The global phenolic resins market size is expected to reach USD 22.41 billion by 2030 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, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Phenolic resins are among the most widely used thermoplastics resins, with applications ranging from wood sealants to fibers wool binding material, moldable components for automotive companies, including abrasives, brakes, foam, protective coating, polyimide, nanocomposite, metal plaster molds, and elastomeric sector.
These phenolic resin sector categories are vital to the economic systems and overall well-being of both developing and established countries. Increasing demand in end-use sectors is expected to increase the demand for a phenolic resin over the forecast period.
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Over the forecast period, the demand for the novolac segment is expected to grow significantly due to increasing application in the automobile industry. Furthermore, high thermal stability along with high molding properties is expected to fuel this trend.
Asia Pacific is expected to hold the majority share in the global market over the forecast period due to increasing infrastructure activities across developing economies, including China and India of this region. Furthermore, increasing urbanization growing demand for electronics is expected to fuel the market growth.
Some of the players functioning in the global industry include Arizona Chemical Company LLC, Arclin Inc., Asahi Kasei, BASF SE, Ashland Inc., Changchun group, DIC Corporation, DYNEA, GUN EI Chemical Industry, Georgia Pacific Chemicals, Hexcel Corp., Hitachi Chemical Co. Ltd., Hexion, Kangnam Chemical Co. Ltd., Momentive Specialty Chemicals, Kolon Industries Inc., Olympic Panel Products LLC, Red Avenue New Materials., Owens Corning, SI Group Inc., Yushiju Chemical, Sumitomo Bakelite Co. Ltd., and Zhejiang Hangmo.
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 Billion, 2018 - 2030)
Phenolic Resins Application Outlook (Volume, Kilotons, Revenue, USD Billion, 2018 - 2030)
Phenolic Resins End-Use Outlook (Volume, Kilotons, Revenue, USD Billion, 2018 - 2030)
Phenolic Resins Regional Outlook (Volume, Kilotons, Revenue, USD Billion, 2018 - 2030)