Phenolic Resins Market Share, Size, Trends, Industry Analysis Report, By Product [Novolac, Resols (Solid, Liquid)]; By Application; By End-Use; By Region; Segments Forecast, 2022 - 2030
- Published Date:Jan-2022
- Pages: 101
- Format: PDF
- Report ID: PM1512
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Summary
The global phenolic resins market size was valued at USD 13.95 billion in 2021 and is expected to grow at a CAGR of 5.4% during the forecast period. Increasing demand for lightweight phenolic compounds along with increasing advancement in the automotive sector is expected to boost the phenolic resins market growth.
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Phenolic resins are high-temperature plastics generated from the interaction of carbon-based alcohol with an aldehyde-containing molecule. Additionally, they are extensively used to manufacture circuit boards as these are highly electric and heat resistance.
However, the outbreak of the COVID-19 pandemic had challenged the growth of phenolic resins as several manufacturing plants, along with end-user, had stopped operating in order to decrease the virus transmission. Nevertheless, with the ease of lockdowns and trade restrictions, the demand for the product is expected to grow at a significant pace, which in turn will drive market growth.
Industry Dynamics
Growth Drivers
Phenolic resins have found widespread application in a variety of sectors, including 3D printers, underground drainage, underwater pipelines, semiconductors, ballistics, aircraft, and railway, as well as mass transportation systems. Increasing awareness regarding applications is expected to propel the product demand over the forecast period.
Additionally, the growing need for lightweight, eco-friendly synthetic structures is propelling the phenolic resin's demand forward. However, the volatile price of the raw materials, including petroleum-based products, is expected to hinder the market growth over the forecast period.
Report Segmentation
The global market is segmented on the basis of product, application, end-use, and region.
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By Product |
By Application |
By End-Use |
By Region |
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Insight by Product
Novolac segment dominated the market in 2021 and is expected to grow significantly over the forecast period. Increasing awareness regarding novolac properties such as lightweight, high thermal stability, along with improved heat resistance properties in end-use industries including marine and construction is expected to increase the demand for the product over the forecast period. Moreover, high molding capacity or novolac resins is expected to increase its demand in the automotive sector which in turn will benefit the market growth.
Insight by Application
Wood adhesives hold the majority shares and are expected to do so over the forecast period due to increasing demand for these in domestic furniture. Further, increasing awareness regarding wood adhesives properties such as moisture and water resistance and others by end-use industries are expected to create growth opportunities for the market.
Insight by End-Use
Automotive segment holds a considerable share owing to its wide application in automotive industry. Increasing demand for lightweight along with electric vehicles in order to reduce oil consumption and improve performance of the vehicle is expected to increase the product demand in the automotive industry.
Furthermore, phenolic molding materials are used in appliances and household goods products such as steaming iron skirts, cookware knobs and handles, ovens, toasters, and others wherein heat protection is essential.
Geographic Overview
Asia Pacific dominated the phenolic resins market in 2020 and is expected to maintain its dominance over the forecast period. These resins are widely being used in manufacturing automotive parts such as braking pads, disc brakes, disk linings, and others. Increasing disposable income due to economic development is expected to fuel the market growth in this region.
Furthermore, increasing demand for consumer electronics and electrical products is expected to boost the product demand as phenolic resins are used to manufacture circuit boards owing to their heat resistance and other functional properties.
North America is expected to grow considerably over the forecast period due to the increasing application of phenolic resins in the automotive sector. Further, rising household production of engineering wood in order to improve infrastructure is also expected to benefit the market growth in this region.
Competitive Landscape
Some of the players functioning in the global phenolic resins market include Arclin Inc., Arizona Chemical Company LLC, Asahi Kasei, Ashland Inc., BASF SE, Changchun group, DIC Corporation, DYNEA, Georgia Pacific Chemicals, GUN EI Chemical Industry, Hexcel Corp., Hexion, Hitachi Chemical Co. Ltd., 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, and Zhejiang Hangmo.
These companies are adopting strategies including acquisition, new product launches partnership and are investing in research & development to develop innovative product in order to increase their product offering and increase their customer base.
For instance, September 2020, Sumitomo Bakelite Co., Ltd. produced solid novolac phenolic resins based on "lignin," a main constituent of plants, and effectively exhibited mass manufacture on bulk production machinery.
Phenolic Resins Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 13.95 billion |
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Revenue forecast in 2030 |
USD 22.41 billion |
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CAGR |
5.4% from 2022 - 2029 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
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Segments covered |
By Product, By Application, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Arclin Inc., Arizona Chemical Company LLC, Asahi Kasei, Ashland Inc., BASF SE, Changchun group, DIC Corporation, DYNEA, Georgia Pacific Chemicals, GUN EI Chemical Industry, Hexcel Corp., Hexion, Hitachi Chemical Co. Ltd., 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, and Zhejiang Hangmo. |
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- Segmentation analysis
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