The global phenol market is expected to reach USD 31.73 billion by 2025, owing rising demand for derivatives such as epoxy resins, polycarbonates, nylon, phenolic resins, detergents and pharmaceuticals. These derivatives are important intermediates for manufacturing an extensive range of industrial products and are expected to boost the market over the forecast period.
Asia Pacific had the highest market share in terms of revenue and volume and is expected to maintain its position over the forecast period. Furthermore, demand in China and India has been driven vigorously due to major hike in domestic consumption of the derivatives, produced from phenol to manufacture industrial products. Asia Pacific market is expected to grow at a CAGR of 4.9% over the projected period. Europe and North America are likely to grow at a steady state as a result of stringent government norms to use this product as it is toxic and harmful to the environment.
