Bio-based Phenol Market is Predicted to Expand at a CAGR of 5.5% during the Forecast Period, notes TMR Study

• Bio-based phenols are gaining popularity in a variety of applications, including cosmetic formulations, nutritional supplements, and solvents
• Companies are investing more on renewable phenol research and development since it is a broad class of chemicals with commercial relevance, a distinctive structure, and has a large supply

ALBANY, N.Y., June 23, 2022 /PRNewswire/ -- The value of the global bio-based phenol market stood at US$ 12.5 Bn in 2021. The global market study on bio-based phenol estimated the market to rise at a CAGR of 5.5% during the forecast period, from 2022 to 2031. The Bio-based phenol market revenue analysis estimates the market to attain value of US$ 21.3 Bn by 2031. The Bio-based phenol market outlook is estimated to be positive with the accelerated depletion of fossil fuels. These fuels are that utilized in the production of a variety of goods, including phenol, is causing energy shortage all over the world. As a result, the price of petroleum-based phenol is rising. In addition, phenol derived from petroleum does leave a harmful impact on the environment. As a result, businesses must concentrate on alternate feedstock for petroleum-derived goods.

Renewable lignocellulosic biomass, such as grass, straw, and wood is used to make bio-based phenol. In order to diversify their revenue streams, manufacturers are likely to look toward lignin, which is a major source of bio-based phenol. In an effort to innovate in bio-based phenols, businesses are spending more on research and development activities of bio-based waste and residual oils.

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Market demand for bio-based phenol is estimated to stem mostly from environmental degradation and fossil fuel depletion. These two factors are likely to drive up usage of bio-based chemical intermediates in industries including medical, automotive and transportation, and electrical. For long-term sustainability, it is essential to substitute petroleum-based products with low-cost, bio-renewable natural resources. This factor is predicted to have a considerable influence on the chemical industry as well as the environment and is expected to favour the market.

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Key Findings of Market Report

• Lignocellulose provides a number of distinct benefits. There is a lot of it, and it's all renewable. It also is readily accessible as a food industry waste product. Hemicellulose, cellulose, and lignin, and are all components of lignocellulosic biomass and it could be used as eco-friendly alternatives to phenol. The structure of lignin is phenolic. It is now widely involved in the manufacturing of bio-based phenolic resin and is likely to emerge as one of the ongoing trends of bio-based phenol.
• In the industrial bio-oil industry, phenol is used to generate higher-value products including renewable phenols. Once separated and purified, certain phenols can be utilized as chemical feedstock, whereas others can be utilized as intermediates in the production of food additives, pharmaceuticals, adhesives, and specialty polymers. As a result, producing phenol from bio-oils is a green process, and demand for bio-based phenol is increasing.

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Global Bio-based Phenol Market: Growth Drivers

• In 2021, the lignin category held 44.5 % of the market share, according to the report. By 2031, it is predicted to rise at a CAGR of 6.7% during the forecast period. Due to its unusual structure, which consists of phenyl-propane units, lignin is likely to be a feasible alternate source for high-value-added compounds.
• Asia Pacific is estimated to have the major proportion of the global market, in terms of region. It is likely to be followed by North America and Europe. This can be attributed to the region's abundant supply of raw materials at competitive prices. Besides, South Korea, Japan, India, and China's growing diversification of the building and construction and automobile businesses to fuel regional market.

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Global Bio-based Phenol Market: Key Players

Some of the key market players are

• Lanxess Deutschland GmbH
• Koninklijke DSM N.V.
• Tecnon OrbiChem Ltd.
• Borealis AG
• Mitsui Chemicals, Inc.
• UPM Biochemicals GmbH

Global Bio-based Phenol Market: Segmentation

Derivative

• Phenol
• Bisphenol

Source

• Lignin
• Cellulose
• Hemicellulose/Xylan
• Others

Application

• Solvent
• Fuel Additives
• Bio-pesticides and Insecticides
• Dietary Supplements
• Polyurethane Foams
• Polymers and Resins Production
• Cosmetics Formulation
• Others

End-Use

• Agrochemicals
• Plastics
• Automotive
• Personal Care
• Food and Beverage
• Chemical and Petrochemical
• Others

Regions Covered

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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