The phenol derivatives market is expected to experience numerous novel growth opportunities in the forthcoming years. These growth impetuses in the market are due to increasing demand for Bisphenol A around the world for phenol derivatives to reach new heights. Further, bisphenol A is aggressively used in polycarbonates which are used in consumer goods and the medical industry. The rapid growth in these two sectors is further creating expansion opportunities in the phenol derivatives market in the coming years.
Growth in Wind Energy Segment Drives Phenol Derivatives Market
In recent years, there has been a rapid growth in the wind energy vertical among numerous countries around the world. Moreover, wind turbine power generators need epoxy resins in the composites of the rotor blade. The increasing inclination for cleaner sources to generate energy is predicted to stimulate demand for epoxy resins. These factors are further projected to drive growth opportunities in the phenol derivatives market in the foreseeable years.
Epoxy resins are generally acquired through phenol derivatives and these are adopted at an increased rate in various other areas, for example, oil drilling, mortars and cement, non-skid coatings, industrial coatings, rigid foams, and general purpose adhesives. These factors are further projected to fuel the novel growth opportunities in the phenol derivatives market in the near future.
The formation of novel phenol derivatives is developed according to the requirements of numerous industries that are further contributing to the growth avenues in the phenol derivatives market.
Based on type, the phenol derivatives market has been classified into alkyl-phenols, bakelite, salicylic acid, bisphenol A, and chloro-phenols. Among these segments, chloro-phenols are used at an increased rate in the medical industry to manufacture antiseptics and bactericides. In addition to this, bisphenol A is also used for the production of epoxy resins, domestic electrical appliances, paint coatings, and polycarbonate plastics. So, on the basis of these factors, the phenol derivatives market has been anticipated to grow at a significant speed in the foreseeable years.