New York, United States, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Molded components made from phenolic resin enhance fire safety and overall vehicle performance. In addition, the continued expansion of the global electronics and power industries is projected to enhance the demand for circuit boards, which are required to assemble transformers and electronic devices. However, reliance on petroleum feedstock and environmental concerns connected to producing phenolic resins are anticipated to limit the growth of the worldwide phenolic resins market. Petroleum is the primary raw material source for phenolic resin production. Increasing environmental contamination and the depletion of fossil fuels have compelled the industry to search for sustainable alternatives to petroleum-based raw resources.
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Exceptional Qualities of Phenolic Resin and Enhancing Comprehension of Usage and Applicability Drives the Global Market
The growing demand for lightweight, energy-efficient, and environmentally friendly synthetic structures drives the phenolic resin market. Molded phenolic resin components serve as a safety platform and improve overall vehicle performance, increasing market efficiency. Regarding the stringent regulations for energy-efficient products, using phenolic resin in impregnated materials stimulates market growth. During the projected period, demand for the product is anticipated to be driven by a rise in application awareness. In addition, the increasing demand for eco-friendly, lightweight synthetic constructions is driving up the demand for phenolic resin. However, the unpredictable cost of raw materials, such as petroleum-based goods, is anticipated to impede market expansion throughout the forecast period.
At room temperature, phenolic resins are colorless, explosive, and pungent gases. Formaldehyde and phenol are critical components used in their production. Composite wood goods (hardwood, plywood, particleboard, and medium-density fiberboard), building materials and insulation, paints, and paper products are produced using phenolic resins. Phenol is toxic if inhaled, swallowed, or absorbed by the human body. Consequently, formaldehyde and phenol use is strictly regulated, particularly in North America and Europe.
Increasing Demand for fuel-efficient and lightweight Cars Drives the Global Market
The rising need for lightweight and fuel-efficient automobiles gives phenolic resin makers an intriguing opportunity. Continuous innovations in the automotive and transportation industries have generated a great demand for fuel-efficient, lightweight vehicles. To make automobiles lightweight and fuel-efficient, manufacturers must utilize various lightweight materials, including aluminum, steel, composites, and polymers. In automobiles, adhesives eliminate the need for welds, rivets, and bolts. Adhesives and composites reduce the weight added by metal vehicle bodywork and fasteners. Utilizing superior materials and adhesives increases the autos' resilience to crushing and impact. These factors will likely drive demand for phenolic resins during the forecast period.
Report Scope
| Report Metric | Details |
| Market Size | USD 21.17 Billion by 2030 |
| CAGR | 5.64% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Bakelite Synthetics (U.S), Sumitomo Bakelite Company Limited (Japan), SI Group Inc. (U.S), Jinan Shengquan Group Share Holding Co. Ltd. (China), Ashland Global Holdings Inc. (the U.S), BASF SE (Germany), Georgia-Pacific Chemicals' (U.S), DIC Corp (Japan), Hexcel Corporation (U.S), Akrochem Corporation (U.S), Arclin Inc |
| Key Market Opportunities | Growing Need for Fuel-Efficient and Lightweight Automobiles to Spur Market Opportunities |
| Key Market Drivers | Superior Characteristics of Phenolic Resin to Impede the Market Growth Increasing Understanding of Usage and Applicability to Drive Market |
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Regional Analysis
Asia Pacific is predicted to grow at a CAGR of 4.4% due to the rapid expansion of end-use sectors such as consumer goods, automotive, construction, and aerospace. In addition, this region is projected to see the development of bio-based feedstock for the production of phenolic resins shortly, which is anticipated to improve the dynamics of this industry. Along with rising construction spending in Asia-Pacific, the rise of the furniture and consumer goods industries is anticipated to fuel product demand over the projection period. In addition, the rising automotive industry in Asia-Pacific is projected to create several prospects for Novolac manufacturers and suppliers.
Key Highlights
- The global phenolic resins market size was valued at USD 12.92 billion in 2021. It is projected to reach USD 21.17 billion by 2030, growing at a CAGR of 5.64% during the forecast period (2022–2030).
- Based on product, the market is divided between novolac and resole. Novolac resins will dominate the market and are in high demand because of their superior solvent, hardness, and heat resistance.
- Based on applications, the market is segmented into wood adhesives, molding, insulation, paper impregnation, and laminates. The category of molding resins is regarded as one of the fastest-growing applications.
- Asia Pacific is predicted to grow at a CAGR of 4.4% due to the rapid expansion of end-use sectors such as consumer goods, automotive, construction, and aerospace.
The global Phenolic Resins market’s major key players are
- Bakelite Synthetics (U.S)
- Sumitomo Bakelite Company Limited (Japan)
- SI Group Inc. (U.S)
- Jinan Shengquan Group Share Holding Co., Ltd., (China)
- Ashland Global Holdings, Inc. (the U.S)
- BASF SE (Germany)
- Georgia-Pacific Chemicals' (U.S)
- DIC Corp (Japan)
- Hexcel Corporation (U.S)
- Akrochem Corporation (U.S)
- Arclin Inc
- Olympic Panel Products LLC; Ashland Inc
- Momentive Specialty Chemicals
- BASF SE
- Hitachi Chemical Co. Ltd.
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Global Phenolic Resins Market: Segmentation
By Product
- Novolac
- Resol
By Application
- Wood Adhesives
- Molding
- Insulation
- Laminates
- Paper Impregnation
- Coatings
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Phenolic Resins Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Product Overview
- Introduction
- Market Size & Forecast
- Novolac
- Market Size & Forecast
- Resol
- Market Size & Forecast
- Introduction
- Application Overview
- Introduction
- Market Size & Forecast
- Wood Adhesives
- Market Size & Forecast
- Insulation, Laminates
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Product
- By Application
- Canada
- By Product
- By Application
- Mexico
- By Product
- By Application
- Latin America
- By Product
- By Application
- Europe
- Market Size & Forecast
- Germany
- By Product
- By Application
- France
- By Product
- By Application
- U.K.
- By Product
- By Application
- Italy
- By Product
- By Application
- Spain
- By Product
- By Application
- Rest of Europe
- By Product
- By Application
- Asia Pacific
- Market Size & Forecast
- Japan
- By Product
- By Application
- China
- By Product
- By Application
- Australia
- By Product
- By Application
- India
- By Product
- By Application
- South Korea
- By Product
- By Application
- Rest of Asia-Pacific
- By Product
- By Application
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Product
- By Application
- South Africa
- By Product
- By Application
- Kuwait
- By Product
- By Application
- Rest of Middle East & Africa
- By Product
- By Application
- Introduction
- Company Profile
- BASF SE
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Georgia-Pacific Chemicals
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- DIC Corp
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- BASF SE
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/phenolic-resins-market/toc
Market News
- In June 2022, Sumitomo Bakelite Company Limited, Development of Conductive Paste for High accuracy Vital Sensing Electrodes.
- In May 2022, SI Group unveils rezicure hydro t8-7900 tackifier resin at the world adhesive & sealant conference.
- In June 2022, Ashland introduced Gafchromic LD-V1 film with improved contrast and imaging detail.
- In May 2022, Ashland introduced Vialose trehalose dihydrate, a high purity lyoprotectant, and stabilizer for biologic medicines and other parenteral formulations at Excipient World in Kissimmee, Florida.
News Media
Global Furfural Market Worth USD 959 Million in 2030 | CAGR of 7%
Global Plastic Resin Market Size Worth USD 1,104 Billion in 2030 | CAGR of 4.5%
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