New York, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Phenolic Resins Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06377803/?utm_source=GNW
, SI Group, Sumitomo Bakelite Co. Ltd, BASF SE, Arizona Chemical Company LLC, Kangnam Chemical Co. Ltd., and Seiko PMC Corporation.
The global phenolic resins market is expected to grow from $11.49 billion in 2021 to $12.44 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The phenolic resins market is expected to grow to $15.67 billion in 2026 at a CAGR of 5.9%.
The phenolic resins market consists of sales of modified resin, solid resoles and liquid resoles.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Phenolic resins are resins made from the polymerization of phenol and formaldehyde.The resins are known for high chemical, water, and temperature stability.
Therefore, they are used in many commercial applications such as electronic circuits, automotive tires, and other automotive parts. Phenolic resins are not re-mouldable but are recyclable.
North America was the largest region in the phenolic resins market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the phenolic resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main types of phenolic resins are resol, novolac, and others.The resol is used in a variety of high-temperature and chemical concentration applications such as adhesives, abrasives, coatings, tires, foams, etc.
The resol resin is made when a basic (alkaline) catalyst is used to make phenolic resin. It is high-temperature, water, and chemical-resistant. The different applications include wood adhesives, molding, insulation, laminates, paper impregnation, coatings, refractory materials, friction materials, rubber, and tire, refractory materials, and others that are used by building and construction, furniture, automotive, electrical and electronics, and other end users
The growing need for lightweight, eco-friendly synthetic structures in the automotive industry is driving the phenolic resin market going forward.The automotive industry is concerned with designing, manufacturing, distributing, and sales of automobiles.
Automotive manufacturers are constantly using lightweight materials to improve fuel efficiency.Phenolic resins are used in the manufacturing of lightweight tires, brake pedals, and other under-the-hood automotive parts.
For instance, according to the US Office of Energy Efficiency and Renewable Energy, a government organization working to build a clean energy economy for America, a 10% reduction in the weight of an automobile can increase fuel efficiency by 6%-8%, and the use of lightweight materials in one-quarter of the U.S. fleet could save about 5 billion gallons of fuel annually by 2030. Therefore, the growth of lightweight materials in the automotive industry is propelling the phenolic resin market.
Technological advancements are a key trend gaining popularity in the phenolic resin market.Major companies operating in the phenolic resin market are focused on developing new technological solutions to strengthen their position in the market.
For instance, in September 2020, Allnex, a Germany-based producer of industrial coating resins and additives for various industries, launched PHENODUR PR 616/65B, a new, eco-friendly phenolic resin for interior and exterior coatings. The resins are made using technology that contains neither Bisphenol-A nor Bisphenol-F and a very low free monomer content and the level of free formaldehyde thus making the resin eco-friendly.
In May 2022, Bakelite Synthetics, a US-based producer of thermoset specialty resins, solutions, and compounds, acquired Georgia-Pacific’s Chemicals for an undisclosed amount.The acquisition would allow Bakelite to deliver greater value to its customers by broadening its product portfolio and expanding its geographic reach.
Georgia-Pacific Chemicals is a US-based company that manufactures formaldehyde-based phenolic resins.
The countries covered in the phenolic resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The phenolic resins market research report is one of a series of new reports that provides phenolic resins market statistics, including phenolic resins industry global market size, regional shares, competitors with a phenolic resins market share, detailed phenolic resins market segments, market trends and opportunities, and any further data you may need to thrive in the phenolic resins industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06377803/?utm_source=GNW
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