LOS ANGELES, June 18, 2019 (GLOBE NEWSWIRE) -- QY Research has released a new report titled, “Global Phenolic Resins Market Report, History and Forecast 2014-2025”, to identify and analyze historical and current market trends. The report also profiles the top players that involved in the manufacturing of phenolic resins. According to the report, the global phenolic resins market is estimated to reach US$13400 mn by 2025 from US$11700 mn in the year 2018. The market is expected to register a sluggish CAGR of 1.9% between 2019 and 2025.
Global Phenolic Resins Market: Drivers and Restraints
The global phenolic resins market is likely to be driven by various end-use industries such as automotive and construction due to its high utilization. Phenolic resins are mainly used in oil and fuel filters, laminates, and fabrics, wood adhesives, coatings, and molding. They key end-user industries of phenolic resins are consumer goods, electronics, and electrical industries because of its properties such as moisture and chemical resistant, heat, and mechanical strength. This is expected to create ample growth opportunity for the global phenolic market in the near future. Growing demand for phenolic resins in the residential sector is fueling the growth of the market, especially in the Asia Pacific regions. Rising usage of phenolic resins in the industrial and decorative laminates used in the construction industry is also estimated to propel the growth of the market in the coming years.
However, fluctuation in the prices of raw materials creates a negative impact on the growth of the market over the forecast period.
Global Phenolic Resins Market: Regional Analysis
Since, the past few years, Asia Pacific held the largest market share of resins and is expected to remain the same in the coming years. This is because of the rapid development of infrastructure activities in emerging economies such as China and India. Europe is also likely to grab a remarkable market share due to the growing production of resins in this region.
Global Phenolic Resins Market: Segment Analysis
The global market for phenolic resins is segmented into product type and applications. The application segment includes insulation, wood adhesives, abrasive material, foundry, molding, and others. The wood adhesive segment is anticipated to be the leading segment in the phenolic resins market due to the mounting demand for wood-based products in the market. The product type segment includes thermosetting phenolic resin and thermoplastic phenolic resin.
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Global Phenolic Resins Market: Leading Players
Mitsui Chemicals, Hexion, BASF, Sbhpp, Aica Kogyo, SI Group, Lerg SA, Jinan Shengquan Group, UCP Chemicals AG, Tong Cheng, Shandong Laiwu Runda, Allnex Belgium, Plenco, Metadynea International, Kolon Industries, Georgia-Pacific Chemicals, Prefere Resins, and Chang Chun Group are the key players that are operating in the market.
Global Phenolic Resins Market: Competitive Landscape
Silverfleet capital acquired a majority stake in Prefere Resins in May 2018 that produces amino and phenolic resins. This acquisition enabled Prefere Resins to expand its research and development activities and its geographical reach to launch innovative products. Companies are adopting the research and development activities to introduce to their new products in the market to generate revenue.
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