Phenol Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Phenol Market Analysis:

During the forecasted period, the global phenol market is expected to experience a CAGR of over 4%. The market faced challenges in 2020 due to the COVID-19 pandemic, resulting in nationwide lockdowns, manufacturing disruptions, and production halts. However, the market has been recovering since mid-2021, with the chemical and petrochemical industries leading the way. The demand for phenol from end-user sectors such as paints, coatings, and adhesives continues to rise, contributing to the positive outlook of the market. The growth of the market is primarily driven by the increasing demand for Bisphenol-A. However, the ban on BPA in the United States and Europe is hindering the market’s growth. Despite this, the production of Bio-based Phenol from recycled feedstock is expected to create lucrative growth opportunities for the global market. The Asia-Pacific region is expected to dominate the market and experience the fastest growth during the forecast period.

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