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    Phenolic Resin Market for Laminates

    Phenolic Resin Market for Laminates
    Report code - SR2703 Published On : Aug,2023 No. of Pages: 120
    Phenolic Resin Market for Laminates: Market Size, Share, Trend, Forecast, Competitive Anal See more...

    Market Insights

    Phenolic laminates are made by impregnating layers of paper, canvas, linen, or glass cloth with phenolic resin and then compressing them under heat and pressure to form a rigid and durable material. They are extremely strong and durable, have excellent electrical insulation properties, are highly resistant to chemicals and solvents, and come in a wide range of grades and thicknesses, making them suitable for a variety of applications, from electrical insulation to decorative surfaces. They are also used to develop wall panels, flooring, and roofing because of their durability and resistance to weathering.

    The electronics & electrical and industrial segments declined in 2020. The grave impact of this was registered across the supply chain, including at the level of components. The phenolic resin market for laminates, could not escape from such trends and witnessed a colossal decline of 12% amid the pandemic. However, the market witnessed exceptional growth in 2021, followed by healthy growth in 2022.

    Growing industrial and electrical & electronics activities, especially in Asia-Pacific paired with the growing acceptance of phenolic resins in the wake of their properties, such as excellent electrical insulation properties, flame retardancy, chemical resistance, and durability, and increasing usage of laminates in new applications are likely to fuel the growth of the market during the forecast period. Overall, the phenolic resin market for laminates is likely to rebound at a promising CAGR of 4.5% in the long run to reach US$ 915.7 million in 2028.

    Recent Market JVs and Acquisitions:

    In recent years, some acquisitions have been performed by companies in the market to expand their product portfolio, regional presence, and leadership in the phenolic resin market for laminates. Among several, 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.) is considered to be one of the major ones.

    Segments' Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Application-Type Analysis

    Transformers, Gears and Bearings, PCBs, and Others

    Transformers are anticipated to remain the dominant as well as the fastest-growing application in the market.

    Impregnation-Type Analysis

    Paper, Fabric, and Others

    Paper-based laminate is anticipated to remain dominant, whereas fabric-based is estimated to remain the fastest-growing impregnation type.

    End-Use Industry-Type Analysis

    Electrical & Electronics and Industrial

    Electrical and electronics is anticipated to remain dominant as well as the faster-growing end-use industry.

    Resin-Type Analysis

    Resole and Novolac

    Resole is estimated to remain the dominant as well as the faster-growing resin type.

    Regional Analysis

    North America, Europe, Asia-Pacific, and The Rest of the World

    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.

     

    Application Type

    The phenolic resin market for laminates is segmented into transformers, gears and bearings, PCBs, and others. Transformers are expected to remain the largest application type in the market during the forecast period. Phenolic has exceptional electrical insulating properties, excellent thermal stability, high mechanical strength and rigidity, high dielectric strength, and dimensional stability properties. Due to the above properties, phenolic resin has become the material of choice for insulation in transformers.

    Impregnation Type

    The phenolic resin market for laminates is segmented into paper-based impregnation, fabric-based impregnation, and others. Paper-based impregnation is expected to remain the largest type in the market during the forecast period owing to its low density, good electrical properties, good strength, high rigidity, and outstanding workability characteristics. Overall, paper-based impregnation is a versatile and cost-effective method for producing phenolic laminates that can be used in a wide range of applications.

    End-Use Industry Type

    The phenolic resin market for laminates is segmented into electrical & electronics, and industrial. Electrical & Electronics is expected to remain the biggest end-use industry type in the market during the forecast period. The combination of excellent electrical insulation properties, flame retardancy, chemical resistance, and durability make phenolic a popular choice for laminates used in the electrical & electronics industry.

    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 resins for laminates during the forecast period. This region is predicted to record the highest CAGR during the forecast period due to healthy economic development and considerable investment in electrical & electronics and industrial activities. Key economies, such as India and China, are experiencing rapid economic growth with increasing regional disposable income and industrial activities. Europe and North America are the other two major phenolic resin markets for laminates and will likely exhibit healthy growth rates over the next five years.

    The phenolic resin market for laminates is segmented into the following categories:

    By Application Type

    • Transformers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Gears and Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • PCBs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    By Impregnation Type

    • Paper-Based Impregnation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Fabric-Based Impregnation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    By End-Use Industry Type

    • Electrical & Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Industrial (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, and Others)

    Key Players

    The market is fragmented, with the presence of several local, regional, and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the phenolic resin market for laminates.

    • Bakelite Synthetics
    • Sumitomo Bakelite Co., Ltd.
    • Kolon Industries Inc.
    • Prefere Resins Holding GmbH
    • Jinan Shengquan Group Share-Holding Co., Ltd.
    • Asahi Yukizai Corporation

    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

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQ)

    The phenolic resin market for laminates is estimated to grow at a CAGR of 4.5% by 2028. Growing industrial and electrical & electronics activities, especially in Asia-Pacific paired with increasing usage of laminates in new applications are the major drivers of the phenolic resin market for laminates.

    Bakelite Synthetics, Sumitomo Bakelite Co., Ltd., Kolon Industries Inc., Prefere Resins Holding GmbH, Jinan Shengquan Group Share-Holding Co., Ltd., and Asahi Yukizai Corporation are the leading players in the phenolic resin market for laminates.

    Asia-Pacific is estimated to remain dominant in the phenolic resin market for laminates in the foreseeable future. The key economies driving the regions demand for phenolic resin market for laminates are China, India, and Japan.

    Transformers are estimated to be dominant in the market in the coming years. Phenolic resin has become the material of choice for insulation in transformers due to its exceptional electrical insulation, excellent thermal stability, high mechanical strength and rigidity, high dielectric strength, and dimensional stability properties.

    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.