New York, NY, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has released a recent study report titled "Phenolic Resins Market Share, Size, Trends, Industry Analysis Report, By Product (Novolac, Resols, Solid Resols, Liquid Resols, Others); By Application; By End-Use; By Region; Segment Forecast, 2023 – 2032” in its research database.
In accordance with Polaris Market Research, the global phenolic resins market worth was estimated at USD 14.55 billion in 2022 and is anticipated to expand to USD 24.07 billion at a CAGR of 5.2% during the forecast period of 2032. The market for phenolic resins is seeing substantial growth, driven by numerous key factors. One of the important factors driving the growth is the increasing demand for the automotive sector.
What Phenolic Resins Actually Mean? How Big is the Phenolic Resins Market?
- Overview
Phenolic resin, also called phenolic formaldehyde resin (PF), is a synthetic polymer obtained from the reaction of phenol with formaldehyde. Depending on the conditions in which the polymer was made, phenolic resins can be divided into two categories: phenolic novolac resins and phenolic resol resins. Excellent mechanical strength, flame retardancy, heat resistance, chemical resistance, and other qualities make them highly sought-after for use in a variety of industrial applications.
The phenolic resins market is a rapidly expanding sector within the chemical industry. It is used extensively in the production of circuit boards as well as numerous other industrial goods. Because of their extreme hardness, PF resins are frequently used to make items like chemically resistant worktops, billiard balls, circuit boards, and other panels. PF resins can also be used for laminations and as a binding agent for components like brake pads. They are frequently used as adhesives and coatings.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Essential Takeaways from the Report
- Innovation of innovative products, technological improvements, and increasing demand from the construction industry are the fundamental market drivers contributing to market growth.
- The market is expanding as a result of rising end-use industry demand.
- The phenolic resin market segmentation is mainly based on the application, product, region, and end-use.
- Asia Pacific region is expected to grow enormously during the forecast period.
Leading Players Appeared in the Report
- Arclin Inc.
- Arizona Chemical Company LLC
- Asahi Kasei
- BASF SE
- Changchun Group
- DIC Corporation
- DYNEA
- Georgia Pacific Chemicals
- GUN EI Chemical Industry
- Hexcel Corp.
- Hitachi Chemical Co. Ltd.
- Hexion
- Kangnam Chemical Co. Ltd.
- Kolon Industries Inc.
- Momentive Specialty Chemicals
- Olympic Panel Products LLC
- Owens Corning
- Red Avenue New Materials
- SI Group Inc.
- Sumitomo Bakelite Co. Ltd.
- Yushiju Chemical
- Zhejiang Hangmo
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Phenolic Resins Market: Report Scope & Outlook
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 24.07 Billion |
| Market size value in 2023 | USD 15.28 Billion |
| Expected CAGR Growth | 5.2% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Product, By Application, By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Important Growth Aspects of the Market
- Increased Need for Automotive Sector: Phenolic resins are widely employed to create clutch facings, brake pads, and other friction materials due to the rising demand from the automobile industry and their remarkable heat resistance and frictional qualities. The phenolic resins market growth is anticipated to increase as the automotive sector expands in emerging economies.
- Growing Construction Industry: Phenolic resins are frequently used in the production of laminates, coatings, and insulating foams for building materials. They are perfect for building applications due to their exceptional fire resistance, robustness, and thermal insulation qualities.
- Rising Demand from End-Use Industries: The market is expanding as a result of rising demand from end-use industries, particularly those in the construction, automotive, furniture, and electronics sectors. Phenolic resins are useful for a variety of industrial applications due to their heat resistance, mechanical strength, and flame retardancy.
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Market's Latest Key Trends
- Sustainable and Eco-Friendly Materials: Due to strict restrictions and worries about the environment, there is an increasing focus on eco-friendly and sustainable materials. Recycling, low VOC emissions, and great fire resistance are all features of phenolic resins. The phenolic resins market size is growing as phenolic resins are increasingly used in products such as consumer goods, automotive, and construction as industries work to achieve sustainability goals.
- Technological Advancements: Innovations in both technology and products are essential for driving the market. To improve the mechanical strength, heat resistance, and electrical insulation of phenolic resins, manufacturers spend money on research and development. These developments opened up new business potential for phenolic resins by enabling the creation of unique solutions and novel formulas.
Segmental Overview
- The Wood Adhesives Sector Holds the Majority of the Market Share
A major contributor to this trend is the rising need for wood adhesives in the domestic furniture industry. Additionally, the end-use industries' growing awareness of the advantages of wood adhesives' moisture and water resistance is anticipated to open up significant growth prospects for the market.
Moreover, the phenolic resins market demand is driven by the need for wood adhesives from the household furniture industry. Because of increasing disposable income, rising urbanization, and altering consumer habits, the furniture sector is steadily expanding.
- Automotive Sector Holds Largest Revenue Share
Since phenolic molding materials have numerous uses in the automotive industry, this industry is a big user of these materials. The demand for these materials in the automotive industry is anticipated to be driven by the rising popularity of lightweight materials and electric vehicles, which are intended to cut down on oil consumption and improve vehicle performance.
In addition, where resistance to heat is essential, phenolic molding materials are utilized in home products and appliances such as steaming cookware knobs and handles, iron skirts, toasters, ovens, and more.
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Geographical Outlook
Asia Pacific: The region saw tremendous growth and is anticipated to keep holding onto the top spot during the predicted period. These resins are widely used in the production of several automotive parts, including braking pads, disk brakes, and disk linings, among others. The economic growth and the resulting increase in disposable income are anticipated to fuel the phenolic resins market in Asia Pacific.
North America: The market in North America is anticipated to expand significantly throughout the forecast period, largely as a result of its expanding application in the automotive industry. Additionally, it is projected that increased production of engineering wood for enhancing domestic infrastructure will support market expansion in this region.
Browse the Detail Report “Phenolic Resins Market Share, Size, Trends, Industry Analysis Report, By Product (Novolac, Resols, Solid Resols, Liquid Resols, Others); By Application; By End-Use; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/phenolic-resin-market
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Competitive Landscape
Numerous companies are striving for market dominance in the fiercely competitive phenolic resin industry. A firm foothold is maintained by long-standing businesses like Hexcel Corp., BASF SE, Momentive Specialty Chemicals, and Owens Corning by utilizing their wealth of experience and vast global reach. They put a lot of effort into conducting research & development, developing new products, and broadening their product lines to accommodate various industrial uses.
Moreover, emerging businesses, such as Zhejiang Hangmo and Red Avenue New Materials, are becoming more well-known by providing environmentally friendly formulations and solutions that are tailored to fulfill certain industrial needs. The phenolic resins market share is expanding as a result of the push for sustainability, developments in technology, and rising demand for phenolic resins across numerous industries, including electronics, construction, and automotive.
Market's Common Queries Answered by the Report
- What is the study period of the market?
- Which factors are boosting the phenolic resins market sales?
- What is the market growth rate during the forecast period?
- What are the key market growth drivers and trends?
- Which region is leading the market?
- Who are the phenolic resins market key players?
- Which segment is dominating the industry?
Polaris Market Research has segmented the Phenolic Resins market report based on product, application, end-user, and region:
By Product Outlook
- Novolac
- Resols
- Solid Resols
- Liquid Resols
- Others
By Application Outlook
- Wood Adhesives
- Molding
- Insulation
- Laminates
- Paper Impregnation
- Coatings
- Refractory Materials
- Friction Materials
- Rubber & Tire
- Electronics
- Abrasives
By End-Use Outlook
- Building & Construction
- Automotive
- Electrical & Electronics
- Furniture
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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