The changing dynamics in Phenolic Resin Market with covid-19 impact assessment
June 09, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Phenolic Resin Market.
It was estimated prior to this unanticipated outbreak that the Phenolic Resin Market was expected to grow at a CAGR of 5.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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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 high growth during the forecast period owing to its excellent properties including superior heat resistance, high flexibility, mechanical strength, moldability, and excellent friction properties.
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 high growth during the same period, driven by increasing use of epoxy molding compounds in the transportation and electronics industries.
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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.
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.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Phenolic Resin Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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