Phenolic Resins Market Overview
As per the analysis, Phenolic Resins Market is projected to be worth to US$ 21,365.5 million in 2028 and is expected to exhibit a CAGR of 5.5 % over the forecast period (2021-2028).
Phenolic Resins Market Dynamics
The global phenolic resins market has seen significant growth, and it is expected to continue to expand at a steady rate during the forecast period. The high mechanical capabilities, low toxicity, heat resistance, low smoke and other many properties has allowed the phenolic resins to allow their use in the applications such as in laminations, wood adhesives, molding compound, building, automotive and others. A rise in demand for rubber and friction materials in the transportation sector has sparked interest in long-lasting phenolic compounds and lightweight materials, which is propelling development. To meet the current market demand for these applications, the production of phenolic resins has increased. Phenolic resins are often used in flame retardants, which are very important in cars and airplanes. Owing to these factors, the global phenolic resins industry is anticipating a future demand.
Phenolic Resins Market Segmental Analysis
The global phenolic resins market has been segmented into types and applications, according to MRFR research.
On the basis of types, the global phenolic resins Market is segmented into novolacs and resoles. Novolac resins led with significant market volume and are expected to witness strong demand owing to superior properties of the commodity such as solvent resistance, hardness, and heat. The expansion of the electrical and electronic industries in North American countries is also propelling development.
The global phenolic resins market is divided into vehicles, building, wood adhesives, laminates, molding, and other applications. Wood adhesives application depict exceptional water resistance, water diluting ability, excellent moisture resistance, and weather resistance, which is generating a hype of wood adhesives in various end-use industries. The Asia Pacific is projected to be the largest market for wood adhesives due to rising disposable income.
Phenolic Resins Market Competitive Analysis
The leading market players in the global phenolic resins market primarily include Hitachi Chemical, Kolon Industries, BASF, Mitsui Chemicals, DIC Corporation, SI Group, Georgia Pacific Chemicals, Sumitomo Bakelite and others.
Phenolic Resins Market Regional Analysis
The presence of highly developed markets, application technologies, and advanced processing in North America promises exceptional growth opportunities, resulting in an expansion in R&D initiatives and compelling new product launches. Many automotive manufacturers in North America are heavily inclining towards new domestic cost advantages by shifting production facilities from other developed economies to North America. Because of the increase in residential housing that uses engineered wood products, domestic manufacturing of wall panels, cabinets, and furniture is growing. The predicted economic recovery in North America would provide lucrative opportunities for these laminates. Phenolic resins are also widely used in the building industry to make industrial and decorative laminates.
The prices for phenolic resins have been under downward pressure because of the oversupply from emerging nations such as Asia Pacific, which is restricting the growth of the industry in recent years. However, phenolic resins help in reducing the weight of the vehicles, and this contributes to control in the emission of CO2, which further stimulates the demand for phenolic resins in foams and other car products. Additionally, repair and remodeling activities are gaining traction and are lifting the consumption of resole resins in the construction industry in the developed regions. Innovative goods that incorporate newly discovered properties are more likely to satisfy changing customer demands, accelerating market development.
In the MEA sector, a wide range of R&D initiatives are being raised and undertaken, making this area the fastest-growing to meet the burgeoning domestic needs, which will have a positive impact on the market. Additionally, technical advancements and an increase in the disposable income of the customers will also be responsible for the market’s growth shortly. Latin America has recently experienced improved political stability, which has resulted in a sound economy for investments, and it is projected to continue to be the fastest-growing region over the forecast period. To meet export demand, countries in this area are investing in various developed sectors such as consumer electronics and construction. All of these factors, as well as the availability of low-cost technologies and labor, are expected to benefit phenolic resins.
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