Phenolic Resin Market | Forecast up to 2024
This report, from Stratview Research, studies the phenolic resin market over the trend period from 2013 to 2018 and forecast period from 2019 to 2024. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Phenolic Resin Market: Highlights
The global phenolic resin market is likely to witness a healthy CAGR of 5.1% during the forecast period. Increasing automobile production, especially in Asia-Pacific and Eastern Europe, growing building & construction and electrical & electronics industry; advancements in phenolic resin properties, and increasing usage of phenolic resins in new applications are the major factors driving the demand for phenolic resins in various end-use industries.
Based on the resin type, the market is segmented as resol resin, novolac resin, and others. Resol resin currently dominates the phenolic resin market, owing to its widespread usage in the wood adhesive application. Further, the resin type is also expected to witness the highest growth during the forecast period, owing to its excellent properties including superior heat resistance, high flexibility, mechanical strength, moldability, and excellent friction properties.
Based on the application type, the market is segmented as wood adhesives, molding compound, laminates, insulation, coatings, paper impregnation, foundry, and others. Wood adhesives dominated the market and are expected to remain dominant during the forecast period, owing to rapidly expanding building & construction industry, especially in the developing economies. Molding compound is likely to witness the highest growth during the same period, driven by increasing use of epoxy molding compounds in the transportation and electronics industries.
Based on the end-user type, the market is categorized as automotive, building & construction, furniture, electrical & electronics, industrial, and others. The automotive industry currently dominates the market and is expected to maintain its dominance over the next five years as well, owing to consistently increasing production of vehicles along with an increasing number of phenolic resin applications, such brake linings, clutch facing, and brake pads.
Asia-Pacific is the largest market for phenolic resins, owing to rapid economic development in the region, which has led to the growth of key end-use industries. Rapidly growing automotive production with a shift of automobile plants in China and India, continuous shift of manufacturing base of the electrical & electronics industry, and growing building & construction sector are the major growth drivers of the Asia-Pacific’s market. North America and Europe also offer sizeable growth opportunities, owing to the recovery of the building & construction industry in both of the regions.
Some of the major phenolic resin suppliers are Hexion Inc. Hitachi Chemical Co., Ltd., Sumitomo Bakelite Co., Ltd., BASF SE, SI Group, Inc., DIC Corporation, Kolon Industries, Inc., Shandong Laiwu Runda New Material Co., Ltd., Dujodwala Paper Chemicals Ltd., Changshu South-East Plastic Co., Ltd. and Geogria-Pacific Chemicals LLC.
This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, 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 with industry experts to obtain both qualitative and quantitative insights.
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:
The phenolic resin market is segmented into the following categories.
Phenolic Resin Market by Type:
Phenolic Resin Market by Application Type:
Phenolic Resin Market by End-Use Industry Type:
Phenolic Resin Market by Region:
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