New York, United States, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The Global Phenolic Resin Market Size to Grow from USD 15.2 Billion in 2023 to USD 22.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.95% during the forecast period.
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Due to its broad applications in a multitude of industries, the phenolic resin market has risen significantly over the years. Its high heat resistance, mechanical strength, and electrical properties make it a popular choice. Demand is significantly influenced by the automotive, construction, electronics, and aerospace industries. Phenolic resins have found new applications as the emphasis on lightweight and high-performance materials has expanded. The desire for environmentally acceptable and sustainable materials has also resulted in the creation of bio-based phenolic resins, which have given the industry a new dimension. Urbanisation, infrastructure development, and technology advancements are likely to drive significant growth.
Phenolic Resin Market Value Chain Analysis
The initial step in the journey is the extraction or synthesis of raw materials. Phenol and formaldehyde are important components of phenolic resins. These are mostly derived from petrochemical sources, while bio-based alternatives are being investigated. Phenolic resins are formed by the chemical reaction of phenol and formaldehyde. Polymerization is used to create a thermosetting resin with desired properties. The synthesised resin is then processed and manufactured into various forms, such as liquid resins, powder resins, or moulded items, depending on the intended function. Once produced, phenolic resins are distributed to a variety of industries through a network of suppliers, distributors, and logistics providers. Many industries employ phenolic resins, including automotive, construction, electronics, and aerospace.
Phenolic Resin Market Opportunity Analysis
Phenolic resins are in high demand in the automotive, construction, electronics, and aerospace industries. As these industries grow, so will the demand for high-performance materials like phenolic resins. Phenolic resins have a significant opportunity with an increasing emphasis on lightweight materials for fuel efficiency in automotive and aerospace applications. They are tempting for substituting heavier materials due to their lightweight yet sturdy and long-lasting properties. Phenolic resins are critical components of composite materials. There is space for innovation in the creation of novel composite materials with improved properties such as increased fire resistance, thermal stability, or strength. Exploring opportunities in emerging markets and industrialising regions could be a wise strategic move.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Phenolic Resin Market Size By Product (Novolac, Resol), By Application (Wood Adhesives, Molding, Insulations, Laminates), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Product
The novolac segment accounted for the largest market share over the forecast period 2023 to 2033. Novolac phenolic resins are widely known for their thermal and chemical resistance. This property qualifies them for application in industries needing heat and chemical resistance, such as paints, adhesives, and moulding compounds. Novolac resins are commonly used in adhesives and coatings that demand high temperatures and durability. These applications are found in a wide range of industries, including aerospace and automobile production. Demand for novolac phenolic resins has increased due to the rise of end-user industries such as automotive, aerospace, and electronics. The demand for specialist materials with customised properties is expected to develop as these industries evolve and expand.
Insights by Application
The molding segment accounted for the largest market share over the forecast period 2023 to 2033. Phenolic resins are well suited to moulding techniques such as compression moulding and injection moulding. This versatility enables manufacturers to create a wide range of moulded components for a variety of industries. Electrical insulating properties of phenolic resins are widely known. Because of their superior electrical insulation, phenolic resins are chosen in moulding applications for electrical components such as connections, switches, and insulators. The automobile industry makes a substantial contribution to the expansion of the phenolic moulding segment. Many automotive components, such as brake components, engine parts, and interior components, are moulded with phenolic resins. Phenolic resins are used to make consumer goods such as handles, knobs, and other components.
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Insights by Region
North America is anticipated to dominate the Phenolic Resin Market from 2023 to 2033. The region's market has expanded gradually, fueled by demand from key industries such as automotive, construction, electronics, and aerospace. The robust automobile sector in North America has greatly increased the need for phenolic resins. Lightweighting efforts, combined with the need for heat-resistant and long-lasting materials, have increased the usage of phenolic resins in the production of many car components. The North American construction industry has significantly boosted demand for phenolic resins. These resins are utilised in laminates, insulating materials, and building adhesives.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia Pacific phenolic resin market has expanded rapidly. Demand for phenolic resins has expanded due to industrialization, infrastructure expansion, and economic growth in countries such as China, India, Japan, and South Korea. Asia Pacific is a manufacturing behemoth in a variety of industries, including automotive, electronics, construction, and consumer products. The need for phenolic resins in various industries for applications such as adhesives, coatings, and composite materials has been a significant driver of market growth. Growing urbanisation and infrastructure development in the Asia Pacific area have increased demand for phenolic resins in the building sector. These resins are used in a wide range of building applications, including laminates, insulating materials, and adhesives.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Players in the Global Phenolic Resin Market Includes DIC CORPORATION, Kolon Industries, Inc., Sumitomo Bakelite Co. Ltd., Hexcel Corporation, Georgia-Pacific Chemicals, KRATON CORPORATION, Hexion, Bostik, Inc., SI Group, Inc. and Other Key Vendors.
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Recent Market Developments
- In July 2022, DIC Corporation acquired Guangdong TOD New Material Co., Ltd., a Chinese coated resin manufacturer.
Major players in the market
- DIC CORPORATION
- Kolon Industries, Inc.
- Sumitomo Bakelite Co. Ltd.
- Hexcel Corporation
- Georgia-Pacific Chemicals
- KRATON CORPORATION
- Hexion
- Bostik, Inc.
- SI Group, Inc.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Phenolic Resin Market, Product Analysis
- Novolac
- Resol
Phenolic Resin Market, Application Analysis
- Wood Adhesives
- Molding
- Insulations
- Laminates
Phenolic Resin Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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