Maximize Market Research's latest report, " North America Phenolic Resin Market Demand Analysis and Opportunity Outlook 2027", offers a comprehensive analysis of the market. It provides market segments by type and shape, as well as end-user industries and regions.
North America Phenolic Resin Market is expected to reach at USD 5120.00 Mn by 2027 at a CAGR of 6.26% over forecast period 2020-2027.
North America Phenolic Resin Market Overview
An upsurge in automobile filter sales on account of a revitalized automotive industry in the U.S. is a major driving factor for phenolic resins market. By type Resol Resin is leading the North American Phenolic Resin market. Resol resin type segment was valued at USD xx Mn in 2019 and is expected to reach at xx% Mn by 2027 at a CAGR of 6.34%. Growth in this segment is mainly attributed to its extensive use in cooling & bonding building materials. Water soluble resols, that is, condensation products of phenol and formaldehyde are primarily used as adhesives for wood or wood chips, as binders for organic & inorganic fibers and for granular materials such as sand.
Countrywide North America market is segmented into United States and Canada. The U.S. phenolic resins led the North America industry and consumed over 70% of the regional volume in 2019. The U.S. market is expected to reach at 3594.24 Mn by 2027 at a CAGR of 6.30%. Various applications such as wood adhesives, molding compounds, and insulation are generating high demand for United States phenolic resin market. Among all these applications Wood adhesive application segment is leading the North America Phenolic Resin market and is expected to reach at xx% Mn by 2027 at a CAGR of 6.97%.
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North America Phenolic Resin Market Major Market Players
• DIC Corporation
• Hexcel Corporation
• Arizona Chemical
• Kolon Industries
• Georgia-Pacific Chemicals
• 3M Company
• Owens Corning
• Arclin Inc.
• Olympic Panel Products LLC.
• Hardwoods Inc.
• INEOS
• Kessler Chemicals
• PTTGC America LLC
• AO Precision Manufacturing
• Bakelite Synthetics
• ISOVOLTA Aviation & Transportation
• EPOXY TOPS
The Market Impact of COVID-19
The COVID-19 epidemic has quickly spreaded since its inception in Wuhan (China), in December 2019.
All around the globe. As of March 2020, the US and China were the most affected. The COVID-19 crisis has had a significant impact on many countries, resulting in travel bans or lockdowns. Industries. This outbreak has severely affected the food and beverage industries.
This includes office closures, cancellations of technology events, and supply chain disruptions. China is the world's largest manufacturing country and has the largest number of raw material suppliers. COVID-19 has an adverse effect on overall production because it closes factories and creates supply chain challenges. Market growth.
Segmentation of North America Phenolic Resin Market by Types and Applications:
North America Phenolic Resin Market, by Type
• Resol Resin
• Novolac Resin
• Others
North America Phenolic Resin Market, by Application
• Wood Adhesives
• Molding
• Foundry
• Insulation
• Laminates
• Others
North America Phenolic Resin Market, by End-User Industry
• Electrical & Electronics
• Automotive
• Building & Construction
• Others
North America Phenolic Resin Market, by Country
• United States
• Canada
The report has covered the market size by country (regions) for the North America Phenolic Resin market.
Analysis of the North America Phenolic Resin Market Share and Competitive Landscape:
This report provides a detailed analysis of the North America Phenolic Resin Market for all stakeholders. . It also contains historical and forecasted market size information. Trends are also included in the report. The report is simple and simplifies complicated data using simple language. This report includes information on all aspects of the industry, as well as key players like market leaders, followers and new entrants. The report includes a PORTER, SVOR and a PESTEL analysis. The report also analyzes the potential market impact of microeconomic variables. This report examines both internal and external factors that can have a positive or negative effect on the business. This report will provide a clear view of the industry for decision-makers.
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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.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/north-america-phenolic-resin-market/request-sample 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.
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.
