Austin, July 18, 2024 (GLOBE NEWSWIRE) -- The SNS Insider Report Estimates the Phenolic Resin Market Size at USD 14.5 billion in 2023, with a Projected CAGR of 5.0% to reach USD 22.5 billion by 2032.
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The global phenolic resin market is growing at an extraordinary level with pressure from industries like automotive, construction, and electronics. Being impressively resistive to heat, mechanically very strong, and flame retardant, these responded to the market on very high dynamics of the year 2024. Such resins have become highly important in almost all infrastructural projects around the world and in developing composite materials. However, the market growth of phenolic resins is hindered by the problems associated with the corrosive nature of phenol and formaldehyde emissions. Applications range from automotive parts to electrical switches and insulation materials but may not significantly help expand if regulatory challenges are not resolved.
- USA- FOB Louisiana Phenolic Resin January 2024: US phenolic resin prices saw a significant decline in January compared to December 2023, and in the end, for January 26, 2024, Novolac Phenolic Resin FOB Louisiana was assessed at USD 2200/MT, down 18.5% from January. While the US economy remained q4 2023, oversupply and low consumer spending compelled the players to declare a series of measures to cut costs amid political concerns. However, by the end of March 2024, the market was resilient again on the back of improved demand from the automotive and construction sectors, dovetailing with a 4.5% year-over-year rise in automotive sales volumes. The price of phenolic resin was increased by $1,570/MT. This recovery indicated improved sectoral demand and economic conditions, suggesting a positive impact on the Phenolic Resin Market.
The phenolic resin market is projected to expand as it finds newer applications in the construction, furniture, and automotive sectors. The application in brake linings and insulation addresses the safety and efficiency of vehicles. The lean towards light vehicles has opened new opportunities for energy-efficient phenolic resins on the globe in lieu of advancing nanotechnology, integrating phenolic chemistry into nanomaterials.
Phenolic Resin Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 14.5 billion |
| Market Size by 2032 | USD 22.5 billion |
| CAGR | 5% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis
The wood adhesives segment in the application category is the leading segment in the phenolic resin market. Wood adhesives also currently have a dominating share of around 22% in the market and are probably going to keep this majority share robust into the forecast period. The reason for this growth is due to the emerging demand for wood adhesives in the domestic furniture sector. Furthermore, increasing awareness among end-use industries regarding the beneficial properties related to wood adhesives that provide moisture and water resistance may bestow promising growth opportunities on the market. Therefore, the market for wood adhesives is expected to grow at a relatively stable rate in the forecast period.
The domestic furniture sector is primarily driving the demand for wood adhesives. Furniture had shown consistent growth mainly due to the accelerated rate of the country's urbanization, improved standards of living, and changing lifestyles of the consumers. Therefore, there is an increased need for reliable and quality wood adhesives that would help bind different wooden components used in the making of furniture.
Recent Developments
June 2023: Hexion acquired the phenolic resin business of Momentive Performance Materials. The company believed in this, meaning a lot toward further strengthening of the company's forces in the competitive global market for phenolic resin.
June 2023: BASF SE has expanded its capacity for polymer dispersions production at the Merak site in Indonesia. The move has put everything in place to handle the market trends predicated to meet the rising demand for high-quality packaging in the ASEAN regions, where leading paper and board producers are based.
Regional Analysis
In 2023, Asia Pacific led the phenolic resin market, holding a leading 32% share, on account of high industrial activities in countries, including China, Japan, South Korea and India. These countries have soon become major consumers of phenolic resins in the automotive, construction, electronics, and consumer goods sectors. For instance, large volumes of phenolic resins were used in China to ensure the safety and performance of automotive brake linings and insulation material. Electronics manufacturing in the region surged ahead and maintained demand for phenolic resins in the manufacture of printed circuit boards and electrical parts, chiefly due to their high insulating and temp-resisting properties. Continuous industrialization and infrastructure development brought the Asia-Pacific to the forefront, reiterating a sound influence in global market trends and dynamics.
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SNS View on Phenolic Resin Market
The phenolic resin market is gaining momentum and growing because the resin has various applications in the automotive, construction, electronic, and consumer goods sectors. Key properties such as high heat resistance, mechanical strength, and flame retardancy have been essential in driving high demand for various applications, particularly in safety-critical components such as brake lining and insulation materials. Increasing industrialization and infrastructure projects across the globe boded well for the market from across regulatory constraints and fluctuating raw material costs. Manufacturing activities in rising economies such as China and India will continue to rule the roost in Asia-Pacific. Therefore, the automotive and construction sectors in Asia-Pacific continue to add great demand. Innovation and expanded application possibilities will maintain a safe growth trajectory as the phenolic resin market faces periodic supply chain disruptions and economic uncertainty.
Key Takeaways:
- Increased demand for phenolic resins in lightweight automobiles
- Increased demand for fire-resistant materials in construction and electronics
- Asia-Pacific emerges as both the largest producer and consumer, driven by industrialization and infrastructure development
- Innovation in green variants emphasizes the commitment of the industry to sustainability.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Phenolic Resin Market Segmentation, By Service Type
8. Phenolic Resin Market Segmentation, By Technology
9. Phenolic Resin Market Segmentation, By Deployment Mode
10. Phenolic Resin Market Segmentation, By End-Use Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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