The forecast for import of Phenol (Hydroxybenzene) to Canada shows a declining trend from 2024 to 2028, starting at 43.374 million kilograms in 2024 and decreasing each subsequent year to 32.88 million kilograms by 2028. Compared to 2023, where imports were reported at approximately 45 million kilograms, 2024 shows a decrease of about 3.6%. The year-on-year decline continues, with significant annual reductions, indicating a consistent downward trajectory. Over the five-year period, the compound annual growth rate (CAGR) is expected to reflect a negative growth trend.
Future trends to watch for:
- Impact of technological advancements in phenol alternatives and their adoption rates.
- Changes in environmental regulations affecting production and importation.
- Fluctuations in industrial demand within sectors utilizing phenol.
- Global geopolitical situations impacting trade flows and tariffs.
