Global Phenol Derivatives Market to Reach $ 20 Billion by 2024
Global
inclination towards cleaner sources for generating energy to drive global
phenol derivatives market through 2024
According to TechSci Research report, “Global Phenol Derivatives Market By Raw Material, By
Technology, By Derivative, By Region, Competition, Forecast &
Opportunities, 2024’’, phenol derivatives
market, globally, is projected to reach $ 20 billion by
2024, growing at a CAGR of 4.9% during the forecast period. 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 towards cleaner sources for power generation is anticipated to
increase the demand for epoxy resins, enhancing the overall phenol derivatives
market. Epoxy resins are being extensively adopted in various other areas including
general purpose adhesives, industrial coatings,
non-skid coatings, rigid foams, cements and mortars as well as oil drilling.
However, generation of hazardous waste during the production of phenol are
anticipated to hamper the growth of global phenol derivatives market during
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 derivatives 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, phenol derivatives 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 Raw Material,
By Technology, By Derivative, By Region, Competition, Forecast &
Opportunities, 2024” has evaluated the future growth potential of global phenol
derivatives 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 global phenol derivatives market.
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