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phenolic resins market 2022
Phenolic Resins Market Segmented By Novolac, Resoles, Modified Product in Adhesives, Insulation, Molding Compounds and Lamination Form.
Persistence Market Research delivers comprehensive information in the global phenolic resins market, in its latest report, which includes global industry analysis 2014-2018 and forecast 2019-2029. The global phenolic resins demand is expected to remain steady and grow with a CAGR value of ~4% in the forecast period. Request for Free Sample Copy of this Report@ Phenolic resins are a type of thermoset plastic that are used in a variety of industries, including construction and automotive. They are known for their high heat and chemical resistance, as well as their ability to be molded into various shapes. Phenolic resins can also be painted or printed to create a desired finish.
The demand for phenolic resins is primarily driven by its use in adhesives, insulation and lamination products, and coatings. The expansion of end-use applications is anticipated to be the primary driver of demand increase. High mechanical strength, minimal toxicity, superior heat resistance, and low smoke generation are all characteristics of phenolic resins.
Manufacturers have been creating goods that satisfy a wide range of complex needs. For example, they have been modifying surface prevention and surface treatment of the product by using phenolic resins in the formulation of adhesives and coatings. Phenolic resins are used in a variety of end-use industries to mould materials like pool balls and laboratory countertops.
The report has profiled some of the important players prevalent in the global like – BASF SE, Hexion LLC, Kolon Industries Inc., DIC Corporation, KCC Corporation, SI Group, Sumitomo Bakelite Co., Ltd., Hitachi Chemical Co. Ltd., Plastics Engineering Company, Georgia-Pacific LLC, Mitsui Chemicals Inc., RPM International Inc., Nippon Paint Co., Ltd., Prefere Resins Holding GmbH, Chang Chun Group, Altex Coatings, etc and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Phenolic Resins Market.
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Phenolic Resins Market Analysis by Product Type
On the basis of product type, the market is segmented into novolac, resoles, and modified phenolic resins. The novolac phenolic resin segment is projected to be prominent in the market with a healthy growth rate during the forecast period. Novolac phenolic resins are those resins in which the molar excess of phenol is more as compared to formaldehyde, which makes them less toxic as compared to resole phenolic resins. In resole phenolic resins, molar excess of formaldehyde is more as compared to novolac. These are extensively used in various types of adhesives and moulded compounds for the automotive and construction industries.
Phenolic Resins Market Analysis by Application
The market is segmented into adhesives, insulation, moulding compounds, lamination, and others (coatings, binders etc.). The adhesives segment is expected to have a significant growth rate during the forecast period, and hold prominent market share throughout the forecast period. High traction of adhesives for surface treatment, binding agents, across various end-use industries such as engineered wood products, construction, and automotive transportation are projected to significantly drive the demand for phenolic resins across the globe during the forecast period. Moreover, with the advanced developments in science and technology, the demand for lightweight and eco-friendly composites for various applications is growing extensively, which is projected to contribute significantly to the market growth.
Phenolic Resins Market Analysis by End Use
On the basis of end use , the market is segmented into automotive & transportation, construction, furniture, electric and electronics, and others. Furniture and construction together are projected to hold a prominent share in the global phenolic resins market, and register a significant growth during the forecast period.
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Phenolic Resins Market Analysis by Region
By regional perspective , the market is segmented into North America, Europe, Latin America, East Asia, South Asia, Oceania, and Middle East and Africa. Europe is estimated to account for a significant share in the global phenolic resins market, while East Asia is projected to witness a significant growth during the forecast period. Growing local production and consumption of phenolic resins for various applications across several end-use industries are projected to significantly drive the market growth. Europe, North America, and East Asia collectively held ~75% share of the total phenolic resins market in the year 2018. Emerging economies such China, the U.S., and Germany are expected to experience high value growth between 2019 and 2029.
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