Newark, June 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global phenolic resin market is expected to grow from USD 11.1 billion in 2021 to USD 15.5 billion by 2030, at a CAGR of 3.8% during the forecast period 2022-2030.
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The rising growth in several industries such as the industrial machinery industry, metal fabrication, automotive, construction industry across the globe is helping in the market's growth. However, the excessive use of phenolic resins is harmful to the environment which is a restraint to the market growth. Several environmental regulations restrict the use of phenolic resin as they are colorless with strong odor and flammable gas at room temperatures which can act as poison for the human body. The technological development to produce lightweight vehicles is an opportunity for the growth of the market. Welds, rivets, or bolts in these vehicles are being replaced by adhesives and composites which help in decreasing the extra weight that is being added by the metal bodies of the vehicles. The use of adhesives and composites also helps in increasing the impact resistance and crash of vehicles. This is expected to boost market growth throughout the forecast period considerably.
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Competitive Strategy
To enhance their market position in the global phenolic resin market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● Sumitomo Bakelite Co., Ltd. in September 2020, produced solid novolac phenolic resins based on "lignin," a main constituent of plants, and effectively exhibited mass manufacture on bulk production machinery.
● Investindustrial and Black Diamond acquired Hexion, Inc. businesses namely Hexamine, Phenolic Specialty Resin, and European-based Forest Products Resins in 2020.
Market Growth & Trends
Phenolic resins have properties such as fire resistance, surface hardness, high elasticity, chemical resistance, and electrical insulation which makes them ideal for usage in multiple industries. According to the European Chemical Agency (ECHA), both formaldehyde and phenol are carcinogenic, mutagenic, and reprotoxic. This creates challenges for the manufacturers during the production of phenolic resins and requires expensive safety measures to prevent the exposure of workers to dangerous chemicals. Hence, the production of phenolic resin must be done using eco-friendly and sustainable feedstock. Over the past few years, formaldehyde and phenol were successfully being replaced with more sustainable materials such as hydroxymethylfurfural, tannin, lignin, cardanol, and glyoxal for the production of bio-based phenolic resins. However, the phenolic resins created from these bioresources cause a decrease in mechanical strength. Therefore, more research is required before expanding the application of the phenolic resin made from bioresources.
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Key Findings
● In 2021, the Resol type dominated the market with the largest market share of 63% and market revenue of 6.9 billion.
The product type segment is divided into Resol and Novolac. In 2021, the resol segment dominated the market with a market share of around 63% and a market revenue of 6.9 billion. The increasing construction and rising demand for wood adhesives are expected to drive the market. Resol resins are used in furnishing and plywood applications as they form a chemical bond with lignin present in the wood and act as a strong adhesive for wood.
● In 2021, adhesives & binding accounted for the largest share of the market, with 22% and market revenue of 2.4 billion.
The application segment is divided into adhesives & binding, foundry, molding, laminates, coatings, foam, and others. In 2021, the adhesives & binding segment accounted for the largest share of the market, with 22% and market revenue of 2.4 billion. The rising demand for home furnishing and domestic furniture is driving the market growth. Phenolic adhesives are moisture and water-resistant which is driving the growth of the segment.
● In 2021, the automotive sector accounted for the largest share of the market, with 32% and market revenue of 3.5 billion
The end-user segment is divided into electrical & electronics, automotive, lumber, building & construction, others. In 2021, the automotive sector accounted for the largest share of the market, with 32% and market revenue of 3.5 billion. The technological advancement in the automotive sector is driving market growth. The need for lightweight and fuel-efficient vehicles is increasing rapidly which increases the need for phenolic resins as they are phenolic adhesives and decreases the extra weight in the vehicles driving the market growth.
Regional Segment Analysis of the Phenolic Resin Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global phenolic resin market, with a market share of around 41.3% and 4.5 billion of the market revenue in 2021. The increase in construction activities in this region and the presence of prominent market players is driving the growth of the market. China in this region is the largest producer and consumer of phenolic resins. Due to the emerging economies in the region such as India and increasing population the demand for the Indian electrical and domestic appliances market is growing which is driving the market growth for phenolic resins.
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Key players operating in the global Phenolic Resin market are:
● Gunei Chemical Industry Co., Ltd
● Allnex GMBH
● Kolon Industries Inc.
● Asahi Yukizai Corporation
● Kraton
● Prefere Resins Holding GmbH
● Sumitomo Bakelite Co. Ltd.
● ASK Chemicals
● Seiko PMC Corporation
● Bakelite Synthetics
This study forecasts revenue at global, regional, and country levels from 2022 to 2030. The Brainy Insights has segmented the global phenolic resin market based on the below-mentioned segments:
Global Phenolic Resin Market by Product Type:
● Resol
● Novolac
Global Phenolic Resin Market by Application:
● Adhesives & Binding
● Foundry
● Molding
● Laminates
● Coatings
● Foam
● Others
Global Phenolic Resin Market by End-User:
● Electrical & Electronics
● Automotive
● Lumber
● Building & Construction
● Others
About the report:
The global phenolic resin market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the clients objectives of high-quality output within a short time. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. The customized solutions are tailored to meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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