Phenol Derivatives Market to Cross $ 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 Derivative, By
Region, Competition, Forecast & Opportunities, 2024’’, phenol derivatives market, globally, is projected to reach $ 21.81 billion by 2024, growing at a CAGR of 5.32%
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 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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