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[Industry Focus]：Strong growth of phenol market in China, strong demand in South China

Read： 394 Time：7months ago Source：环氧树脂发展研究中心

1. market size forecast

with the steady growth of China's economy and the continuous expansion of the scale of manufacturing industry, the phenol market is ushering in new development opportunities. According to the market forecast, from 37.403 billion yuan in 2022 to 2028, the scale of China's phenol market is expected to expand to 52.288 billion yuan, showing a strong growth momentum. This growth trend not only reflects the prosperity of China's chemical industry, but also provides huge development space for enterprises in the phenol industry.

Present Situation of Phenol Industry in South China of 2.

South China has become a major consumer of phenol in China due to the intensive nature of its bisphenol A and phenolic resin industries. In the early days, phenol production in the region mainly relied on Huizhou Zhongxin Chemical Co., Ltd., but with the commissioning of CNOOC Shell and Guangxi Huayi, phenol production capacity in South China has been greatly improved. It is expected that in the future, with the improvement of the utilization rate of phenol capacity of Guangxi Huayi New Materials Co., Ltd. and the commissioning of other new production capacity, the production of phenol in South China will further increase, and the competition in the region will become more intense.

In South China, there are many manufacturers of bisphenol A and phenolic resin, among which Hainan Huasheng New Material Technology Co., Ltd., Huizhou Zhongxin Chemical Co., Ltd. and Guangxi Huayi New Material Co., Ltd. are the main manufacturers of bisphenol A. In the field of phenolic resin production, Zhuhai Shengquan High-tech Materials Co., Ltd., Zhuhai Bongrui Synthetic Materials Co., Ltd. and Jiangmen Kunyi Resin Materials Technology Co., Ltd. occupy a dominant position. Most of these enterprises are located in Guangdong Province, making Guangdong the main force of phenol demand in South China, accounting for 83.6 percent in the first half of 2023.

Demand in Hainan Province and Guangxi Autonomous Region is relatively small, accounting for only 16.4 per cent of the total. However, with the commissioning of the 240000-ton bisphenol A project of CNOOC and Shell Huizhou Petrochemical, the consumption in Guangdong will further increase, and its position in the South China market will be more stable.

Comparison between 3. integrated production mode and separate production mode

at present, the integrated production mode of "phenol to bisphenol A" has been widely used in Chinese enterprises. This model strengthens the link between the upstream and downstream of the industrial chain, promotes the exchange of funds, materials and information, helps to stabilize the market and enhance the ability of enterprises to resist risks. For example, Lihuayi Group Weiyuan Chemical Co., Ltd., Zhejiang Petrochemical Co., Ltd. and other enterprises, through integrated production, can basically meet their own production of bisphenol A demand, reducing the dependence on the purchase of phenol.

Compared with enterprises that realize integrated production, enterprises that produce bisphenol A alone, such as Luxi Chemical and Nantong Xingchen, need to purchase phenol from the market, so they are more affected by market fluctuations. In the case of tight market supply or large price fluctuations, the production costs and profitability of these enterprises may be greatly affected.

4. Future Outlook

with the continuous development of the economy and the continuous expansion of the manufacturing industry, China's phenol market will continue to maintain a strong growth momentum. As the main consumption area, the competition pattern of phenol industry in South China will be more intense. At the same time, the integrated production model will continue to be promoted and applied to improve the competitiveness and risk resistance of enterprises. For companies that produce bisphenol A alone, how to maintain stable production and profitability in market fluctuations will be an important challenge they face.

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