North America Phenolic Resin Market is expected to reach USD 4.20 billion by 2024 due to increase in applications for construction activities like laminates, wood adhesives and coatings. Phenolic resin are the synthetic polymers that are obtained from aldehydes and phenols. They have better mechanical and thermal stability, exceptional thermal & electrical insulating, excellent fire, smoke and low toxicity to be used for different applications.
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The key driving factors responsible for the growth of North America Phenolic Resin market :
North America phenolic resins market is witnessing growth owing to the factors like increasing use of corrosion resistant, heat resistant, and chemical resistant materials required in automobile, increasing need for fire resistant materials in building and construction industry and in thermal insulation products. Moreover, government regulations for building energy efficient buildings is expected to boost North America phenolic resin industry. The market is also driven by increasing demand for phenolic resin in aerospace, mass transit and marine segments.
However, unstable prices of raw materials is negatively affecting North America phenolic resin market. Economies around the world are focusing on the development of sustainable and green products, which allow bio-based products to gain traction and ultimately hamper the market growth. Since resols are widely used as adhesives, binders, and reinforcing agents, Mexico offers better opportunities for the growth.
North America phenolic resin industry is categorized on the basis of type, application, end user and geography. On the basis of type, the market is divided into novolac phenolic resin, resol phenolic resin and other phenolic resins. Resol phenolic resin segment is predicted to lead North America phenolic resins market due to extensive use in laminates and wood adhesives.
Based on application, North America phenolic resins industry is divided into laminate, wood adhesive, paper impregnation, molding compound, insulation coating and others. Owing to the progress in building & construction industry in Asia Pacific region, wood adhesive segment registers significant growth among others.
In terms of end user, North America phenolic resin market is split into electronics and electrical, transportation, furniture, construction, industrial and others. Owing to wide application, electrical and electronics segment is projected to hold larger market share of phenolic resin.
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