Phenol Derivatives Market to Cross $67 Billion by 2025
Beneficial characteristics like dimension stability, chemical resistance, and heat resistance are strengthening the growth of the phenol derivatives market.
The global market for phenol derivatives is set to grow from its current market value of more than $45 billion to over $67 billion by 2025, according to a research report by Global Market Insights, Inc. Beneficial characteristics like dimension stability, chemical resistance, and heat resistance are strengthening the growth of the phenol derivatives market. The unique chemical structure of the compound plays a significant role in formulating vital industrial compounds.
The production of circuit boards demands the use of phenolic resins, which makes it integral across the electronics industry. Rising demand for circuit boards will play a major role in fueling the market share of phenol derivatives. The compound’s rising demand can be boiled down to its characteristics such as corrosion and chemical resistance, retaining strength at high temperatures, and resisting creep under load.
The resin is mainly used to produce paints, adhesives, coatings, plastics, and primers used in a variety of industrial applications. The high-growth construction, automotive, aerospace, and electronics sectors utilize phenol-based products.
Asia-Pacific dominated the overall phenol derivatives market in 2018, according to the report. Going forward, the region is likely to play a dominating role in fueling the global phenol derivatives market outlook. Growth in the region can be attributed to rising disposable income; growing consumer spending on aesthetic appearances, functionality, and comfort; and rapid urbanization.
Additional details are available at www.gminsights.com.