Bio-based Phenol Market Outlook 2031
- The global bio-based phenol market was valued at US$ 12.5 Bn in 2021
- It is estimated to grow at a CAGR of 5.5% from 2022 to 2031
- The global bio-based phenol market is expected to reach US$ 21.3 Bn by the end of 2031
Overview of Bio-based Phenol Market
Depletion of fossil resources and rise in environmental issues in the petroleum refining industry have been driving the search for a renewable resource to replace petroleum. Phenol is a crucial intermediate in the chemical industry. The cumene process, which accounts for nearly 20% of global demand for benzene, produces nearly all phenol from petroleum-derived benzene. Considering the drawbacks of high energy intensity and acetone coproduction, there is growing interest in replacing petroleum as a feedstock with renewable biomass.
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As a clean and renewable energy resource, biomass has become a renewable and alternative source for the production of low sulfur and low nitrogen-containing fuels and chemicals in the last few decades. The pyrolysis of biomass produces bio-oil, which primarily consists of oxygenous compounds such as phenols, aldehydes, acids, ketones, and esters. The industrial production of bio-oil focuses on the production of valuable oxygenated chemicals such as phenols.
Analysis of Key Players in Bio-based Phenol Market
The global bio-based phenol market is anticipated to grow at a CAGR of 5.5% by 2031 owing to the numerous applications of bio-based phenol in various industries such as automotive, medical, and electrical. Thus, companies need to increase their R&D in renewable phenol, as it is a diverse class of chemical with industrial significance, unique structure, and high abundance.
The global bio-based phenol market is consolidated, with a small number of large-scale vendors controlling a majority of the share. Most of the firms are investing substantially in comprehensive research and development activities, primarily to introduce environment-friendly products. Diversification of product portfolios and mergers & acquisitions are prominent strategies adopted by key players. Leading producers of bio-based phenol across the globe include DSM Company, Borealis, Mitsui Chemicals, UPM Bio-chemicals, and Lanxess Deutschland GmbH.
Regional Outlook of Global Bio-based Phenol Market
In terms of value, Asia Pacific is expected to hold major share of the global bio-based phenol market, followed by North America and Europe, during the forecast period. This can be ascribed to the easy availability of raw materials at competitive prices in the region as well as rapid diversification of building and construction and automotive industries in China, India, Japan, and South Korea.
Current strategies for the production of bio-based phenol include the use of activated carbon as catalyst to convert oxygenated compounds generated from pyrolysis into high value and high purity phenols. Demand analysis of the bio-based phenol market is inclining toward carbon catalysts that can effectively catalyze lignocellulose biomass conversion into renewable phenols.
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Growth in Usage of Lignin as Promising Source of Lignocellulosic Biomass to Propel Market
The usage of bio-based phenol is rising in lignin, which holds potential as a source of lignocellulosic biomass. Based on source, the global bio-based phenol market has been segmented into lignin, cellulose, hemicellulose, and others. The lignin segment accounted for 44.5% share of the market in 2021. It is expected to grow at a CAGR of 6.7% by 2031.
Lignin is the second most abundant and naturally synthesized compound from lignocellulosic biomass. It is a three-dimensional amorphous polymer consisting of methoxylated phenyl-propane structures. Lignin has been traditionally regarded as low-grade fuel or used as a low-value product; hence, it cannot be fully utilized. However, lignin can be a promising alternative source for high value-added chemicals due to its unique structure that is composed of phenyl-propane units.
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