Phenolic Resin Market to experience an impressive growth of 5.1% during 2019-2024
February 04, 2020
Phenolic Resins Market 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.
- Growing building & construction and electrical & electronics industry
- Expected increasing automobile production, especially in Asia-Pacific and Eastern Europe
- Advancements in phenolic resin properties
- Increasing usage of phenolic resins in new applications
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Phenolic Resin Market Segment Insights:
By Resin Type:
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.
By Application Type:
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.
By End-Use Industry Type:
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.
By Region:
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.
Key Players:
Some of the major 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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- Attractive market segments and associated growth opportunities
- Emerging trends
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- Key success factors
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