(MENAFN- Ameliorate Digital Consultancy) Exactitude Consultancy Market Research analyses that the Phenolic Resin market will witness a CAGR of 4.5% for the forecast period of 2023-2029 and is likely to reach at USD 16.64 billion by 2029 from USD 11.19 billion in 2022.
The phenolic resin Market Research Report includes in-depth research and insights into the market size, revenues, important categories, growth drivers, limiting factors, and regional industrial presence. The goal of the market research study is to extensively explore the Chemical and Material industry and obtain an understanding of the business and its economic potential. As a consequence, the client gains wide information about the industry and business from the past, present, and future viewpoints, allowing them to spend money and deploy resources wisely. This report is 140 pages long and includes a detailed table of contents, a list of figures, tables, and charts, as well as significant analysis.
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Years considered for this report:
Historical Years: 2018-2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2029
Phenolic Resins Market Drivers
Superior Characteristics of Phenolic Resin to Impede the Market Growth
Due to its increased qualities, such as intense heat resistance, high moldability, mechanical strength, low toxicity of smoke, and ability to combine with polymers, phenolic resins are extensively utilized in various industries. Due to their water resistance, phenolic resins are used as a durable binder and adhesive in structural wood panels and a binder in mineral wool insulation. Due to their excellent thermal stability and fire resistance are used in the automotive and construction industries for brake linings, insulating foams, foundry binders, and composites.
Increasing Understanding of Usage and Applicability to Drive Market
The growing need for lightweight, energy-efficient, and eco-friendly synthetic structures stimulates the market for phenolic resins. Molded components made from phenolic resins serve as a safety platform and enhance the cars' overall performance, increasing market efficiency. Regarding the stringent regulations for energy-efficient products, using phenolic resin in impregnated materials stimulates market growth. During the projected period, demand for the product is anticipated to be driven by a rise in application awareness. In addition, the increasing demand for eco-friendly, lightweight synthetic constructions is driving up the demand for phenolic resin. However, the unpredictable cost of raw materials, such as petroleum-based goods, is anticipated to impede market expansion throughout the forecast period.
Phenolic Resins Market Restraints
Environmental Regulations to Restrict Market Growth
Phenolic resins are colorless, explosive, and pungent gas at room temperature. For their manufacturing, formaldehyde and phenol are the critical essential components. Composite wood goods (hardwood, plywood, particleboard, and medium-density fiberboard), building materials and insulation, paints, and paper products are produced using phenolic resins. Phenol is toxic if inhaled, swallowed, or absorbed by the human body. Consequently, formaldehyde and phenol use is strictly regulated, particularly in North America and Europe. Under the Toxic Substances Control Act, the Environmental Protection Agency (EPA) controls the use of formaldehyde to produce resins.
Phenolic Resins Market Opportunities
Growing Need for Fuel-Efficient and Lightweight Automobiles to Spur Market Opportunities
Continuous advancements in the automotive and transportation industries have generated substantial demand for fuel-efficient, lightweight automobiles. Companies use lightweight materials, such as aluminum, steel, composites, and polymers, to make autos lightweight and fuel-efficient. In a car, adhesives reduce the need for fasteners such as welds, rivets, and bolts. Adhesives and composites reduce the additional weight that metal vehicle bodies and fasteners would add. Utilizing superior materials and adhesives enhances the crush and impact resistance of automobiles. These factors are anticipated to increase demand for phenolic resins.
Phenolic Resin Market: Demand Analysis and Opportunity Outlook to 2023-2029
The Phenolic Resin study defines the market size of various segments and countries by historical years and forecasts the value for the next 7 years. The report brings together qualitative and quantitative elements of the Phenolic Resin industry, including: market share, market size (value and volume 2017-2022, and forecast to 2023-2029), in the highly competitive market for each country concerned Express appreciation. Furthermore, the study also caters and provides in-depth statistics on the key elements of Phenolic Resin, which includes drivers and restraints that help in estimating the future growth prospects of the market.
The study pays attention to the loftiest revenue-generating and highest growing segments of the Phenolic Resin market. This makes the research document accurately organized and systematic alongside encouraging a simpler understanding of each facet covered in this report. Major Key players profiled in the report include: Bakelite Synthetics, Sumitomo Bakelite Company Limited, SI Group Inc., Jinan Shengquan Group Share Holding Co., Ltd., Ashland Global Holdings, Inc., BASF SE, Georgia-Pacific Chemicals', DIC Corp, Hexcel Corporation, Akrochem Corporation and others.
Recent Developments
In June 2022, Sumitomo Bakelite Company Limited, Development of Conductive Paste for High accuracy Vital Sensing Electrodes. In May 2022, SI Group unveils rezicure hydro t8-7900 tackifier resin at the world adhesive & sealant conference. In June 2022, Ashland introduced Gafchromic LD-V1 film with improved contrast and imaging detail. In May 2022, Ashland introduced Vialose trehalose dihydrate, a high purity lyoprotectant, and stabilizer for biologic medicines and other parenteral formulations at Excipient World in Kissimmee, Florida.
Phenolic Resin Market Recent Developments
January 2023: BASF SE invested in the capacity expansion of polymer dispersions at its production site in Merak, Indonesia. The expansion is in line with the growing trend of high-quality packaging in ASEAN, where key paper and board manufacturers are located. December 2022: Sumitomo Bakelite Europe NV, a Belgium-based subsidiary company of Sumitomo Bakelite Co., Ltd., obtained international sustainability carbon certification/ISCC PLUS (International Sustainability and Carbon Certification) certification for its phenolic resins. ISCC PLUS Certification is provided to companies for processing biobased and bio-circular materials and is widely used in Europe. November 2022: ASK Chemicals Group completed the acquisition of the industrial resins business from US-based SI Group. Purchase includes resin manufacturing sites in Rio Claro (Brazil), Ranjangaon (India), and Johannesburg (South Africa), as well as licensed technology and concluded multiple tolling agreements worldwide. With this acquisition, ASK Chemicals has reinforced its position in the foundry market and, at the same time, took a first and substantial step in building a phenolic industrial resin business.
Phenolic Resin Market Segmentation:
Global Phenolic Resin Market by Type, 2023-2029, (USD Million) (Kilotons)
Global Phenolic Resin Market By Application Type, 2023-2029, (USD Million) (Kilotons)
Wood Adhesives Laminates Foundry & Moldings Paper Impregnation Coatings Insulations
Global Phenolic Resin Market by End Use Industry, 2023-2029, (USD Million) (Kilotons)
Automotive and Transportation Consumer Electronics Building and Construction Oil and Gas Furniture Other
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Geographically, the following regions were investigated:
North America (United States, Canada and Mexico) Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe) Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia) South America (Brazil, Argentina, Colombia, and Rest of South America) Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
Key market aspects are illuminated in the report:
Executive Summary: It covers a summary of the most vital studies, the Phenolic Resin market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.
Study Analysis: Covers major companies, vital market segments, the scope of the products offered in the Phenolic Resin market, the years measured, and the study points.
Company Profile: Each Firm well-defined in this segment is screened based on a product, value, SWOT analysis, their ability and other significant features.
Manufacture by region: This Phenolic Resin report offers data on imports and exports, sales, production and key companies in all studied regional markets
What is the purpose of this report?
A thorough review of the Phenolic Resin market, including regional markets. Comprehensive coverage of all segments of the Phenolic Resin market to assess trends, developments and market size forecasts till 2023-2029. A thorough examination of deals involved in the Phenolic Resin market including product portfolio, revenue, SWOT analysis and recent company advancements are examined in the company profile. The growth matrix analyzes the product categories and geographic regions in which market companies should focus their efforts to invest, consolidate, expand and/or diversify.
There are 13 Sections to show the Phenolic Resin market:
Chapter 1: Phenolic Resin Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
Chapter 2: Market Competition by Manufacturers
Chapter 3: Production by Regions
Chapter 4: Consumption by Regions
Chapter 5: Production, By Types, Revenue, and Market share by Types
Chapter 6: Consumption, By Applications, Market share (%), and Growth Rate by Applications
Chapter 7: Complete profiling and analysis of Manufacturers
Chapter 8 : Manufacturing cost analysis, Raw materials analysis, Region-wise manufacturing expenses
Chapter 9: Industrial Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10 : Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Phenolic Resin Market Forecast
Chapter 13: Phenolic Resin Market Research Findings and Conclusion, Appendix, methodology, and data source
Key questions answered in the report include:
What is the growth potential of the Phenolic Resin market? Which regional markets will emerge as leaders in the next few years? What are the key challenges facing the Phenolic Resin market in the future? Who are the most prominent players in the global Phenolic Resin market? What are the key trends positively impacting market growth?
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