Phenolic Resins Global Market Accrues Significantly With a Substantial CAGR; Affirms MRFR Unleashing Industry Forecast Up To 2032

The global Phenolic resins market is anticipated to grow significantly on account of growing demand from the automotive and building & construction industries. Moreover, the advanced properties associated with phenolic resins and increasing demand from tire industry are expected to drive the market over the forecast period. The high demand from friction material & rubber in the transportation sector favors the growth of the lightweight & durable phenolic compounds.  Furthermore, rising awareness regarding new & existing products has compelled the new players to provide high quality products and utilize advanced processing technologies, which is likely to have positive impact on the growth in the near future. Technological advancement is expected to open new growth opportunities for phenolic resins over the forecast period. However, environmental regulations and issues pertaining to recyclability factors may hamper the growth of the market during the forecast period.Phenolic resins market is expected to gain at a 5.50% CAGR during 2023-2032

Market Segmentation

The global phenolic resins market is segmented on the basis of type, application, end use, and region. On the basis of the type, the market is further classified into resol resin, novolac resin, and others. As of 2020, novolac was the largest used resin and it is acquired more than half of the global market in term of volume. Furthermore, Novolac resol exhibit outstanding fire and corrosion resistance properties along with high carbon residue, which is expected to increase its application in the end use industries. Resol resin segment is an emerging segment and it is anticipated to progress in terms market growth over the review period.

Furthermore, on the basis of the applications, the market is segmented into wood adhesives, molding, laminates, foundry, insulation, and others. Among all, the molding compounds emerged as the fastest growing application due to their anti-corrosive and heat resistant properties. This segment occupied majority of the global market as of 2016. Wood adhesive segment, however, is likely to dominate the market in the coming years due to its greater consumption in American markets. North America is the leading consumer of wood adhesive and it is expected to generate a significant demand due to residential construction projects in U.S. and Canada.

Based on the end use industries, it is segmented into automotive, building & construction, furniture, electrical & electronics, and others. Automotive and building & construction industries are collectively dominating the global market due to increasing application of phenolic resins in these industries. Phenolic resins are, specifically, used to produce lightweight products in the automotive industry, and the trend for lightweight vehicles in this industry is likely to generate a significant demand. Strong mechanical properties associated with phenolic resins have generated a considerable demand from the construction industry.

Regional Analysis

Asia Pacific regions is dominating the phenolic resins market and is anticipated to continue its dominance over the forecast period. The automotive and construction industry are collectively driving the growth of the Asia Pacific phenolic resin market. China and India are the key countries for both automotive and construction industry owing to favorable governmental policies. India is expected to lead this market on account of growing foreign investment in the commercial as well as residential construction projects. Electronics industry in this region is set to develop demand owing to their anti-corrosive and heat resistant properties.  

Competitive analysis

Some of the key players in the global phenolic resins market are  Hexion Inc. (U.S.), Hitachi Chemical Co., Ltd. (Japan), Sumitomo Bakelite Co., Ltd. (Japan), SI Group, Inc. (U.S.), DIC Corporation (Japan), BASF SE (Germany), Kolon Industries, Inc. (South Korea), Momentive Specialty Chemicals (US), Dujodwala Paper Chemicals Ltd. (India), and Georgia-Pacific Chemicals LLC (US), among others.

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