Phenolic Resins Market: By Type (Resol & Novolac) Application (Wood Adhesives, Molding, Laminates, Foundry, Insulation & Others) End User (Automotive, Construction, Furniture, Electrical & Electronics And Others) & Region - Forecast Till 2030
ID: MRFR/CnM/4143-HCR | February 2021 | Region: Global | 158 pages
Phenolic Resins Market
Phenolic Resins Market is projected to be worth to US$ 21,365.5 million in 2028 and is expected to exhibit a CAGR of 5.5 % over the forecast period (2021-2028).
$21,365.5 million
Market Size
5.5%
CAGR
Asia Pacific
Dominating Region
2021-2028
Forecast Period
Segmentation
Key Players
- Hexion Inc. In the U.S.
- Hitachi Chemical Co.
- Ltd. in Japan
- Sumitomo Bakelite Co.
- Ltd. In Japan
- SI Group
- Inc. In the U.S.
- DIC Corporation in Japan
- BASF SE in Germany
- Kolon Industries
- Inc. In South Korea
- Momentive Specialty Chemicals in the US
- Dujodwala Paper Chemicals Ltd. in India
- Georgia-Pacific Chemicals LLC in the U.S.
Drivers
- Growing demand from construction industry
- Growing focus towards R&D activities to innovate new products and technological advancements
Phenolic Resins Market Overview:
Phenolic resins are polymers that consist of tremendous heat resistant and electrical resistant properties. The material is highly durable, due to which it is used in the molding process, abrasives, adhesives, laminations, insulator materials and others. The phenolic resins are divided into Novolac and Resol. The production of resol is done under the normal condition, whereas Novolac is created under acidic conditions using excess phenol. The phenolic resin market is growing, and it will grow to a high range over the next five years. The growing demand for eco-friendly vehicles is propelling the market growth. Due to the high usage of lightweight and durable vehicles, the phenolic resins Market will grow. The fire and heat resistance of the material makes the material useful in different industries.
COVID-19 Analysis
the phenolic resins are high-temperature plastics made from the interaction of carbon-based alcohols. They are mostly used in automotive industries and to manufacture circuit boards due to the resistant property of the material. The pandemic has negatively impacted the phenolic resins market Value due to the COVID19 several manufacturing plants industries using the phenolic resin stopped working to limit the transmission of the virus and the halt in the production and manufacture impact in the growth of the market. In the outbreak, the trade reduction and disruption in the value chain impacted the market value the market experience a decline. With the situation getting better, the market is trying to grow profitable and improve globally.
Chief Factors Existing In The Market
Key Market Drivers
The increasing demand for the construction industry in several regions is a major driver for market growth. This usage in the automotive industry for vehicle production and demand for vehicles with fuel-efficient and lightweight is expected to propel the market growth during the forecast period. The innovation of new products and technological invasion are driving the phenolic resins market. The increasing demand for molding applications is a driving factor for the market. The phenolic resins are used in underwater pipelines, 3D printers, underground drainage and many others, improving market growth.
Increasing knowledge about the usage and application drives the market. The increasing demand for lightweight, energy-efficient, environmentally friendly synthetic structures boosts the phenolic resins market. The phenolic resins molded components act as a safety base and improve the overall performance of the vehicles, which makes the market more efficient. The use of phenolic resin in impregnated materials regarding the stringent rules for energy-efficient products promotes the market. The demand for thermal insulation, durability low-density materials for the building of the green spaces propels the phenolic resins market.
Market Challenges
Phenol is a mutagenic component and can harm the environment during the process, and it also creates issues while manufacturing process for P.F. resins. It is also necessary to take several safety measures to prevent exposure for the workers. The constant change in the raw materials and production issues creates challenges for the several market players investing in the market growth.
Market Opportunities
The demand for sustainable and eco-friendly feedstock for resin production offers several growth opportunities for the market. Increasing renovation and new construction of residents and buildings will open further opportunities for the phenolic resins market Revenue. The demand for wood adhesive in household furniture creates ample growth opportunities.
Market Restraints
The constant fluctuation in the price of the raw materials for the market is a restraining factor for the market growth. The demand for petroleum-based products also acts as a limiting factor. The environmental problems due to the production of the phenolic resins act as a limiting cause for the phenolic resins market.
Cumulative Evaluation of The Market
The cumulative evaluation of the market shows the recent development and future opportunities. Covid has negatively impacted the phenolic resins market, which is coping with. Different market segmentation such as drivers and opportunities act as a growth factor and foster the market. The restraining challenges limit the growth, although the market is trying to overcome the challenges and hold the high CAGR in the forecast period.
Market Segmentation
The Phenolic Resins Market is divided into type, application and end-user. The segments accelerate market growth and are expected to experience more growth in the forecast period.
By type
The phenolic resins market is segmented into Resol and Novolac based on the segment type. The increasing awareness on novolac properties like high thermal stability lightweight, heat resistant properties in the industries such as marine and construction is expected to increase the demand for the market in the future. In the automotive industry, the market will experience profit as the use of novolac resins increases. In 2021, the novolac segment was the highest CAGR segment among both segments.
By application
Based on the segment application, the market is divided into Molding, Laminates, Wood Adhesives, Foundry, Insulation and others. With the increase of houses, many people are using furniture for their house, which leads to the usage of the wood adhesive for the furniture due to which it is used mostly and will used in the forecast period. The increases in the usage of domestic furniture help the market in further growth. The increased use of wood adhesive properties like water resistance and moisture by several industries is propelling the growth of the phenolic resins market.
By end-user
The end-user segment bifurcated into Automotive, Furniture, Electrical & Electronics, Construction, And Others. the huge application of the phenolic resins in the automotive industry increases the demand. The demand for vehicles with less oil consumption, lightweight material, and work with electricity and better speed and quality of performance by humans motivates the automotive industry to use the phenolic resins, which drives the market. The phenolic resins are used in several household products as well. It is used in appliances, cookware handles, ovens, toasters and other places where heat resistance is required. The segments will increase the phenolic resins market Size.
Global Phenolic Resins Market share, by Product (%) (2018)
Source: MRFR Analysis
Regional Analysis
The phenolic resins Industry is studied in North America, Asia Pacific, Latin America, Europe, the Middle East and Africa. In 2016 the Asia Pacific region dominated the market. The region holds one-third of the total market share and will expand during the forecast period. In the region, the automotive and construction industries are increasing due to the high population countries, leading to the increases of the phenolic resins market Share.
The demand for electronic dominance and stringent government policies has supported the lightweight composites and generated demand for phenolic resins. Due to the established market in Germany, Italy, Spain and other Europe hold second largest market share. In the North American region, many key economies shifted their Automotives to south Asia countries, due to which the market is showing significant growth. Due to the new construction projects in the middle east and Africa region, the place is anticipated to grow in coming years. Latin America is showcasing a steady growth rate, and due to the urbanization in the region, the market could behold growth.
Competitive Intensity Within The Industry
The competitive intensity of the phenolic resins market showcases the companies investing in the market. The mentioned companies are adopting different strategies to hold the market share globally compared to other markets. The companies collaborate with several other companies, acquire different projects, do several product launches and partnerships and invest in research to increase the consumer base and the phenolic resins market Revenue. The prominent key players are expected to register more growth and profitable impact on the market. some of the global key players of the phenolic resins market are
- Hexion Inc. In the U.S.
- Hitachi Chemical Co., Ltd. in Japan
- Sumitomo Bakelite Co., Ltd. In Japan
- SI Group, Inc. In the U.S.
- DIC Corporation in Japan
- BASF SE in Germany
- Kolon Industries, Inc. In South Korea
- Momentive Specialty Chemicals in the US
- Dujodwala Paper Chemicals Ltd. in India
- Georgia-Pacific Chemicals LLC in the U.S.
Recent Market Developments
November 2021-ASK Chemicals Group has acquired SI Group’s industrial resins business in the United States. This acquisition should help ASK Chemicals Group; Düsseldorf (Germany) bolster its position as a reputed developer of high-performance industrial phenolic resins.
The acquisition will not only reinforce the company’s position in the global foundry sector but also accelerate its growth in the industrial phenolic resins business, which is touted to be an attractive venture with promising opportunities.
April 2021-Hexion has sold its phenolic specialty resins business worth USD 425 million, along with two more businesses to a group of private-equity firms that comprise Black Diamond as well as Investindustrial. Hexion’s phenolic specialty resins business covers Bakelite, touted as the first-ever synthetic plastic. Other brands are Cellobond, Resonance, and Durite.
Revolution VLR is a new composite-based passenger vehicle designed to simplify the U.K.'s existing rail network extension and reopen historical lines.
Report Overview
the report provides a detailed analysis of the phenolic resins market. The report mainly focuses on several key prominent aspects of the market such as drivers, restraints, opportunities and challenges, competitive landscape, and the recent market development. The report is done with proper research about the market, and the market information is depicted within the report. All the market development is based on the phenolic resins market Value.
Key Industrial Segments
By type
- Resol
- Novolac
- others
By application
- wood adhesive
- molding
- laminates
- foundry
- insulation
- others
By end-user
- construction
- electrical and electronics
- furniture
- automotive
- others
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2030: Significant Value |
| CAGR | 2022 to 2030: Substantial CAGR |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Hexion Inc. (U.S.), Hitachi Chemical Co., Ltd. (Japan), Sumitomo Bakelite Co., Ltd. (Japan), SI Group, Inc. (U.S.), DIC Corporation (Japan), BASF SE (Germany), Kolon Industries, Inc. (South Korea), Momentive Specialty Chemicals (US), Dujodwala Paper Chemicals Ltd. (India), and Georgia-Pacific Chemicals LLC (US) |
| Key Market Opportunities |
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| Key Market Drivers |
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Frequently Asked Questions (FAQ) :
Phenolic resins are synthetic polymers obtained by the reaction of phenol with formaldehyde.
Major advantages of phenolic resins include their high mechanical strength, heat resistance, and low toxicity.
Major types of phenolic resins include novolacs and resoles.
Major application segments in the global phenolic resin market include automobiles, wood adhesives, construction, laminates, molding, and others.
Leading players in the global phenolic resins market include Sumitomo Bakelite, SI Group, DIC Corporation, and BASF.
