Various applications of phenol across numerous industries for deriving valuable commercial products will scale the phenol derivatives market forecast in the coming years. The compound is largely utilized and consumed across the automotive sector.
Phenol is utilized as a precursor for formulating significant industrial compounds. Its chemical structure constitutes closely bonded groups of hydroxy and phenyls resulting in alcohol alike functional characteristics.
Owing to the construction, it is additionally used to obtain commercial house care items in the form of a base compound. Estimates suggest that global phenol derivatives market size is likely to cross more than USD 67 billion in annual remuneration by 2025.
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Consistent demand of phenolic resins
Based on products, phenolic resins can witness an increased demand to produce circuit boards due to properties like heat and chemical resistance, as well as dimension stability. It is used to generate adhesives, paints, plastics, coatings, and primers for automotive, construction, electrical, electronics, and aerospace divisions.
Phenolic resin can be distinguished as a key derivative in the global phenol derivatives industry. Myriad application scope associated with the compound will bolster the adoption over the next few years.
Functional benefits of polycarbonates
Bisphenol A can be recognized as one of the main derivatives of phenol and its market value is likely to stir at a steady rate in the following years. The product is a leading building block used in the synthesis of plastics inclusive of epoxy resins and polycarbonates.
Automotive, construction and electronic industries see increased adoption of polycarbonates in terms of high functioning temperature and safety features. In electrical and telecommunication hardware, it is extensively utilized in various products for excellent insulating properties.
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Asia Pacific to outline regional trends
Asia Pacific dominated the industry share and ranked as a major consumer of phenol derivates in 2018. Urbanization, growing consumer comfort expenditures, aesthetic appearance, and functionalities together with a surge in disposable income can be witnessed in the continent. This has paved way for an amplified demand for furniture, automobiles, household and industrial appliances, along with agricultural equipment.
Enhanced production and reaction mechanisms, reduced operation costs, government policies, and expansion of construction, as well as automotive sectors in the region, will boost the need and availability of the phenol constituents. China is leading the Asia Pacific market with significant investments from domestic companies and major manufacturing firms relocating their production base to the region.
Major brands supplying phenol derivative components are keen to improve production capabilities to broaden their market presence. Furthermore, tax incentives to support R & D investments, duty rationalization to procure raw materials and improved infrastructure are some factors that may boost global and regional production in the coming years.
Key dealers are also employing strategic associations for geographical expansion. For instance, Deepak Phenolics, an Indian company, in July 2019, announced the launch of its new facility for generating phenol and acetone. The manufacturing plant is larger than its existing facilities and is backed by a Government initiative by the name, Make in India.
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