Global Phenolic Resin Market Size, Trends And Growth Opportunity, By Application (Adhesives, Molding, Insulation, Laminates, Coatings, Rubber And Tire, Abrasives, Electronics, Refractory Material, Friction Material),By Product(Novolac, Resols ),By End Use

Global Phenolic Resin Market Size, Trends And Growth Opportunity, By Application (Adhesives, Molding, Insulation, Laminates, Coatings, Rubber And Tire, Abrasives, Electronics, Refractory Material, Friction Material),By Product(Novolac, Resols ),By End Use (Building And Construction, Automotive, Electrical And Electronics, Furniture And Others).By Region And Forecast 2027.

Phenolic Resin Market

The Global Phenolic Resin Market size was valued at USD 11.7 billion in 2021 and it is expected to reach at a value of 14.4 billion at a CAGR of 9.50% during forecast period 2027.

Phenolic resins are polymers that have excellent heat and electrical resistance properties. Phenolic resins can be classified into resol and novolac. Resol is produced under normal conditions, with excess formaldehyde, whereas novolac is created under acidic conditions by using excess phenol. These are used in wide range of application-automobiles, billboards, laminates, plywood, countertops, loudspeaker, and electrical component.

Market drivers

The major factors driving market revenue growth include increasing adoption of phenolic resins in building & construction, transportation, furniture, molding applications coupled with growing demand for phenolic resins from automotive industries. Rapidly growing electronics and electrical industries is another factor resulting in rising demand for phenolic resins, which in turn is expected to drive global market growth going ahead. And the foremost key driver for automotive industry is government which indirectly increase the growth of phenolic resin.

Market restraints

The volatility in crude oil prices is expected to restrain the growth of the phenolic resins market in the coming years, as crude oil is a major raw material used in the manufacturing of these resins. However, the production of phenolic resins is likely to get hampered due to the environmental and health concerns related to phenolic resin production. While phenolic resin is considered relatively safe, the raw materials used in their manufacture have significant safety issues. The World Health Organization (WHO) has listed formaldehyde as carcinogenic, and the U.S. Occupational Safety and Health Administration (OSHA) has strictly limited their permissible exposure levels due to the health risk of these chemicals.

COVID-19 Impact on the Global Phenolic Resin Market

With the outbreak of covid-19 has adversely impacted the growth of phenolic resin as several manufacturing plants ,along with their end-user had stopped operating in order to decrease the virus transmission. The demand for new vehicles in pandemic-affected countries was low due to lockdowns and restrictions to curb the spread of the virus. Continuous developments in the automotive and transportation industries have created a huge demand for lightweight and fuel-efficient vehicles. For making automobiles lightweight and fuel-efficient, companies have to use dissimilar lightweight materials such as aluminium, steel, composites, or plastics. These factor highly influence the growth of phenolic resin in coming years.

Market segmentation

The global phenolic resin market segmented on the basis of Product, Application and End-use. On the basis of product it further segmented into novolac, resols (solid resol, liquid resol).On the basis of application it segmented into wood adhesives, molding, insulation, laminates, coatings, rubber and tire, abrasives, electronics, refractory material, friction material. On the basis of end-use it segmented into building and construction, automotive, electrical and electronics, furniture and others.

Regional Analysis

Global phenolic market segmented into five regions North America, Europe, Latin America, Asia Pacific, Middle East and Africa. Asia pacific dominates in terms of largest market share of phenolic resin market and it is expected to grow at a CAGR of 5.0%. With increase in the construction and automobiles, advancement in technology electronics and electrical sector are likely to increase in the countries like India, China are the major key driver of the Asia pacific market. Moreover, North America and Europe also offer lucrative growth opportunities.

Key Players

Various Key Players are listed in this report such as Allnex GMBH, Asahi Yukizai Corporation, ASK Chemicals, Bakelite Synthetics, Gunei Chemical Industry Co., Ltd, Kolon Industries Inc., Kraton, Prefere resins holding GMbh, Seiko PMC Corporation, Sumitomo Bakelite Co. Ltd.

Market Taxonomy

By Product

Novalac

Resols

Solid resol

Liquid resol

By Application

Wood adhesives

Insulation

Molding

Laminates

Coatings

Rubber and Tire

Abrasives

Electronics

Refractory material

Friction material

By End –Use

Building & Construction

Automotive

Electrical and Electronics

Furniture and Others

By Region

North America

Asia pacific

Latin America

Europe

Middle East and Africa

Key Question Addressed by the Report

What are the Key Opportunities in Global Phenolic Resin market?

What will be the growth rate from 2022 to 2027.

Which segment/region will have highest growth?

What are the factors that will impact/drive the Market?

What is the role of key players in the value chain?