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.
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
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.
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.
Global Phenolic Resins Market share, by Product (%) (2018)
Source: MRFR 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
Recent Market Developments
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
|Market Size||2030: Significant Value|
|CAGR||2022 to 2030: Substantial CAGR|
|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||
|Key Market Drivers||
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.