Bio-based Phenol Market to Display Stunning CAGR of 5.5% from 2022-2031

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, and esters. The industrial production of bio-oil focuses on the production of valuable oxygenated chemicals such as phenols.

Companies Profiled

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.

Rise in Preference for Bio-based Chemical Intermediates in Various Industries to Drive Market

Increase in environmental pollution and depletion of fossil fuel are boosting the demand for bio-based chemical intermediates in various industries such as automotive & transportation, medical, and electrical. Petroleum is currently the main source of raw material for many chemical compounds such as olefins and aromatics. However, petroleum is a non-renewable natural resource. Its continuous usage as a source of bulk chemical for manufacturing is not sustainable in the long term. Replacement of petroleum-based products with inexpensive, bio-renewable, natural materials is important for sustainable development. This is expected to have a significant impact on the chemical industry and the environment.

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Bio-refineries play a vital role in converting biomass into value-added products. Compounds of lignocellulosic biomass include lignin, cellulose, and hemicellulose, which are potential eco-friendly substitutes for phenol. Lignin has phenolic structure. Currently, it is extensively used in the production of bio-based phenolic resin. Lignocellulose has several key advantages. These include abundant availability and renewability. It is also freely available as a waste product of the food industry. Therefore, there is a need to shift the focus toward biomass as a renewable source of carbon-based reagents to produce bio-based chemicals.

Advancement in Chemical Technology Offers Sustainable Manufacturing Paradigm for Bio-based Phenol Market

Phenol is primarily produced through the 'cumene process.' The process typically includes three steps: production of cumene by the alkylation reaction of benzene with propene using acid catalysts, production of cumene hydroperoxide by the oxidation of cumene, and decomposition of cumene hydroperoxide to phenol in sulfuric acid. Apart from its multistep nature, the process has a low yield of phenol and produces a substantial amount of acetone as a byproduct. It has the potential to pollute the environment and poses a safety risk, as sulfuric acid is used in conjunction with the synthesis of explosive intermediates (such as cumene hydroperoxide) during the cumene process.

Other than fuels, industrial bio-oil production focuses on using phenol to make higher-value products such as renewable phenols. Some phenols, when separated and purified, can be used as valuable and useful chemical feedstock, while others can be employed as intermediates in the manufacture of medicinal goods, specialized polymers, adhesives, and food additives. Therefore, making phenol from bio-oils is a green method, which is driving the demand for bio-based phenol.

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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. Lignin is recognized as a promising source of bio-aromatics, as it is accessible as a byproduct of the pulp and paper industry. Lignin's polyphenolic network is converted into useful aromatics such as BTX (benzene, toluene, and xylenes) and phenol. Therefore, lignin is a promising source of bio-based phenol.

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.

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The bio-based renewable phenol market in North America and Europe is projected to grow at a rapid pace in the near future. Recent developments in the bio-based phenol market in these regions include increase in availability of certified bio-based phenols in accordance with the ISCC [International Sustainability and Carbon Certification] for plastic and chemical derivatives.

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