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ALBANY, N.Y. , June 23, 2022 /PRNewswire/ -- The value of the global bio-based phenol market stood at US$ 12.5 Bn in 2021. The global market study on bio-based phenol estimated the market to rise at a CAGR of 5.5% during the forecast period, from 2022 to 2031. The Bio-based phenol market revenue analysis estimates the market to attain value of US$ 21.3 Bn by 2031. The Bio-based phenol market outlook is estimated to be positive with the accelerated depletion of fossil fuels. These fuels are that utilized in the production of a variety of goods, including phenol, is causing energy shortage all over the world. As a result, the price of petroleum-based phenol is rising. In addition, phenol derived from petroleum does leave a harmful impact on the environment. As a result, businesses must concentrate on alternate feedstock for petroleum-derived goods.
Renewable lignocellulosic biomass, such as grass, straw, and wood is used to make bio-based phenol. In order to diversify their revenue streams, manufacturers are likely to look toward lignin, which is a major source of bio-based phenol. In an effort to innovate in bio-based phenols, businesses are spending more on research and development activities of bio-based waste and residual oils.
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Market demand for bio-based phenol is estimated to stem mostly from environmental degradation and fossil fuel depletion. These two factors are likely to drive up usage of bio-based chemical intermediates in industries including medical, automotive and transportation, and electrical. For long-term sustainability, it is essential to substitute petroleum-based products with low-cost, bio-renewable natural resources. This factor is predicted to have a considerable influence on the chemical industry as well as the environment and is expected to favour the market.
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Key Findings of Market Report
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Global Bio-based Phenol Market: Growth Drivers
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Global Bio-based Phenol Market: Key Players
Some of the key market players are
Global Bio-based Phenol Market: Segmentation
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