Global Phenolic Resins Market is estimated to Reach USD 19.13 Billion by 2026 according to a new report published by Polaris Market Research. Phenolic resins, also known as formaldehyde resins are synthetic thermoplastic polymers derived from phenols. These resins are a feedstock to versatile applications such as wood adhesives, coatings, molding compounds, insulation, lamination, paper impregnation, foundry, abrasives, frictional materials, and many others.
The global phenolic resin market is primarily driven by its high-growth applications, including wood adhesives and insulation materials. Phenolic resins are used in wood adhesives on account of their excellent characteristics, which are driven by the spending on furniture products by the consumers and the construction industry. The construction industry strongly determines the consumption of wood products and adhesives.
The construction market in almost all the countries of different global regions have grown tremendously and are expected to be the same for a continuous period. China is the largest consumer of phenolic resin and is the biggest construction market in the world. Though the country witnessed the first ever decline in its housing output in 2018, its transition to a services & consumer driven economy has resulted in opportunities for growth in new types of construction.
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Rising demand for modern & feature-rich consumer electronics products along with the rapidly growing urbanization has led to increased utilization of phenolic resins in the electronics industry. Increasing disposable income of consumers has resulted in large construction spending and expenditures on luxurious products such as furniture & modern-day gadgets. Such consumer trends are expected to rapidly drive the phenolic resin market.
The industry is subjected to moderately stringent regulatory framework as phenol, the raw material for phenolic resins is a petrochemically derived product. Some of the regulatory frameworks pertaining to this include Industrial Safety and Health Act concerning the labelling and Japan Society of Occupational Safety for marking the concentrations of raw materials for manufacturing phenolic resins.
Asia Pacific is the largest regional market for phenolic resins. Phenolic resin demand in molding compounds segment is anticipated to grow rapidly in China and other Asia for use in applications such as mechanical and electrical components used in different end-uses. The developing countries of South and Central America along with the Eastern European countries are likely to witness largest growth in wood adhesives.
Global phenolic resin industry is moderately competitive with large number of multinationals across the value chain. Some of key phenolic resin market players include BASF SE, Momentive Specialty Chemicals, Hitachi Chemical Co., Ltd, SI Group, Mitsui Chemicals Inc., DIC Corporation, and Sumitomo Bakelite Co, Ltd.