QY Research Forecasts Global Carbolic Oil Market to Secure over US$300 Million by 2027
Los Angeles, CA -- (SBWire) -- 09/24/2021 --QY Research expects the global carbolic oil market to grow at a sluggish CAGR of 0.75% during the forecast period 2020-2027. In its latest report, titled "Global Carbolic Oil Market Research (2015-2020) and Future Forecast (2021-2027)," QY Research mentions that the global carbolic oil market is anticipated to earn US$302.75 Mn by the end of 2027. In 2019, the global market revenue reached US$300.20 Mn.
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Increasing Use of Phenol to Produce Cosmetics and Hair Colorings to Augment Demand
The global carbolic oil market is anticipated to obtain growth mainly on the back of the increasing use of phenol in the manufacture of leather bleaching products, hair dyes, tanning products, and cosmetics. Increasing demand for skin lightening preparations and sunscreens, which require phenol derivatives for their preparation, is predicted to strengthen the growth of the global carbolic oil market. Furthermore, chemical derivatives of carbolic oil find application in the manufacture of a number of polycarbonates, nylons, and detergents.
High Demand for Phenolic Products to Increase Application in Phenol Extraction
On the basis of type, the global carbolic oil market is segmented into phenol content >90%, phenol content 70-90%, and phenol content <70%. The report also provides analysis of application segments of the global carbolic acid market, viz. plastic, extracting phenols, and others. Among these, extracting phenols could account for a significant share of the global carbolic oil market. Phenolic products find strong application in the manufacture of synthetic resin, herbicides, and medicaments. Phenol is also used in the production of several pharmaceutical drugs. Concentrated phenol liquid is frequently used to treat ingrown finger and toe nails.
Asia Pacific to Gain Remarkable Growth with Rising Demand for Phenol and Bisphenol A
High growth of the manufacturing industry in countries such as India and China is predicted to support the demand for carbolic oil in Asia Pacific. Moreover, China is one of the biggest producers and consumers of phenol and its derivatives among other countries in the world. Strong demand for bisphenol A could be another factor adding to the growth of the Asia Pacific carbolic oil market. This demand is expected to increase in the region due to the growing requirement for epoxy and polycarbonate resins.
Players to Focus on Improving Expertise to Meet Changing Customer Demands
The report offers detailed analysis of key players in the global carbolic oil market, including Rain Carbon (RUTGERS), Shandong Gude Chemical, DEZA, Shaanxi Coal and Chemical Group, Koppers, Jining Carbon Group, NalonChem, Blackcat Carbon, Metinvest, Shandong Weijiao Holdings Group, JFE Chemical Corporation, Shanxi Sunlight Coking Group, and Nippon Steel and Sumikin Chemical. Carbolic oil manufacturers are expected to focus on increasing their commercial and technical expertise to strengthen their business and better meet the growing and changing customer demands.
In September 2019, Rain Carbon added three commercial and technical experts to support its European Carbon Distillation and Advanced Materials business. The addition of new expertise will help the company to meet evolving customer requirements for 21st century applications.
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