Phenolic Resin Market by Type (Resol Resin and Novolac Resin), Application (Wood Adhesives, Lamination, Molding, Foundry, and Insulation), End-Use Industry (Automotive, Building & Construction, Furniture, and Electrical & Electronics)-Analysis & Forecast 2019-2030
Report ID : 234 | Published Date : Jun 2020 | Pages : 180 | Region : Global | Report Code : CM-21
Phenolic Resin Market Introduction and Overview
Phenolic resin is a group of the most versatile polymers invented ever. These polymers are type of synthetic thermosetting resins and are commonly used as an adhesive in production of plywood, circuit boards, molded & laminated products, and others. Phenolic resin is generally formed by reacting phenol with formaldehyde. Phenolic resins were the first completely synthetic polymers to be commercialized. They possess properties such as high mechanical strength, low toxicity, heat & flame resistance, and chemical resistance.
The global phenolic resin market is driven by factors, such as growing automotive industry worldwide, and increasing demand from tire manufacturing industry. Moreover, the rising demand for phenolic resins from building & construction industry in Asia Pacific region and technological advancements in phenolic resin properties are propelling the utilization of phenolic resins for new applications, which is also contributing to the phenolic resin market growth. However, stringent environmental regulations related to use & manufacture of phenolic resins and partial substitute products, such as lignin formaldehyde, dextrin and red gum for wood adhesive application, are affecting the market growth of phenolic resins adversely.
The global phenolic resin market can be segmented into type, application, end-use industry and regions.
Phenolic Resin Market By Type
Based on type, global phenolic resin market can be segmented into resol resin, novolac resin, and others. The resol resin segment is expected to dominate the market and will grow at the highest CAGR in the coming years. This growth can be attributed to its advanced properties and rising demand from various end-use industries.
Phenolic Resin Market By Application
Based on application, market can be segmented into wood adhesives, lamination, molding, foundry, insulation, and others. The wood adhesives segment dominated the market and is expected to continue its dominance during the forecast period. However, molding applications are expected to grow at the highest CAGR during the forecast period. This growth is driven by the increasing use of epoxy molding compounds in the electronics industry.
Phenolic Resin Market By End-Use Industry
Based on end-use industry, the phenolic resin market can be segmented into automotive, building & construction, furniture, electrical & electronics, and others. The automotive industry dominates the global phenolic resin market and is expected to witness the highest CAGR during the forecast period. The dominance of the automotive industry is due to growing automotive sales, especially in emerging countries and increasing applications of phenolic resins in brake pads, clutch facing, and others.
Phenolic Resin Market By Region
Based on region, the global phenolic resin market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is the largest market for phenolic resins and is expected to grow at the highest growth rate in the coming years. Market growth in the Asia Pacific region can be attributed to the growing automotive industry in the region, shifting of automotive manufacturing plants and electrical & electronics manufacturing units to India and China and the growing building & construction sector in the Asia Pacific region.
Phenolic Resin Market Prominent Players
Some of the prominent players present in the phenolic resin market include Hexion, Sumitomo Bakelite Co., Ltd., DIC CORPORATION, Plastics Engineering Company, SI Group, Hitachi Chemical Co., Ltd., BASF SE, Kolon Industries, Inc., SHANDONG LAIWU RUNDA NEW MATERIAL CO., LTD, and Georgia-Pacific Chemicals, among others.