Global Phenolic Resin Market Report and Forecast 2023-2028

Global Phenolic Resin Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the phenolic resin market reached a value of USD 13.5 billion in 2022. Aided by the rising applications in the automotive, construction, and electronics industries, coupled with its exceptional thermal and chemical resistant properties, the market is projected to further grow at a CAGR of 4.50% between 2023 and 2028 to reach a value of USD 17.71 billion by 2028.

Phenolic resins, or phenol-formaldehyde resins, are synthetic polymers obtained from the polymerisation of phenol with formaldehyde. Recognised for their impressive heat resistance, high tensile strength, and low toxicity, they are predominantly used in the production of laminates, plywood, insulation, and moulding compounds. Their excellent adhesive properties also make them indispensable in applications requiring high-temperature resistance and chemical stability.

The automotive industry's consistent growth and expansion are among the major contributors to the phenolic resin market growth. Phenolic resins are integral in producing brake linings, clutch plates, and other essential automotive components due to their durability and heat resistance. As the automotive sector continually evolves with innovations and an increasing number of vehicles on the road, the demand for phenolic resins is expected to rise consistently.

Additionally, the construction industry's dependency on phenolic resins for applications such as bonding agents in plywood and as insulation materials further propels the phenolic resin market demand. The resins' ability to offer superior bonding in humid conditions and their fire-resistant properties make them a preferred choice in construction projects globally.

In the realm of electronics, phenolic resins are indispensable. They find applications in circuit boards, owing to their electrical insulating properties. As the electronics industry continues its upward trajectory with rapid technological advancements and an ever-growing demand for devices, it promotes the demand for phenolic resins and further add value to the phenolic resin market size.

Moreover, phenolic resins' potential in the development of eco-friendly materials is paving the way for new market avenues. With an increasing global focus on sustainability and the reduction of environmental footprints, phenolic resins are being researched for their role in producing greener materials and products. As per the phenolic resin market analysis, they play a part in the creation of eco-friendly foam insulation, which is gaining traction in sustainable construction practices.

Market Segmentation

The market can be divided based on type, application, end use, and region.

Market Breakup by Type

• Resol Resin

Liquid

Solid

• Novolac Resin
• Others

Market Breakup by Application

• Wood Adhesives
• Moulding
• Insulation
• Laminates
• Paper Impregnation
• Coatings
• Others

Market Breakup by End Use

• Automotive
• Building and Construction
• Furniture
• Electric and Electronics
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global phenolic resin market. Some of the major players explored in the report by Expert Market Research are as follows:

• Ashland Global Holdings Inc.
• DIC Corporation
• Hexcel Corporation
• Kolon Industries Inc.
• Hitachi Chemical Co., Ltd.
• Sumitomo Bakelite Co., Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.