Market Overview:
Phenolic resins are synthetic polymers that are produced by the reaction of phenol or substituted phenol with formaldehyde. They are widely used as adhesives, insulation and binders in applications such as wood adhesives, foundry core & mould, abrasion-resistant laminates and friction laminates. They offer properties such as heat resistance, dimensional stability and excellent bonding strength.
The global phenolic resins market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the phenolic resins market is the increasing demand from electric vehicles. Phenolic resins are used as insulators in electric vehicles as they provide high thermal conductivity and heat resistance. They are used to insulate electric motors, battery packs and electronic components. With governments around the world promoting electric mobility to reduce environmental pollution, the demand for electric vehicles is growing at a rapid pace. For instance, according to the International Energy Agency, the global stock of electric cars passed 5 million in 2018 and is expected to reach 125 million by 2030. The growth in electric vehicles will subsequently increase the demand for phenolic resins over the forecast period.
Segment Analysis
Phenolic Resins Market is segmented by product type into novolac resins and resolic resins. Resolic resins dominate the market and accounted for around 60% share in 2023. Resolic resins are preferred over novolac due to their excellent properties like thermal stability, high strength, good adhesion, and electric insulation. These properties make resolic resins suitable for applications in insulation, abrasion, and adhesion.
Key Takeaways
The Global Phenolic Resins Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from construction and automotive industries.
Regional analysis: Asia Pacific dominated the market with around 35% share in 2023 owing to presence of emerging economies like China and India with strong manufacturing sectors. Europe and North America are other major regions for Phenolic Resins market.
Key players analysis: Key players operating in the Phenolic Resins market are BASF SE, Chang Chun Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., Prefere Resins, Mitsui Chemicals Inc., Sumitomo Bakelite Co., Ltd, Hitachi Chemical Co. Ltd., SI Group, Inc., and Momentive Specialty Chemicals, Inc. BASF SE and Chang Chun Plastics Co. Ltd captured over 20% share of global Phenolic Resins market due to their extensive production facilities and sales network.
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Global phenolic resins market size was valued at USD 9.30 billion in 2015 and is expected to grow at an estimated CAGR of 5.4% from 2016 to 2022.
Technological advancements have fostered the development of unique heat shields with ablative phenolics for aerospace applications, leading to greater market share in recent years.Development of lignin and corn-based renewable feedstock have also presented new growth avenues in the industry.
Increasing awareness regarding resource conservation and the implementation of stringent sustainability standards has positively impacted green materials demand, encouraging manufacturers to integrate such raw materials into their products.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-phenolic-resins-2019-2023-676Novolac emerged as the dominant product segment, occupying nearly 50% of the volume share in 2015.
These resins are increasingly being designed for use as hardeners or curing agents in epoxy applications to meet the demand for laminates, adhesives, molding materials, and coatings.
The segment is expected to grow at around 5.2% CAGR from 2016 to 2025.Key companies operating in the industry are BASF SE, Momentive Specialty Chemicals, Sumitomo Bakelite Co. Ltd., Georgia-Pacific Chemicals, and Kolon Industries Inc. Other major participants may be listed as Owens Corning, Arclin Inc., Olympic Panel Products LLC, Ashland Inc., DIC Corporation, and Hexcel CorporationPhenolic Resins Report by Material, Application, and Geography Global Forecast to 2023 is a professional and comprehensive research report on the world?s major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, United Kingdom, Japan, South Korea and China).The report firstly introduced the Phenolic Resins basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on.
Then it analyzed the world?s main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc.
