Phenolic Resin Market is anticipated to grow at a CAGR of 5.1% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Phenolic Resin Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global phenolic resin market was estimated to account for over US$ 11.5 billion by 2019. The market is anticipated to grow at a CAGR of 5.1% from 2019 to 2030.
The global phenolic resin market is driven by several factors, such as growth in automotive & tire industries worldwide, rising building & construction activities, and flourishing electrical & electronics industry especially in emerging countries of APAC and Eastern Europe. The adoption of nanotechnology to modify phenolic resins enhances the properties of the base product and increases its application scope. For instance, modification of phenolic resin by nano-copper particles substantially improves the brittleness and tribological performances of friction materials.
Moreover, the growing demand for light-weight vehicles and increasing demand for bio-based phenolic resin are anticipated to contribute significantly to market growth globally. Advanced properties of phenolic resins, such as fire retardation, heat resistance, and anti-corrosion, are opening new opportunities in various end-use industries and propelling market growth of phenolic resin globally.
However, stringent environmental regulations in Europe and North America region and partial substitute products, such as lignin formaldehyde & dextrin, are affecting market growth. The synthetic phenolic resin manufacturing industry is also facing challenges due to formaldehyde being carcinogenic and its adverse effects on human health along with toxicity of petroleum-based phenol that is used in production of phenolic resins.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/phenolic-resin-market/234
Asia Pacific region is the largest market for phenolic resins and is anticipated to continue its dominance in the global market during the forecast period. Factors such as growing automotive production, growth of building & construction industries, and development of bio-based phenolic resins are expected to drive regional market growth in the coming years.
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.
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