Phenolic resins are widely used as an adhesive in wood bonding, laminating, molding processes, and as binders and coatings. They are known for their excellent heat resistance, dimensional stability, good electrical insulation, and flame retardancy. The rising application of these resins across various end-use industries such as construction, automotive, and electronics is expected to propel market growth.
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:
The increasing application scope of these resins is one of the key trends driving the phenolic resins market growth. Phenolic resins find extensive usage in metal coatings owing to their excellent adhesive properties and heat resistance. They help provide protection against corrosion and enhance the lifespan of metal parts by acting as an insulating layer. Thus, phenolic resins are increasingly used as coatings on pipes, valves, metal tanks, and other metal structures. Their protective properties make them suitable for applications in the oil & gas, chemical, and heavy machinery industries. This widespread application of phenolic resins in metal coatings and corrosion resistance is expected to support the market expansion over the forecast period.
Segment Analysis
The global phenolic resins market can be segmented into novolac resins and resoles. The resoles segment accounts for the major market share owing to exceptional heat resistance and bonding properties. Resoles find wide application in wood adhesives due to their excellent adhesion to a variety of materials including wood, metals, and minerals.
Key Takeaways
The Global Phenolic Resins Market Demand is expected to witness high growth over the forecast period. Regional analysis
The Asia Pacific region dominates the global phenolic resins market and is expected to grow at the fastest rate during the forecast period. Abundant raw material availability and growth of the construction industry in China, India, and other developing nations are driving the regional market.
Key players operating in the phenolic resins market are ABB Ltd, Schneider Electric SE, Siemens AG, and Eaton Corporation plc.
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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.
