Global inclination towards cleaner sources for generating energy to drive the global phenol derivatives market through 2024. According to TechSci Research report, “Global Phenol Derivatives Market By Derivative, By Region, Competition, Forecast & Opportunities, 2024’’, phenol derivative market, globally, is projected to reach $ 21.81 billion by 2024, growing at a CAGR of 5.32% during the forecast period.
The Important Elements of Phenol Derivative Market
Increasing demand for Bisphenol A, a major phenol derivative, is anticipated to support the global market for phenol derivatives, as it is widely used in polycarbonates, which are used in expanding medical and consumer goods industries. Moreover, global inclination toward cleaner sources for power generation is anticipated to increase the demand for epoxy resins, enhancing the overall phenol derivative market.
Epoxy resins are being extensively adopted in various other areas including general-purpose adhesives, industrial coatings, non-skid coatings, rigid foams, cement and mortars as well as oil drilling. However, the generation of hazardous waste during the production of phenol is anticipated to hamper the growth of the global phenol derivative market during the forecast period.
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Regionally, the market for phenol derivatives has been segmented into North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Among these regions, Asia-Pacific is the largest market for phenol derivatives, globally, with countries including China, Japan, India, South Korea, and Taiwan witnessing a surge in the use of phenol derivatives in the production of electronics and automotive products and components. The industrial activities in South Korea and China are mainly concentrated on the manufacturing of electronics goods, therefore increasing the demand for phenol derivatives in the region.
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“Global phenol derivative market is expected to witness growth over the course of next five years, on account of increasing demand from the Asia-Pacific region and growing wind energy sector. Backed by extensive use of phenol derivatives in food & drink packaging, medical devices, and impact-resistant safety equipment, the phenol derivative market would register growth across the globe.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Phenol Derivatives Market By Derivative, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global phenol derivative market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global phenol derivative market.
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