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What is the Future of Phenolic Resin Market? Learn Size, Forecast & Global Industry Analysis | Covid-19 Impact Analysis
Phenolic Resin Market is Segmented by Type (Resol Resin, Novolac Resin, and Others), by Application Type (Wood Adhesives, Molding Compound, Laminates, Insulation, Coatings, Paper Impregnation, Foundry, and Others), by End-Use Industry Type (Automotive, Building & Construction, Furniture, Electrical & Electronics, Industrial, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Phenolic resins market size is likely to witness a healthy CAGR of 5.1% during the forecast period. The major factors bolstering the demand for phenolic resins in various end-markets are noted below.
"Resol resin currently dominates the phenolic resin market"
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, it 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.
"Wood adhesives create the largest demand; moulding compounds are expected to grow the fastest."
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.
"Automotive industry is the largest consumer of phenolic resins."
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 expected increase in 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
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
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.
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The phenolic resins market is segmented into the following categories.
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Phenolic resin market is projected to grow at a healthy CAGR of >5.0% over the next five years. Growing building & construction and electrical & electronics industry, expected increasing automobile production, especially in Asia-Pacific and Eastern Europe, advancements in phenolic resin properties, and increasing usage of phenolic resins in new applications are the major drivers of the global phenolic resin market.
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.
Some of the key 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.
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