Market Insights
Phenolic resin for wood processing applications is the phenol-formaldehyde resin used to bind wood surfaces together. It offers high bonding strength, durability, and resistance to water, heat, and chemicals. They are used in different applications, such as plywood, OSB (oriented strand board), particle board, hardboard, MDF/HDF, and others. Phenolic resin is majorly used in outdoor wood processing applications.
During the pandemic, the phenolic resin market for wood processing experienced a huge decline of 9.2% (YoY, in 2020) owing to a slowdown in wood-based panel production and the temporary shutdown of construction and other manufacturing activities. The market experienced phenomenal growth in 2021 (~26%) owing to the combined effects of a recovery in construction, furniture, and other manufacturing activities and an abrupt increase in raw material prices. However, the market experienced moderate growth in 2022 due to the slow economic growth rate of some European, and North American countries, and the prolonged COVID impact (lockdown) in China.
Rising wood-based panel production, increasing usage of wood panels in different applications, and key properties of phenolic resins, such as high strength, durability, water, chemical, heat, and fire resistance, and dimensional stability are likely to fuel the growth of the market during the forecast period. The phenolic resin market for wood processing is expected to register a healthy CAGR of 3.4% over the next five years to reach a value of US$ 1.3 Billion in 2028.
Recent Market JVs and Acquisitions:
In recent years, several acquisitions have been performed by the companies in the market to expand their product portfolio, regional presence, and leadership in the phenolic resin market for wood processing.
- In 2022, Bakelite Synthetics acquired Georgia Pacific Chemicals LLC. This acquisition adds a strong portfolio of products, brands, and customers, and increases the growth strategy of Bakelite Synthetics. This acquisition includes 11 chemical facilities with 600 (approx.) people in the USA and South America.
- In 2021, Hexion, Inc. sold its Phenolic Specialty Resin, Hexamine, and European-based Forest Products Resins businesses to Black Diamond and Investindustrial for US$ 425 million (approx.).
Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Application-Type Analysis
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Plywood, Particle Board, OSB, Hardboard, MDF/HDF, and Other Fiber Board
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Plywood is anticipated to remain the dominant and fastest-growing application in the years to come.
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Resin-Type Analysis
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Resole and Novolac
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Resole is estimated to remain the dominant as well as the faster-growing resin type.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is expected to remain the largest market over the next five years and is also likely to grow at the fastest rate during the same period.
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Application Type
The phenolic resin market for wood processing is segmented into plywood, particle board, OSB, hardboard, MDF/HDF, and other fiber boards. Plywood is expected to remain the largest application type in the market during the forecast period owing to its largest production in overall wood-based panels. Plywood is a strong, durable, and cost-effective panel that is used in a large number of applications, such as construction, furniture, packaging, cabinetry, and marine and industrial flooring.
Resin Type
The market is segmented into resole and novolac. Resole is expected to remain the dominant resin type in the market during the forecast period owing to its excellent combination of properties, such as high strength and durability, water resistance, heat resistance, resistance to a wide range of chemicals, and ease of use.
Regional Analysis
Asia-Pacific is expected to remain the largest market for phenolic resin for wood processing during the forecast period. The region is predicted to record the highest growth during the same period due to healthy economic development and considerable investment in the construction, furniture, and packaging industries. The region also has the highest production of wood-based panels globally. China, India, and Japan are key countries fueling the growth of the region’s market.
The phenolic resin market for wood processing is segmented into the following categories:
By Application Type
- Plywood (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Particle Board (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- OSB (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Hardboard (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- MDF/HDF (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Other Fiber Board (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Resin Type
- Resole (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Novolac (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: The UK, France, Russia, Germany and Rest of Europe)
- Asia-Pacific (Country Analysis: China, India, Japan, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Latin America, The Middle East, Africa, and Others)
Key Players
The market is moderately populated, with the presence of a fair number of local, regional, and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the phenolic resin market for wood processing.
- Bakelite Synthetics
- Jinan Shengquan Group Share-Holding Co., Ltd.
- Dynea AS
- Arclin, Inc.
- Sumitomo Bakelite Co., Ltd.
- Prefere Resins Holding GmbH
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s phenolic resin market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for existing and new players
- Key success factors
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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