Phenol Market Growth 2024-2028: Industry Trends, Key Players, and Regional Insights
The phenol market is projected to grow by USD 4.3 billion from 2024 to 2028, expanding at a CAGR of 3.3%. The market growth is driven by increasing applications across multiple industries, including construction, pharmaceuticals, electronics, and plastics. Phenol is a key raw material in the production of phenolic resins, bio-based phenol, disinfectants, mouthwash, detergents, floor cleaners, antioxidants, colored dyes, and explosives. Despite market expansion, challenges such as regulatory restrictions on phenol-based toys in the EU and price fluctuations of raw materials pose constraints.

For more details about the industry, get the PDF sample report for free
Market Segmentation
By Derivative Type
- BPA
- Phenolic resins
- Nylon-KA oil
- Others
By Geography
- APAC
- Europe
- North America
- South America
- Middle East and Africa
Derivative Type Insights
BPA Segment Growth
The BPA segment is expected to experience significant growth due to its application in plastics, coatings, and epoxy resins. BPA-based plastics are known for their clarity and durability, making them widely used in sports equipment, water bottles, compact discs, and digital versatile discs.
In the automotive sector, phenol-based epoxy resins are used in water pipe coatings and polycarbonate applications to enhance fuel efficiency and reduce greenhouse gas emissions.
Market Dynamics
Drivers
- Increasing Application of Phenol Across Industries
- Used in cool refineries, resin paints, textile production, and dyes
- Essential in abrasives, adhesives, flame retardants, and fuel additives
- Demand for polycarbonate plastics, epoxy resins, and automotive components
Trends
- EU Regulations on Phenol-Based Toys
- The EU Directive (EU) 2017/774 limits phenol content in toys, impacting manufacturers of PVC-based and water-based liquid toys.
- Manufacturers are shifting toward alternative materials to comply with safety standards.
Challenges
- Price Fluctuations of Phenol
- Raw material volatility (benzene and propylene) affects phenol pricing.
- Price instability impacts anti-corrosive primers, construction materials, and automotive production.
Get more details by ordering the complete report
Key Players
- Honeywell International Inc
- Aditya Birla Management Corp. Pvt. Ltd.
- AdvanSix Inc.
- ALTIVIA
- Compania Espanola de Petroleos SA
- Covestro AG
- Deepak Nitrite Ltd.
- Domo Chemicals GmbH
- Dow Inc.
- Essential Industries Inc.
- Formosa Chemicals and Fibre Corp.
- Honeywell International Inc.
- INEOS Group Holdings S.A.
- Jinan Shengquan Group Share Holding Co Ltd
- Kumho Petrochemical Co. Ltd.
- LG Chem Ltd.
- Mitsubishi Chemical Group Corp.
- Mitsui Chemicals Inc.
- PTT Global Chemical Public Co. Ltd.
- Shell plc
- Solvay SA
Future Market Insights
The phenol market is expected to maintain steady growth, driven by expanding construction activities, increasing demand for bio-based phenol, and its role in multiple industries. Regulatory challenges, raw material price volatility, and sustainability initiatives will shape future market dynamics.