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Phenolic Resins Market
Phenolic Resin market in North America and Europe to Garner $7.0 Billion by 2031 | CAGR: 4.7%: AMR
Phenolic resins are synthetic polymers obtained through the reaction of phenol (or substituted phenol) with formaldehyde.” - David CorreaPORTLAND, OR, UNITED STATES, November 20, 2024 /EINPresswire / -- Allied Market Research published a report, titled, "Phenolic Resin Market by Type (Resol and Novolac), Application (Adhesives & Binding, Foundry, Molding, Laminates, Coatings, Foam, and Others) and End-use
industry (Electrical & Electronics, Automotive, Lumber, Building & Construction, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global Phenolic Resin industry generated $8.2 billion in 2020, and is anticipated to generate $12.6 billion by 2030, witnessing a CAGR of 4.4% from 2021 to 2030.
Prime determinants of growth
Demand for abrasive & friction materials, demand from the automotive sector for coatings & parts, and demand from the electronics and power industry for phenolic laminates drive the growth of the global Phenolic Resins market. However, dependency on petroleum feed stock and environmental issues hinder the market growth. On the other hand, bio-based alternatives present new opportunities in the coming years.
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The novolac segment to maintain its leadership status throughout the forecast period
Based on product type, the novolac segment held the highest market share in 2020, accounting for nearly three-fifths of the global Phenolic Resins market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 4.5% from 2021 to 2030, owing to its wide range of end use applications in electronics, construction, automotive, and paints.
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The electrical & electronics segment to maintain its lead position during the forecast period
Based on end use, the electrical & electronics segment accounted for the largest share in 2020, contributing to more than one-fourth of the global Phenolic Resins market, and is projected to maintain its lead position during the forecast period. This is due to the use of phenolic resins for making phenolic electrical laminates. However, the lumber segment is expected to portray the largest CAGR of 5.0% from 2021 to 2030, owing to increase in demand for wood-based furnitures.
Asia-Pacific, followed by Europe & North America to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global Phenolic Resins market. Moreover, the same region is expected to witness the fastest CAGR of 5.0% during the forecast period, owing to increase in construction and automotive activities in countries such as India and China.
Leading Market Players
Allnex GMBH
Asahi Yukizai Corporation
ASK Chemicals
Bakelite Synthetics
Gunei Chemical Industry Co., Ltd
Kolon Industries Inc.
Kraton
Prefere Resins Holding GmbH
Seiko PMC Corporation
Sumitomo Bakelite Co. Ltd.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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