Phenol Crystals Market
Phenol Crystals Market Analysis By End Use (Precursor for Cyclohexanone, Additive for Synthetic resins, Nonionic Detergents, Pharmaceutical Drugs, Solvent, Additives in Lubricants, Others (Dyes, synthetic tanning agents, perfumes etc.), by Purity and by Regions - Global Market Insights 2023 to 2033
Analysis of Phenol Crystals Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Phenol Crystals Market Outlook (2023 to 2033)
According to this recent industry analysis by Fact.MR, the global phenol crystals market is estimated to be valued at US$ 2.46 billion in 2023 and is predicted to expand at a CAGR of 4.8% to reach US$ 3.94 billion by the end of 2033.
Phenol crystals are a solid white-colored organic compound made up of phenol, also known as carbolic acid. Phenol is an aromatic organic compound with a distant odor that often needs careful handling because of its structure, which can cause chemical burns. It is commonly used as a precursor for other chemicals in various industries, which is leading to the constant demand growth for crystal phenol globally.
- Use of phenol crystals as additives in lubricants is forecasted to increase at a CAGR of 5.9% and reach a market value of US$ 2.53 billion by 2033.
|Phenol Crystals Market Size (2022A)||US$ 2.36 Billion|
|Estimated Market Value (2023E)||US$ 2.46 Billion|
|Forecasted Market Value (2033F)||US$ 3.94 Billion|
|Global Market Growth Rate (2023 to 2033)||4.8% CAGR|
|China Market Value (2023)||US$ 544.1 Million|
|United States Market Growth Rate (2023 to 2033)||3.4% CAGR|
|Key Companies Profiled||
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Consumption Analysis of Phenol Crystals (2018 to 2022) vs. Market Projections (2023 to 2033)
Worldwide sales of phenol crystals increased at 3.3% CAGR from 2018 and 2022 and are forecasted to rise at 4.8% CAGR from 2023 to 2033, as per Fact.MR, a market research and competitive intelligence provider.
Phenol crystals act as antiseptics, disinfectants, adhesives, and precursors in industrial and laboratory applications and are used in the synthesis of pharmaceuticals, plastics, textiles, dyes, agrochemicals, phenolic resins, electronics, and other chemical products. Its unique properties of being aromatic, soluble, antiseptic, and precursor to resins contribute to its growing applications across various industries globally.
- Short Term (2023 to 2026): The market is projected to expand with advancements in chemical synthesis and processing, which can lead to increased efficiency and cost-effectiveness in the production methods of phenol crystals, thus driving the demand for phenol crystals.
- Medium Term (2026 to 2029): Phenol crystals are expected to find applications in advanced materials, nanotechnology, and biotechnology for producing superconductors, advanced composites, etc. Also, growing healthcare and pharmaceutical industries are expected to drive the demand for phenol crystals as it is considered the building block in the production of antiseptics, medicines, etc. because of their reactivity property.
- Long Term (2029 to 2033): Due to increasing environmental concerns and growing environmental awareness, the industry is focusing more on sustainable methods of production of phenol, such as using more renewable resources or improving waste management methods. Given the toxicity of phenol, its sustainable production and application become necessary to meet increasing demand in the future.
An overview of the market share analysis of phenol crystals based on application and form is given in the image above. The >98% purity segment is expected to dominate the market and expand at a CAGR of 3.5% over the forecast period.
What are the Factors Influencing the Market for Phenol Crystals?
"Growing Utilization of Phenol Crystals in Pharmaceuticals and Consumer Products”
The expanding world population is contributing to increasing healthcare needs, driving demand for pharmaceutical products. Phenol is used as a raw material in pharmaceutical products like antiseptics, pain relievers, and other medications because of its versatility. The antiseptic and disinfectant properties of phenol prevent and control the spread of various diseases across the world, driving its usage in the pharmaceutical industry.
Global demand for phenol production is being driven by its antimicrobial characteristics, which extend its applications in personal care items, textiles, apparel, electronics, gadgets, and various lifestyle products.
“Chemical and Flame Resistance of Phenol Crystals Driving Their Widespread Adoption”
Technological advancements are playing a crucial role in driving the demand for crystal phenol globally as phenol-based compounds can be tailored to specific applications, expanding their usage across various industries like electronics, healthcare, biotechnology, nanotechnology, etc.
Phenol-based materials offer electronic insulation, thermal stability, and mechanical strength, driving their demand in the production of various technologies. Also, phenol’s biocompatibility, chemical resistance, and flame resistance make it the most suitable raw material to be used in building materials, automotive components, and industries involving harsh chemical environments.
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What are the Challenges Faced by Manufacturers of Phenol Crystals?
“Environmental and Health Concerns Associated with Phenol Crystals”
Phenol is a toxic organic compound and can be hazardous to human health as well as to the environment. Its production and uses release pollutants and harmful by-products, resulting in air, water, and soil pollution. Its toxic nature is the key resistance to its future growth in the global market.
Regulators have implemented stringent standards governing the safe handling, storage, and disposal of phenol. The potential for employing sustainable production methods for phenol can significantly alleviate these concerns and pave the way for the emergence of environment-friendly alternatives in the long term.
Why is Demand for Phenol Crystals Substantial in the United States?
“Wide Use of Phenol Crystals in Synthesis of Intermediates in Pharmaceutical Sector”
The market for crystal phenol in the United States is projected to reach US$ 745 million by the end of 2033. The expansion of the pharmaceutical sector in the country is expected to drive the demand for phenol crystals. These crystals are utilized in the synthesis of intermediates and play a role in coupling reactions in pharmaceutical formulations, thereby enhancing drug solubility and overall performance.
Phenol derivatives are altered to form bioactive compounds with distinct medical properties, such as antibacterial, anti-inflammatory, or anticancer effects. The distinctive reactivity of phenol and its capacity to undergo diverse chemical changes make it a crucial element in pharmaceutical manufacturing processes in the United States.
Why are Sales of Phenol Crystals Rising in China?
“Increasing Use of High-Performance Plastics and Resins in Battery Manufacturing”
Revenue from the sales of phenol crystals in China is estimated to reach US$ 912 million by 2033. China continues to be one of the major players in battery manufacturing, with rising demand for electric vehicles leading to increasing use of lithium-ion batteries and renewable energy storage. Phenol crystals are essential components used in the production of high-performance plastics and resins that are ultimately used in battery manufacturing.
Phenol-based materials such as polycarbonate are used in the manufacturing of protective coatings and frames for solar panels, which is another fastest-growing industry in China. This factor is leading to a growing need for phenol crystals to enhance the efficiency and product performance of phenol-based materials.
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Why Do >98% Purity Grade Phenol Crystals Account for Higher Sales?
“Compliance of >98% Purity Grade Phenol Crystals with Stringent Safety Regulations”
Phenol crystals of purity grade >98% are estimated to account for sales of US$ 1.67 billion in 2023. Phenol crystals with purity exceeding 98% guarantee consistent quality and performance and comply with stringent regulatory mandates, particularly in pharmaceutical applications. Lower purity grades can pose heightened risks, particularly in the pharmaceutical sector, where human lives are at stake.
Using high-quality phenol crystals ensures the reliability and reproducibility of chemical reactions, increasing its demand in the chemical industry. With industries shifting towards more advanced and specialized applications in the long run, the demand for high-purity grade phenol crystals is expected to increase simultaneously.
Why Do Additives in Lubricants Dominate This Market?
“Anti-friction Properties of Phenol Crystals Driving Their Extensive Use in Lubricants”
Use of phenol crystals as additives in lubricants is projected to reach a market value of US$ 890 million by 2033-end. Phenol crystals create a protective barrier on metal surfaces with their anti-friction properties. This results in improved lubrication and extends the lifespan of machinery and equipment, because of which it is widely used in various sectors like electronics, automotive, aviation, etc. Their thermal stability contributes to their increasing use in lubricants globally.
Compatibility of phenol with various base oil formulations makes it easier for manufacturers to use this compound as an additive in various lubricants to prevent unwanted interactions. One way it achieves this is by acting as an antioxidant, thereby inhibiting corrosion in various types of equipment.
Sinopec and Mitsui, Chang Chun Group, Kumho PandB, PTT Phenol, Formosa, Taiwan Prosperity, LG Chem, Mitsubishi Chemical, Borealis Polymers, and Versalis are leading phenol crystal manufacturers.
In the phenol crystals industry, market players are tapping into various strategies to strengthen their position and remain competitive such as conducting continuous research and development for its new applications and continuous product innovation, enduring partnerships and collaborations, optimizing the supply chain, promoting sustainability, expanding their range of phenol crystals-based products, and ensuring regulatory compliance.
Players are investing in marketing and branding efforts to raise awareness about the applications of phenol crystals and differentiate themselves from competitors to stand out and get recognized among their consumers. By pursuing these growth strategies, market players aim to foster sustainable growth, gain a competitive edge, and meet the evolving demands of the chemical industry.
- Sinopec, in collaboration with Mitsui, a prominent China-based company, has been in the process of establishing a Bisphenol-A plant within the Shanghai Chemical Industry Park. This initiative aims to diversify Bisphenol-A-related products and expand their business internationally by introducing new applications. Furthermore, Sinopec's partnership with MCI enables it to leverage the latter’s technical, financial, and marketing expertise, enhancing its global competitiveness in phenol manufacturing.
Fact.MR has provided detailed information about the price points of key manufacturers of phenol crystals across the world, production capacity, sales growth, and speculative technological expansion in its recently published report.
Segmentation of Phenol Crystals Industry Research
By Purity :
By End Use :
- Precursors for Cyclohexanone
- Additives for Synthetic Resins
- Nonionic Detergents
- Pharmaceutical Drugs
- Additives in Lubricants
- Others (Dyes, Synthetic Tanning Agents, Perfumes, etc.)
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
The global phenol crystals market was valued at US$ 2.36 billion in 2022.
Sales of phenol crystals increased at 3.3% CAGR from 2018 to 2022.
North America, Latin America, MEA, South Asia & Oceania, East Asia, and Europe are the markets detailed in the study.
Key market players are Chang Chun Group, Kumho PandB, PTT Phenol, Formosa, and Sinopec and Mitsui.
The market for phenol crystals is predicted to reach US$ 3.94 billion by 2033.
Utilization of phenol crystals as additives in lubricants is expected to rise at 5.9% CAGR through 2023.
Sales of >98% purity grade phenol crystals are projected to rise at 5.1% CAGR through 2023.
The market for phenol crystals in the U.S. is forecasted to reach US$ 745 million by 2033.