The global phenolic resin market size is expected to reach USD 20.21 billion by 2028 according to a new study by Polaris Market Research. The report “Phenolic Resins Market Share, Size, Trends, Industry Analysis Report, By Product [Novolac, Resols (Solid, Liquid)]; By Application; By End-Use; By Region; Segments Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The industry is projected to witness significant growth over the forecast period. The resins exhibit favorable properties such as heat & chemical resistance, moisture resistance, superior mechanical strength among others. In addition, the ability to customize these products into different grades has resulted in the further expansion of the application portfolio of the resins.
The favorable versatility and diversity of the product also make them suitable for innovative product designs with high aesthetic appeal, such as in architecture, aerospace structural components, and others. Furthermore, product and application innovation in impregnated materials is likely to present lucrative opportunities for growth in this industry over the forecast period.
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The product used for molding compounds is anticipated to emerge as the fastest-growing industry segment over the forecast period. Phenolic resins in molding compounds lend high heat stability & lower the curing times required. Expansion of the aerospace and retail transportation sector in countries such as Mexico, India, Indonesia, and Thailand are encouraging the demand for large parts with higher mechanical strength, which in turn is driving the product demand.
The R&D efforts in Europe by industry participants are also expected to impact phenolics production and processing technologies in other regional markets of the globe. Recent innovations have led to the development of unique prepreg resins that completely eliminate the need for refrigerated shipping and storage, enable increased service temperatures and improve safety while lowering residual stress as compared to conventional phenolic resins raw materials. This may lead to greater substitution of phenolics across the globe over the near future.
The Asia Pacific is expected to dominate the industry over the forecast period due to the fast development of end-use industries such as automotive, consumer goods, aerospace, and construction. Moreover, the expansion of bio-based feedstock for the manufacture of phenolic resins is expected to propel regional growth.
Some of the major players in the industry participants include Arclin Inc., Owens Corning, Ashland Inc., DIC Corporation, Momentive Specialty Chemicals, Hexcel Corp., Sumitomo Bakelite Co. Ltd, BASF SE, SI Group Inc, Hexion, Asahi Kasei, Hitachi Chemical Co. Ltd., Olympic Panel Products LLC, GUN EI Chemical Industry., Changchun group, DYNEA, Zhejiang Hangmo, Kangnam Chemical Co. Ltd., Yushiju Chemical, and Red Avenue New Materials.
Polaris Market research has segmented the phenolic resins market report on the basis of product, application, end-use, and region:
Phenolic Resins Product Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2028)
Phenolic Resins Application Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2028)
- Wood Adhesives
- Paper Impregnation
- Refractory Materials
- Friction Material
- Rubber & Tire
Phenolic Resins End-Use Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2028)
- Building & Construction
- Electrical & Electronics
Phenolic Resins Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Southeast Asia
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia