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  • Phenolic Resin Market Growth Analysis | 2023-2028

    Phenolic Resin Market Growth Analysis | 2023-2028

    Phenolic Resin Market Growth Analysis | 2023-2028
    Report code - SRAM189 Published On : Aug,2023 No. of Pages: 120
    Phenolic Resin Market Size, Share, Trend, Forecast, Competitive Analysis & Growth See more...

    Market Highlights

    The Phenolic Resin Market is likely to register a healthy CAGR of 3.6% over the next five years to reach a value of US$ 7.2 Billion in 2028.

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    What is Phenolic Resin?

    Phenolic is a thermosetting resin that is synthesized from phenol and formaldehyde. It is used in various applications, such as molding powders, laminating resins, adhesives, binders, surface coatings, and impregnants. There are two types of phenolic resins used as resol and novolac, depending on the conditions used to create the polymer. Phenolic resin offers high strength, durability, dimensional stability, low density, low thermal conductivity, and good resistance to chemical, water, and fire properties. Due to such properties, phenolic resins have been used in various industries ranging from automotive, aerospace, construction, electronics, industrial, paints & coatings, etc.

    Covid-19 Impact

    In 2020, there was a decline in all the major industries, including construction, automotive, aerospace, electronics, and packaging, due to a temporary halt of manufacturing activities and supply chain disruptions. Phenolic resin, a sizeable market, could not escape from such trends and witnessed a colossal decline of 10%+ in 2020 amid the pandemic. The market rebounded in 2021, followed by healthy growth in 2022. The increasing growth rate of automotive, aerospace, construction, electronics, and packaging industries, growing demand for phenolic resins for different applications, and key properties of phenolic resin, 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.

    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.

    • 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 2022, Allnex announced the acquisition of the Mahad Manufacturing site and coating resins business from D.R. Coats Ink & Resins Pvt. Ltd. (DRC), located in Maharashtra, India.

    • 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).

    • In 2021, ASK Chemicals completed the acquisition of the industrial resins business from SI Group. With this transaction, ASK Chemicals is strengthening its position as a global supplier of high-performance industrial resins.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Application-Type Analysis

    Wood Adhesives, Molding Compounds, Laminates, Refractory, Insulation, and Others

    Wood adhesive is anticipated to remain the dominant application, whereas laminates are estimated to be the fastest-growing application in the years to come.

    Resin-Type Analysis

    Resole and Novolac

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

    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.

    By Application Type

    Based on the application type, the phenolic resin market is segmented into wood adhesives, molding compounds, laminates, refractory, insulation, and others. Wood adhesives dominated the market and are expected to remain the dominant application during the forecast period, owing to rising wood-based panel production, increasing demand for phenolic resin in wood adhesive applications, and increasing usage of wood panels in different applications. 

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    By Resin Type

    Based on the resin type, the market is segmented into resole and novolac. Resole is expected to remain the dominant as well as the fastest-growing 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

    In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for phenolic resins during the forecast period. Growing investment in various industries, including automotive, construction, electrical & electronics, and rising disposable income are some key factors that drive the region’s market. China is the leading producer and consumer of phenolic resin. India and Japan are the other key countries in the region. Europe and North America are the other two major phenolic resin markets and will likely exhibit healthy growth rates over the next five years. 

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    Key Players

    The market is highly fragmented, with 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.

    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 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 most comprehensively. 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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Phenolic Resin Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Who are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    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.

    General Frequently Asked Questions (FAQs)

    The phenolic resin market is estimated to grow at a CAGR of 3.6% by 2028, driven by factors, such as the increasing growth rate of the automotive, aerospace, construction, electronics, and packaging industries, growing demand for phenolic resins for different applications, and key properties of phenolic resin such as high strength, durability, water, chemical, heat, and fire resistance, and dimensional stability.

    Bakelite Synthetics, Jinan Shengquan Group Share-Holding Co., Ltd., Sumitomo Bakelite Co., Ltd, Prefere Resins Holding GmbH, Shandong Yushiju Chemical Co., Ltd., and Dynea SA are the leading players in the phenolic resin market.

    Asia-Pacific is estimated to remain dominant in the phenolic resin market in the foreseeable future. Growing population, rapid urbanization, rising disposable income, and increasing investment in various industries are some key factors boosting the regions market. China, India, and Japan are the key economies in the regions market.

    Wood adhesive is estimated to be dominant in the market in the coming years. Rising wood-based panel production, increasing demand for phenolic resins in wood adhesive applications, and increasing usage of wood panels in different applications are key factors impacting the markets growth.

    Resole is expected to remain the dominant as well as the fastest-growing 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.