Phenols And Other Oils And Oil Products Market

The global market for phenols and other oils and oil products is expected to experience growth in consumption over the period from 2022 to 2030, with an anticipated increase in market volume and value. The article provides insights into consumption and production trends for major countries such as India, the United States, Russia, and Finland. It also highlights import and export patterns, including average prices and rates of growth. Overall, the market is forecasted to see steady growth in the coming years.

Market Forecast

Driven by rising demand for phenols and other oils and oil products worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market volume to 32M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market value to $94.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Phenols And Other Oils And Oil Products

In 2022, consumption of phenols and other oils and oil products decreased by -22.3% to 23M tons, falling for the second consecutive year after four years of growth. In general, consumption saw a deep downturn. Over the period under review, global consumption of attained the peak volume at 39M tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The value of the market for phenols and other oils and oil products worldwide rose significantly to $73.8B in 2022, increasing by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a slight setback. As a result, consumption attained the peak level of $112.6B. From 2021 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (3.2M tons), the United States (2.5M tons) and Russia (2.1M tons), together comprising 34% of global consumption. Indonesia, the UK, Singapore, Gibraltar, Spain, Finland, Estonia, China, Sweden and France lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of products, amongst the main consuming countries, was attained by Sweden (with a CAGR of +21.5%), while products for the other global leaders experienced more modest paces of growth.

In value terms, Finland ($51B) led the market, alone. The second position in the ranking was held by the United States ($1.4B). It was followed by India.

In Finland, the market of phenols and other oils and oil products increased at an average annual rate of +3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-11.3% per year) and India (+0.4% per year).

In 2022, the highest levels of per capita consumption of phenols and other oils and oil products was registered in Gibraltar (23 ton per person), followed by Estonia (0.5 ton per person), Singapore (0.1 ton per person) and Finland (0.1 ton per person), while the world average per capita consumption of phenols and other oils and oil products was estimated at less than 0.1 ton per person.

In Gibraltar, per capita consumption of phenols and other oils and oil products increased at an average annual rate of +19.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Estonia (-0.1% per year) and Singapore (+12.4% per year).

Production

World Production of Phenols And Other Oils And Oil Products

Global production of phenols and other oils and oil products expanded to 39M tons in 2022, picking up by 4.2% compared with 2021 figures. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 24% against the previous year. Global production peaked at 41M tons in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, production of phenols and other oils and oil products expanded remarkably to $21.6B in 2022 estimated in export price. In general, production, however, showed a deep reduction. The most prominent rate of growth was recorded in 2020 with an increase of 2,064%. As a result, production reached the peak level of $846.3B. From 2021 to 2022, global production of growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Russia (4.9M tons), the United States (4.3M tons) and the Netherlands (3.2M tons), with a combined 32% share of global production. Belgium, India, Sweden, Finland, the UK, France, Indonesia, Estonia, Algeria and Poland lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +65.3%), while products for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Phenols And Other Oils And Oil Products

After eight years of growth, purchases abroad of phenols and other oils and oil products decreased by -38.3% to 24M tons in 2022. In general, imports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2017 with an increase of 78% against the previous year. Global imports peaked at 40M tons in 2021, and then reduced sharply in the following year.

In value terms, imports of phenols and other oils and oil products reduced dramatically to $15.4B in 2022. Over the period under review, imports, however, showed resilient growth. The growth pace was the most rapid in 2017 when imports increased by 72%. Global imports peaked at $19.7B in 2021, and then declined markedly in the following year.

Imports By Country

In 2022, the Netherlands (6.5M tons), distantly followed by Belgium (3.4M tons), India (1.7M tons), Denmark (1.6M tons), Estonia (1.3M tons), Spain (1.1M tons) and Germany (1.1M tons) were the main importers of phenols and other oils and oil products, together mixing up 69% of total imports. The following importers - the UK (1,068K tons), Gibraltar (799K tons), Singapore (578K tons), China (543K tons), Italy (465K tons) and Cyprus (442K tons) - together made up 16% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cyprus (with a CAGR of +313.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($3.9B), Belgium ($2.2B) and India ($1.1B) were the countries with the highest levels of imports in 2022, together accounting for 47% of global imports. Denmark, Spain, the UK, Germany, Estonia, China, Singapore, Italy, Gibraltar and Cyprus lagged somewhat behind, together accounting for a further 36%.

In terms of the main importing countries, Cyprus, with a CAGR of +250.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average import price for phenols and other oils and oil products stood at $631 per ton in 2022, picking up by 26% against the previous year. Over the period under review, the import price, however, recorded a mild setback. The growth pace was the most rapid in 2021 when the average import price increased by 37%. Global import price peaked at $710 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($982 per ton), while Gibraltar ($365 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.5%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Phenols And Other Oils And Oil Products

After six years of growth, overseas shipments of phenols and other oils and oil products decreased by -14.8% to 40M tons in 2022. Over the period under review, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 122%. The global exports peaked at 47M tons in 2021, and then reduced in the following year.

In value terms, exports of phenols and other oils and oil products expanded remarkably to $24.2B in 2022. Overall, exports, however, showed a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 122% against the previous year. Over the period under review, the global exports of hit record highs in 2022 and are likely to see steady growth in years to come.

Exports By Country

In 2022, the Netherlands (9.5M tons), distantly followed by Belgium (6.4M tons), Russia (2.8M tons), the United States (2M tons), Estonia (2M tons), Germany (1.9M tons) and Denmark (1.9M tons) were the main exporters of phenols and other oils and oil products, together generating 66% of total exports. Sweden (1.7M tons), the UK (1.6M tons), France (1.5M tons), Finland (1.2M tons), Algeria (1.2M tons) and Poland (1.1M tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +167.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest phenols and other oils and oil products supplying countries worldwide were the Netherlands ($5.5B), Belgium ($4B) and the United States ($1.5B), together accounting for 46% of global exports. Russia, Denmark, the UK, Sweden, Germany, France, Estonia, Finland, Algeria and Poland lagged somewhat behind, together accounting for a further 41%.

Sweden, with a CAGR of +162.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average export price for phenols and other oils and oil products amounted to $604 per ton, growing by 31% against the previous year. Overall, the export price, however, showed a pronounced slump. The most prominent rate of growth was recorded in 2021 an increase of 37% against the previous year. Over the period under review, the average export prices hit record highs at $799 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the UK ($744 per ton), while Estonia ($460 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+5.9%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform