACTORS

"Growing Demand from the Industrial Sector Lead to an Increase in Market Demand"

Industrial programs dominate phenol and acetone consumption because chemical substances are used within the production of other products consisting of adhesives, coatings, and plastics. The call for for phenol and acetone is still strong due to the fact numerous industries particularly car, creation, and electronic industries are nonetheless increasing globally. The bead’s versatility in making manufactured production chemical resistance, sturdiness, and structural balance prove that they are fundamental aspects of the economic sector.

"Extensive Application in Pharmaceuticals Accelerates Market Growth"

The marketplace for phenol & acetone is significantly fueled by their massive use in medicines. A not-unusual middleman in the production of medications consisting of antiseptics, analgesics, and disinfectants is phenol. Acetone is a crucial thing in pharmaceutical formulations and is used as a solvent in non-public care and medicinal products. The demand for phenol and acetone is further pushed via the pharmaceutical industry's ongoing R&D efforts as well as the growing want for healthcare globally. Their pivotal significance in propelling the marketplace ahead is highlighted via their dual role in pharmaceutical formulations and industrial applications.

RESTRAINING FACTORS

"Volatility in Raw Material Prices Slows Down the Market Growth"

The number one restraint on Phenol & Acetone Market growth is the fluctuation of raw cloth costs, which more often than not influences feedstocks like propylene and benzene. Price fluctuations for these feedstocks have a direct impact on production prices, which in turn influences the makers of phenol & acetone's general profitability and pricing regulations. Environmental policies and compliance requirements additionally provide difficulties due to the fact they require investments in waste control systems and greener production technology because of their strict standards. The Phenol & Acetone Market's stakeholders operate in a complex environment that necessitates a strategic version for sustainability and competitiveness due to regulatory needs and market instability.

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PHENOL & ACETONE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to Strong Environmental Legislation "

Considering the Phenol & Acetone Market share, Asia Pacific is the market leader. Many factors put their stake in this domination like the chemical manufacturing SOEs of nations like China, India, Japan, and South Korea, growing industrialization, and robust manufacturing activity. These countries also help meet the growing regional as well as international demand and at the same time, are big manufacturers of phenol and acetone. The Asia Pacific market is valued by favorable governmental regards that boost industrial growth and enhancements in infrastructure. Therefore, such a region will continue to be influential in shaping the future trends of phenol and acetone due to its strategic location in the production of different industries.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Leading chemical manufacturers, famous for their good-sized production potential and technological traits in chemical synthesis, are key gamers within the phenol and acetone marketplace. These groups make massive contributions to some sectors, which include plastics, drug treatments, and personal care goods, wherein crucial raw chemical compounds like phenol and acetone are used. Their large worldwide reach and observation programs stimulate innovation in production techniques and product improvement, making certain ordinary shipping of top-fee phenol and acetone satisfy quite several international marketplace needs.

LIST OF MARKET PLAYERS PROFILE

• Kumho P&B (South Korea)
• LG Chem (South Korea)
• Formosa (Taiwan)
• Taiwan Prosperity (Taiwan)
• Shell (Netherlands)
• Sinopec & Mitsui (China)
• Ineos (U.K.)
• AdvanSix (U.S.)
• PTT Phenol (Thailand)
• DowDuPont (U.S.)
• Versalis (Italy)
• Chang Chun Group (Taiwan)
• CEPSA (Spain)
• Mitsubishi Chemical (Japan)
• Borealis Polymers (Austria)
• ALTIVIA (U.S.)
• Sabic (Saudi Arabia)
• Mitsui Chemicals (Japan)

INDUSTRIAL DEVELOPMENT

November 2023: PTT Global Chemical (PTTGC), a division of the renowned Asian petrochemical company PTT, has effectively restarted phenol and acetone manufacturing.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence the market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.