Phenols Market

The article discusses the global phenols market, forecasting a continued upward consumption trend over the next eight years. Market volume is expected to reach 35M tons by 2030, with a projected market value of $97.5B. Analysis of consumption patterns, production trends, import data, and export statistics is provided, highlighting key countries and products within the phenols market.

Market Forecast

Driven by increasing demand for phenols worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market volume to 35M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $97.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Phenols

In 2022, after two years of growth, there was significant decline in consumption of phenols, when its volume decreased by -8.5% to 27M tons. The total consumption volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak volume of 30M tons, and then shrank in the following year.

The global phenols market revenue contracted to $64.1B in 2022, declining by -7.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $69.6B, and then reduced in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (5.9M tons), the United States (3.2M tons) and India (2.4M tons), with a combined 42% share of global consumption. Japan, Nigeria, Russia, Indonesia, Brazil, Germany, France, the UK, South Korea and Italy lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +8.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest phenols markets worldwide were China ($15B), Indonesia ($7.8B) and India ($6.6B), together accounting for 46% of the global market. The United States, France, Nigeria, Russia, Japan, the UK, Brazil, Germany, Italy and South Korea lagged somewhat behind, together accounting for a further 32%.

Japan, with a CAGR of +5.9%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of phenols per capita consumption in 2022 were Japan (11 kg per person), South Korea (10 kg per person) and the United States (9.5 kg per person).

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +6.6%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

Monophenols (25M tons) constituted the product with the largest volume of consumption, accounting for 94% of total volume. Moreover, monophenols exceeded the figures recorded for the second-largest type, 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (1.2M tons), more than tenfold. The third position in this ranking was taken by halogenated, sulphonated, nitrated or nitrosated derivatives of phenols or phenol-alcohols (260K tons), with a 1% share.

For monophenols, consumption increased at an average annual rate of +3.4% over the period from 2012-2022. With regard to the other consumed products, the following average annual rates of growth were recorded: 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (+0.4% per year) and halogenated, sulphonated, nitrated or nitrosated derivatives of phenols or phenol-alcohols (+3.0% per year).

In value terms, monophenols ($58.1B) led the market, alone. The second position in the ranking was held by 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts ($2.1B). It was followed by polyphenols and phenol-alcohols.

For monophenols, market expanded at an average annual rate of +1.5% over the period from 2012-2022. For the other products, the average annual rates were as follows: 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (+1.0% per year) and polyphenols and phenol-alcohols (+4.5% per year).

Production

World Production of Phenols

After two years of growth, production of phenols decreased by -8.4% to 27M tons in 2022. The total output volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. As a result, production attained the peak volume of 29M tons, and then shrank in the following year.

In value terms, phenols production dropped to $59.2B in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 20%. As a result, production attained the peak level of $64.5B, and then dropped in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (5.1M tons), the United States (3.4M tons) and India (2M tons), together comprising 40% of global production. Japan, Russia, Nigeria, Indonesia, Brazil, South Korea, Thailand, France, Germany and Saudi Arabia lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Saudi Arabia (with a CAGR of +13.9%), while production for the other global leaders experienced more modest paces of growth.

Production By Type

Monophenols (25M tons) constituted the product with the largest volume of production, accounting for 94% of total volume. Moreover, monophenols exceeded the figures recorded for the second-largest type, 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (1.2M tons), more than tenfold. Halogenated, sulphonated, nitrated or nitrosated derivatives of phenols or phenol-alcohols (261K tons) ranked third in terms of total production with a 1% share.

For monophenols, production expanded at an average annual rate of +3.4% over the period from 2012-2022. With regard to the other produced products, the following average annual rates of growth were recorded: 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (-0.0% per year) and halogenated, sulphonated, nitrated or nitrosated derivatives of phenols or phenol-alcohols (+3.1% per year).

In value terms, monophenols ($53.9B) led the market, alone. The second position in the ranking was taken by 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts ($1.9B). It was followed by polyphenols and phenol-alcohols.

For monophenols, production remained relatively stable over the period from 2012-2022. With regard to the other produced products, the following average annual rates of growth were recorded: 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (-0.1% per year) and polyphenols and phenol-alcohols (+6.9% per year).

Imports

World Imports of Phenols

In 2022, supplies from abroad of phenols decreased by -15.6% to 4.4M tons for the first time since 2019, thus ending a two-year rising trend. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 11%. Over the period under review, global imports hit record highs at 5.2M tons in 2021, and then contracted significantly in the following year.

In value terms, phenols imports declined slightly to $10.5B in 2022. Overall, total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +44.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 51%. As a result, imports attained the peak of $10.9B, and then shrank modestly in the following year.

Imports By Country

China represented the largest importer of phenols in the world, with the volume of imports recording 1.1M tons, which was approx. 25% of total imports in 2022. The Netherlands (408K tons) ranks second in terms of the total imports with a 9.4% share, followed by India (8.9%), Belgium (8.3%), Germany (7.8%) and South Korea (5.4%). Taiwan (Chinese) (188K tons), Japan (176K tons), Poland (119K tons), Thailand (93K tons), Chile (89K tons), the UK (81K tons) and Canada (70K tons) held a relatively small share of total imports.

Imports into China decreased at an average annual rate of -1.4% from 2012 to 2022. At the same time, Chile (+18.1%), Taiwan (Chinese) (+8.6%), India (+4.0%), Belgium (+3.0%), Japan (+2.1%) and Poland (+2.1%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in the world, with a CAGR of +18.1% from 2012-2022. Germany and South Korea experienced a relatively flat trend pattern. By contrast, Canada (-1.2%), the UK (-2.6%), the Netherlands (-3.2%) and Thailand (-12.6%) illustrated a downward trend over the same period. India (+3.2 p.p.), Taiwan (Chinese) (+2.5 p.p.), Belgium (+2.4 p.p.) and Chile (+1.7 p.p.) significantly strengthened its position in terms of the global imports, while China, the Netherlands and Thailand saw its share reduced by -2.6%, -3% and -5.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.6B) constitutes the largest market for imported phenols worldwide, comprising 25% of global imports. The second position in the ranking was held by India ($855M), with an 8.1% share of global imports. It was followed by Germany, with a 6.9% share.

In China, phenols imports increased at an average annual rate of +1.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+5.2% per year) and Germany (+0.2% per year).

Imports By Type

Monophenols represented the major imported product with an import of around 2.8M tons, which resulted at 65% of total imports. It was distantly followed by 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (966K tons), achieving a 22% share of total imports. Phenols or phenol-alcohols; halogenated, sulphonated, nitrated or nitrosated derivatives thereof (190K tons), halogenated, sulphonated, nitrated or nitrosated derivatives of phenols or phenol-alcohols (190K tons) and polyphenols and phenol-alcohols (146K tons) followed a long way behind the leaders.

Monophenols experienced a relatively flat trend pattern with regard to volume of imports. At the same time, phenols or phenol-alcohols; halogenated, sulphonated, nitrated or nitrosated derivatives thereof (+1.8%) and halogenated, sulphonated, nitrated or nitrosated derivatives of phenols or phenol-alcohols (+1.6%) displayed positive paces of growth. Moreover, phenols or phenol-alcohols; halogenated, sulphonated, nitrated or nitrosated derivatives thereof emerged as the fastest-growing type imported in the world, with a CAGR of +1.8% from 2012-2022. Polyphenols and phenol-alcohols experienced a relatively flat trend pattern. By contrast, 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (-1.1%) illustrated a downward trend over the same period. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, monophenols ($5.1B) constitutes the largest type of phenols imported worldwide, comprising 48% of global imports. The second position in the ranking was taken by 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts ($1.9B), with an 18% share of global imports. It was followed by polyphenols and phenol-alcohols, with a 12% share.

From 2012 to 2022, the average annual growth rate of the value of monophenols imports was relatively modest. With regard to the other imported products, the following average annual rates of growth were recorded: 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (+0.1% per year) and polyphenols and phenol-alcohols (+3.1% per year).

Import Prices By Type

In 2022, the average phenols import price amounted to $2,411 per ton, picking up by 14% against the previous year. Overall, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phenols import price increased by +61.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 42%. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was polyphenols and phenol-alcohols ($8,842 per ton), while the price for monophenols ($1,798 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by halogenated, sulphonated, nitrated or nitrosated derivatives of phenols or phenol-alcohols (+4.2%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average phenols import price stood at $2,411 per ton in 2022, increasing by 14% against the previous year. Overall, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phenols import price increased by +61.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 42% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the UK ($3,167 per ton), while Chile ($380 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+3.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Phenols

After two years of growth, shipments abroad of phenols decreased by -15.7% to 3.8M tons in 2022. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 19%. Over the period under review, the global exports hit record highs at 4.5M tons in 2021, and then dropped significantly in the following year.

In value terms, phenols exports declined to $9.5B in 2022. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 47%. As a result, the exports reached the peak of $10.1B, and then contracted in the following year.

Exports By Country

South Korea (534K tons), Belgium (458K tons), Taiwan (Chinese) (421K tons), the United States (353K tons), Thailand (292K tons), Singapore (241K tons), Japan (238K tons), Saudi Arabia (226K tons), China (177K tons), Jordan (149K tons), Finland (131K tons) and Germany (97K tons) represented roughly 87% of total exports in 2022.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +14.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest phenols supplying countries worldwide were South Korea ($914M), the United States ($889M) and Belgium ($872M), together comprising 28% of global exports. Jordan, China, Taiwan (Chinese), Japan, Germany, Singapore, Thailand, Saudi Arabia and Finland lagged somewhat behind, together accounting for a further 50%.

Saudi Arabia, with a CAGR of +18.9%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Monophenols represented the largest exported product with an export of about 2.4M tons, which recorded 62% of total exports. 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (948K tons) ranks second in terms of the total exports with a 25% share, followed by phenols or phenol-alcohols; halogenated, sulphonated, nitrated or nitrosated derivatives thereof (5%) and halogenated, sulphonated, nitrated or nitrosated derivatives of phenols or phenol-alcohols (5%). Polyphenols and phenol-alcohols (138K tons) took a relatively small share of total exports.

Exports of monophenols decreased at an average annual rate of -1.0% from 2012 to 2022. At the same time, polyphenols and phenol-alcohols (+2.1%), phenols or phenol-alcohols; halogenated, sulphonated, nitrated or nitrosated derivatives thereof (+1.7%) and halogenated, sulphonated, nitrated or nitrosated derivatives of phenols or phenol-alcohols (+1.7%) displayed positive paces of growth. Moreover, polyphenols and phenol-alcohols emerged as the fastest-growing type exported in the world, with a CAGR of +2.1% from 2012-2022. By contrast, 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (-1.6%) illustrated a downward trend over the same period. While the share of 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (-2 p.p.) decreased significantly, the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, monophenols ($4.3B) remains the largest type of phenols supplied worldwide, comprising 45% of global exports. The second position in the ranking was held by 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts ($1.7B), with an 18% share of global exports. It was followed by polyphenols and phenol-alcohols, with a 13% share.

From 2012 to 2022, the average annual growth rate of the value of monophenols exports was relatively modest. For the other products, the average annual rates were as follows: 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts (-1.1% per year) and polyphenols and phenol-alcohols (+5.2% per year).

Export Prices By Type

In 2022, the average phenols export price amounted to $2,494 per ton, with an increase of 12% against the previous year. Over the period under review, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phenols export price increased by +60.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 43%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was polyphenols and phenol-alcohols ($9,009 per ton), while the average price for exports of 4,4-isopropylidenediphenol (bisphenol a; diphenylolpropane) and its salts ($1,792 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by polyphenols and phenol-alcohols (+3.1%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average phenols export price stood at $2,494 per ton in 2022, growing by 12% against the previous year. In general, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phenols export price increased by +60.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 43%. The global export price peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Jordan ($5,552 per ton), while Thailand ($1,417 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+5.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform