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phenolic resin market

Phenolic Resins Market Share, Size, Trends, Industry Analysis Report, By Product [Novolac, Resols (Solid, Liquid)]; By Application; By End-Use; By Region; Segments Forecast, 2022 - 2030

  • Published Date: Jan 2022
  • Pages: 201
  • Format: PDF
  • Report ID: PM1512
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global phenolic resins market size was valued at USD 13.95 billion in 2021 and is expected to grow at a CAGR of 5.4% during the forecast period. Increasing demand for lightweight phenolic compounds along with increasing advancement in the automotive sector is expected to boost the phenolic resins market growth.

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Phenolic resins are high-temperature plastics generated from the interaction of carbon-based alcohol with an aldehyde-containing molecule. Additionally, they are extensively used to manufacture circuit boards as these are highly electric and heat resistance.

However, the outbreak of the COVID-19 pandemic had challenged the growth of phenolic resins as several manufacturing plants, along with end-user, had stopped operating in order to decrease the virus transmission. Nevertheless, with the ease of lockdowns and trade restrictions, the demand for the product is expected to grow at a significant pace, which in turn will drive market growth.

Industry Dynamics

Growth Drivers
Phenolic resins have found widespread application in a variety of sectors, including 3D printers, underground drainage, underwater pipelines, semiconductors, ballistics, aircraft, and railway, as well as mass transportation systems. Increasing awareness regarding applications is expected to propel the product demand over the forecast period.

Additionally, the growing need for lightweight, eco-friendly synthetic structures is propelling the phenolic resin's demand forward. However, the volatile price of the raw materials, including petroleum-based products, is expected to hinder the market growth over the forecast period.

Report Segmentation

The global market is segmented on the basis of product, application, end-use, and region.

By Product

By Application

By End-Use

By Region

  • Novolac

  • Resols
  • Solid Resols
  • Liquid Resols
  • Others
  • Wood Adhesives
  • Molding
  • Insulation
  • Laminates
  • Paper Impregnation
  • Coatings
  • Refractory Materials
  • Friction Materials
  • Rubber & Tire
  • Electronics
  • Abrasives
  • Building & Construction
  • Automotive
  • Electrical & Electronics
  • Furniture
  • Others
  • North America (U.S., Canada)
  • Europe (Germany, UK, France, Italy, Spain, Netherlands, Austria)
  •  Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, South Africa, Israel, UAE)

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Insight by Product

Novolac segment dominated the market in 2021 and is expected to grow significantly over the forecast period. Increasing awareness regarding novolac properties such as lightweight, high thermal stability, along with improved heat resistance properties in end-use industries including marine and construction is expected to increase the demand for the product over the forecast period. Moreover, high molding capacity or novolac resins is expected to increase its demand in the automotive sector which in turn will benefit the market growth.

Insight by Application

Wood adhesives hold the majority shares and are expected to do so over the forecast period due to increasing demand for these in domestic furniture. Further, increasing awareness regarding wood adhesives properties such as moisture and water resistance and others by end-use industries are expected to create growth opportunities for the market.

Insight by End-Use

Automotive segment holds a considerable share owing to its wide application in automotive industry. Increasing demand for lightweight along with electric vehicles in order to reduce oil consumption and improve performance of the vehicle is expected to increase the product demand in the automotive industry.

Furthermore, phenolic molding materials are used in appliances and household goods products such as steaming iron skirts, cookware knobs and handles, ovens, toasters, and others wherein heat protection is essential.

Geographic Overview

Asia Pacific dominated the phenolic resins market in 2020 and is expected to maintain its dominance over the forecast period. These resins are widely being used in manufacturing automotive parts such as braking pads, disc brakes, disk linings, and others. Increasing disposable income due to economic development is expected to fuel the market growth in this region.

Furthermore, increasing demand for consumer electronics and electrical products is expected to boost the product demand as phenolic resins are used to manufacture circuit boards owing to their heat resistance and other functional properties.

North America is expected to grow considerably over the forecast period due to the increasing application of phenolic resins in the automotive sector. Further, rising household production of engineering wood in order to improve infrastructure is also expected to benefit the market growth in this region.

Competitive Landscape

Some of the players functioning in the global phenolic resins market include Arclin Inc., Arizona Chemical Company LLC, Asahi Kasei, Ashland Inc., BASF SE, Changchun group, DIC Corporation, DYNEA, Georgia Pacific Chemicals, GUN EI Chemical Industry, Hexcel Corp., Hexion, Hitachi Chemical Co. Ltd., Kangnam Chemical Co. Ltd., Kolon Industries Inc., Momentive Specialty Chemicals, Olympic Panel Products LLC, Owens Corning, Red Avenue New Materials., SI Group Inc., Sumitomo Bakelite Co. Ltd., Yushiju Chemical, and Zhejiang Hangmo.

These companies are adopting strategies including acquisition, new product launches partnership and are investing in research & development to develop innovative product in order to increase their product offering and increase their customer base.

For instance, September 2020, Sumitomo Bakelite Co., Ltd. produced solid novolac phenolic resins based on "lignin," a main constituent of plants, and effectively exhibited mass manufacture on bulk production machinery.

Phenolic Resins Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 13.95 billion

Revenue forecast in 2030

USD 22.41 billion

CAGR

5.4% from 2022 - 2029

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Segments covered

By Product, By Application, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

Arclin Inc., Arizona Chemical Company LLC, Asahi Kasei, Ashland Inc., BASF SE, Changchun group, DIC Corporation, DYNEA, Georgia Pacific Chemicals, GUN EI Chemical Industry, Hexcel Corp., Hexion, Hitachi Chemical Co. Ltd., Kangnam Chemical Co. Ltd., Kolon Industries Inc., Momentive Specialty Chemicals, Olympic Panel Products LLC, Owens Corning, Red Avenue New Materials., SI Group Inc., Sumitomo Bakelite Co. Ltd., Yushiju Chemical, and Zhejiang Hangmo.

 

Key Take-Away
Polaris Market Research
Global Phenolic Resins Market Size Report, 2022 - 2030