Pune India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Phenolic Resin Market Size By Product Type (Resol and Novolac) By Application (Adhesives & Binding, Laminates, Foundry, Coatings, Foam, Molding, and Others), By End-User (Electrical & Electronics, Building & Construction, Automotive, Lumber, and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the phenolic resin market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the phenolic resin market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, application, end-user, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global phenolic resin market are BASF SE, Georgia Pacific Chemicals LLC, Hitachi Chemical Co. Ltd., Chang Chun Plastics Co. Ltd., Kolon Industries Inc., Mitsui Chemicals Inc., Prefere Resins, Sumitomo Bakelite Co., Ltd, SI Group, Inc., and Momentive Specialty Chemicals, Inc. among other. To achieve a substantial market share in the worldwide phenolic resin market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Wood adhesives, insulations, coatings, laminates, molding, paper impregnation, and other applications such as abrasives, carbon binders, composites, friction materials, sound-roof bonding felt, and tires & rubbers are all typical uses for phenolic resins. Increased domestic manufacturing of wood-based cabinets, furniture, wall panels, and related building materials, as well as increased residential housing utilizing similar engineered wood products, is expected to create profitable prospects for phenolic resins during the forecast period. The United States leads the North American market and is predicted to grow at a substantial rate due to rising demand for phenolic resins from various application industries such as construction, automotive, and electrical & electronics. Furthermore, with the country's government increasing construction spending and expanding demand for electric vehicles, the market is expected to surge across the country during the forecast period. Phenolic resins are critical in the automobile industry for lightweight vehicles, fuel efficiency, better safety, emission reduction, insulation, and flexibility and creativity in automotive design. As a result, demand for phenolic resins in automotive applications has increased dramatically in recent years and is projected to continue in the future.
Scope of Phenolic Resin Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product Type, Application, End-User, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | BASF SE, Georgia Pacific Chemicals LLC, Hitachi Chemical Co. Ltd., Chang Chun Plastics Co. Ltd., Kolon Industries Inc., Mitsui Chemicals Inc., Prefere Resins, Sumitomo Bakelite Co., Ltd, SI Group, Inc., and Momentive Specialty Chemicals, Inc. among other |
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Segmentation Analysis
The resol segment is expected to be the fastest-growing segment in 2022.
The product type segment is resol and novolac. The resol segment is expected to witness the highest growth rate during the forecast period. There are numerous advantages to employing results, including improved characteristics, cost-effectiveness, and a wide range of applications, making it perfect for usage in a variety of end-use industries. Engineered woods, engineered laminated composite lumber (LCL), external plywood-oriented strand board (OSB), and adhesives are some of the principal applications for resol-based phenolic resins.
The molding segment is expected to be the fastest-growing segment in 2022.
The application segment is adhesives & binding, laminates, foundry, coatings, foam, molding, and others. The molding segment is expected to witness the highest growth rate during the forecast period. Molding components are widely utilised in a wide range of end-user sectors, including as household appliances, automobile commutators, and electrical and electronic components. Because of their outstanding dimensional stability, the compounds are employed in the manufacture of electrical equipment and kitchenware, which will raise demand for moulding resins in the near future. The United States is an important market for phenolic resins, accounting for demand from the electrical and electronics industries. The industry revenue of electrical equipment, appliances, and components in the United States in 2017 was roughly USD 122.36 billion, according to the US Census Bureau, and it is predicted to reach USD 119.19 billion by 2024.
The automotive segment is expected to be the fastest-growing segment in 2022.
The end-user segment is electrical & electronics, building & construction, automotive, lumber, and others. The automotive segment is expected to witness the highest growth rate during the forecast period. The demand for lightweight parts for electric vehicles is boosting the market for the automobile sector. The use of phenolic resins to increase vehicle performance and reduce vehicle oil consumption is expected to raise automotive demand.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the phenolic resin include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific witnessed a major share. Due to strong economic development and large investment in many industries such as automotive, building and construction, electrical and electronics, and others. Furthermore, rising construction activity, rapidly increasing demand for residential and commercial spaces from middle-class populations, combined with increased disposable income, and rising demand for automotive, including electric vehicles, are expected to support phenolic resin demand in emerging markets such as India, Japan, and South Korea over the forecast period.
Country Analysis
- Germany
Germany's phenolic resin market size was valued at USD 0.97 billion in 2022 and is expected to reach USD 1.34 billion by 2030, at a CAGR of 4.2% from 2023 to 2030. The rise in demand for tiny fuel-efficient vehicles in Germany has been ascribed to a rise in gasoline and diesel prices, as well as a tax imposed on the purchase of fossil-fuel-powered vehicles in the country. As a result, European purchasers are looking at compact vehicles, which are more fuel efficient than huge vehicles. Because phenolic resins are commonly used in moulding applications to make automobile seats, bottom plates, and suspensions, the region's growing acceptance of tiny automobiles is projected to benefit market growth in Germany.
- China
China’s phenolic resin market size was valued at USD 1.27 billion in 2022 and is expected to reach USD 1.79 billion by 2030, at a CAGR of 4.4% from 2023 to 2030. Construction activity in countries like as China drives up demand for the region's market. Because of rising population and building, China's furniture demand is increasing. According to the National Bureau of Statistics of China, retail sales of furniture in China in January and February 2021 were roughly 22.3 billion yuan. This was approximately 58.7% of the revenue generated during the same period the prior year.
- India
India's phenolic resin market size was valued at USD 0.98 billion in 2022 and is expected to reach USD 1.37 billion by 2030, at a CAGR of 4.3% from 2023 to 2030. Because of its booming economy and growing population, India's electrical and household appliance sector is expanding, driving demand for phenolic resins. According to the Ministry of Statistics and Program Implementation (MOPI), India's industry income in the manufacture of electrical equipment was approximately USD 4.11 billion in 2017, with a projected increase to USD 4.81 billion by 2024. Furthermore, the revenue of the household appliances business was USD 5.1 billion in 2017, and it is predicted to reach USD 6.01 billion by 2024. Furthermore, the increasing use of phenolic resins in adhesives and insulation drives up demand in the building and construction industry.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the phenolic resin market is mainly driven by the multiple properties.
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