New York, July 19, 2022 (GLOBE NEWSWIRE) -- According the World Bank, adjusted net national income per capita across the globe, has been increasing throughout the years. In 2015, adjusted net national income per capita was USD 8501 and it had increased to USD 9434 by 2019.
Kenneth Research has published a detailed market report on ‘Global Phenolic Resin Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
The global production of natural and synthetic rubber amounted to around 28 million metric tons in 2020. Further, in 2021, the production volume of phenol worldwide was approximately 11.35 million metric tons. It is forecasted that the global volume of phenol will increase to approximately 15.05 million metric tons by 2031. The global phenolic resin market is estimated to garner approximately USD 12 billion in revenue by 2031 by growing at a CAGR of ~4% over the forecast period i.e., 2022–2031. The growth of the market is attributed to the increasing demand for reinforcing rubber products and tires, electrical insulation coatings, and bonded and coated abrasives. Moreover, phenolic resin is a good friction material with superior heat resistance and good adhesive performance, being high mouldable, mechanical strength, low toxicity of smoke, and ability to blend with polymers. This is anticipated to boost the growth of the market. Further, phenolic resin is eco-friendly, as it produces low toxic smoke. According to the Air Quality Life Index, if current particulate pollution levels persist, today’s global population will lose a total of 16.9 billion years of life directly due to this particulate pollution. Hence, the global phenolic resin market is estimated to grow significantly backed by environment friendly properties of phenolic resin.
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In addition to this, the manufacturing of lightweight and fuel-efficient vehicles is currently in the spotlight on the back of increasing need for low maintenance vehicles around the world coupling with the increasing demand for reinforcement of rubber products and tires, to make vehicles lightweight and fuel efficient. The rising sale of cars across the world is estimated to be a prime factor to fuel the growth of global phenolic resin market. According to International Energy Agency (IEA), approximately 73 million cars were sold across the world in 2020.
Regionally, the global phenolic resin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the Asia Pacific region is estimated to witness a significant growth over the forecast period on the back of the presence of a significant number of leading manufacturers, and high consumption of phenolic resins from end users, such as, consumer electronics, transportation, furniture, and others. Furthermore, the demand for phenolic resins is also increasing as a result of rising investment in the region's building & construction, and automotive industries. In the Asia Pacific region, approximately 32 million passenger cars were sold in 2021 and this is estimated to increase significantly over the forecast period. With this rapidly growing sale of vehicles, the phenolic resin market is expected to grow in the APAC region.
On the other hand, the global phenolic resin market in the North America region is expected to gain significant market share over the forecast period on the back of presence of a large automotive sector, and increasing per capita disposable income among the regional population. Additionally, the increasing number of activities that use phenolic resin, such as electrical works, building & construction, and others, are anticipated to accelerate market growth. In March 2021, the disposable income per capita in the North America region was USD 57,597 and this is anticipated to increase over the forecast period along with the expenditure on buying individual vehicles.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global phenolic resin market is segmented on the basis of type, into resol, and novolac. Out of these segments, novolac segment is anticipated to hold the major share over the forecast period owing to their wide range of applications in electronics, construction, automotive, and paints. Novolac is widely used in chemical industry, which is expanding significantly. It was noticed that in 2020, worldwide chemical industry gained a revenue of approximately USD 3.7 trillion. Furthermore, the automotive industry is also expected to experience a huge growth over the forecast period which will result in the growth of novolac segment.
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Further, the global phenolic resin market is also segmented based on the end use industry into electrical & electronics, automotive, lumber, building & construction, others, out of which, the automotive segment is estimated to hold a substantial market share over the forecast period. This can be accredited to the rapidly expanding automotive industry, increasing sale of cars across the globe, and increasing demand of lightweight and fuel efficient vehicles. The global automotive manufacturing market was sized at approximately USD 2.5 trillion in 2021 and is expected to garner an increased revenue over the projection period.
The global phenolic resin market is also segmented on the basis of application.
Global Phenolic Resin Market; Segmentation by Application
- Adhesives & Binding
- Foundry
- Moulding
- Laminates
- Coatings
- Foam
- Others
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Some of the prominent players and their company profiling mentioned in the report include Allnex GmbH, ASAHI AV Europe GmbH, ASK Chemicals LLC, Bakelite Synthetics, Gunei Chemical Industry Co., Ltd., Kolon Industries Inc., Kraton Corporation, Prefere Resins Holding Gmbh, Seiko PMC Corporation, Sumitomo Bakelite Co., Ltd., and others. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.
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