Increased Adhesion and Structural Strength Have Remained the Focused Strategy of Phenolic Resins Manufacturers across Geographies, Evaluates Fact.MR

APAC Region Has Remained the Primary Consumer of Phenolic Resins and the China Leads from the Front, With Almost 42.2% of the Market Share as Of 2020-21

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Seoul, South Korea, July 01, 2022 (GLOBE NEWSWIRE) -- As per the newly released report on phenolic resins by Fact.MR, the global market is projected to be valued at USD 14,685.1 million in 2022, while growing at a CAGR of around 5.4% over the period 2022-2032. Additionally, Fact.MR estimates phenolic resins market valuation to surpass USD 24,782.1 million by 2032 end, attributed to factors such as growing demand for phenolic resins from building & construction and electrical & electronics industries.

Increasing research and development in the phenolic resins industry for increased tensile strength and adhesion has increased the focus of producers to extend the production facilities across the globe. The development of a type of phenolic resin which can withstand high temperatures and is resistant to flames has been a demand driver in the automobile and construction industry.

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Some players in the market have raised prices of their phenolic resins products purposefully due to significant increase in the prices of raw materials in global market. They are also introducing new technology of cello bond phenolic resin which is resistance to flames and emits no toxic gases, finding uses in the aerospace interior, tunnel construction and many more.

The inert reaction of phenolic resins with chemicals has attracted the manufacturers of plywood and laminate to increase demand for the market. Additionally, the countries like India, Russia, China and Netherlands have driven the demand of the market due to infrastructural renovation.

The pandemic has impacted the downstream industries due to disrupted supply chain across the globe, additionally, many construction projects were stopped due to guidelines affecting the demand for phenolic resins.

Which Factors are Expected to Drive Demand for Phenolic Resins Over the Coming Years?

“High Demand for Phenolic Resins from Construction Industry”

With the ever-growing construction industry, the market for phenolic resins has been proliferating over the past decades. Moreover, the furniture industry has increased the lucrative use of phenolic resins as an adhesive agent due to their high binding properties.

Novolac is a type of phenolic resin that is reputed as an excellent binding agent and is in high demand in the furniture industry. Novolac resin is a prime choice for plywood manufacturers due to its low resistance to heat, and is easy to be used as an adhesive.

Growing infrastructure in the APAC region has poised an opportunity for producers of phenolic resins. The phenolic market in the APAC region is expected to grow 1.7X over the forecast period, considering the increased use of wood additives, laminates, and molding in the construction industry.

Trends followed by Fact.MR have revealed that the APAC region reached US$ 3.7 billion by the end of 2021 at a CAGR of 4.7%, and has exhibited the highest growth rate across the globe.

The phenolic resins market is attractively growing due to increased demand from various manufacturers due to enhanced properties such as high moldability, high heat resistance, low toxicity of smoke, mechanical strength, and ability to blend with polymers.

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Key Segments Covered in the Phenolic Resins Industry Survey

  • Phenolic Resins Market by Type :

    • Resol Resins
    • Novolac Resins
    • Other Product Types

  • Phenolic Resins Market by Application :

    • Insulation
    • Paper Impegration
    • Wood Adhesives
    • Laminates
    • Molding
    • Other Applications
  • Phenolic Resins Market by End Use :

    • Electrical & Electronics
    • Building & Construction
    • Furniture
    • Automotive
    • Other End Uses

  • Phenolic Resins Market by Region :

    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

Competitive Landscape

3M Company, DIC Corporation, Owens Corning, Arclin Inc., Olympic Panel Products LLC., Hardwoods Inc., Arizona Chemical, Kolon Industries, Georgia-Pacific Chemicals, Ashland, Hexcel Corporation, American Micro Industries Inc. are key suppliers of phenolic resins.

  • Market players such as 3M and Arizona Chemicals are continuously performing research & development to increase the strength of phenolic resins to be used in fire retardants, sealant coatings, etc.
  • DIC Corporation’s phenolic resins PHENOLITE is gaining huge attention across industries due to its improved properties such as flame resistance, cost-effective, high tensile strength, and chemical resistance.

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Key players in the Phenolic Resins Market

  • 3M Company
  • DIC Corporation
  • Ashland
  • Hexcel Corporation
  • Arizona Chemical
  • Kolon Industries
  • Georgia-Pacific Chemicals
  • Owens Corning
  • Arclin Inc.

Key Takeaways from Phenolic Resins Market Study

  • Global phenolic resins market is projected to grow at a CAGR of 5.4% during the forecast period to reach USD 24,782.1 million by the end of 2032
  • By product type, resol resin is projected to provide an absolute $ opportunity worth USD 5,725.7 million over the forecast period
  • Insulation on the other hand is anticipated to account for 26.8% of market share by 2032, grow with a CAGR of around 6.4% over the forecast period
  • North America is projected to capture around 32.8% of the global phenolic resins market share by 2032 and be valued at USD 8,135.6 million by 2032
  • Europe to provide absolute dollar opportunity worth USD 2,864.5 million by 2032 end growing at a CAGR of 5.2% during 2022-32

Fact.MR’s Domain Expertise in Chemicals and Materials Division

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.

With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.

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