by The Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn or billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Phenolic resins are thermosetting resins produced by the reaction of phenol or substituted phenol with aldehyde such as formaldehyde. They are generally used in applications involving bonding, casting, abrasion, and high heat resistance. Phenolic resins are primarily used for manufacturing wood adhesives, laminates, molded products, electrical equipment and other applications. They offer excellent thermal and electrical insulation properties along with dimensional stability.
Market Dynamics:
Phenolic resins are extensively used in laminates for flooring, roofing, countertops, furniture and other applications due to their excellent bonding, chemical, heat and flame resistant properties. Increasing demand for laminates from the construction industry is expected to drive the global phenolic resins market growth over the forecast period. Phenolic resins are also used as a binder for foundry cores and molds for durable and heat-resistant applications. Growing foundry industry around the world is further expected to propel the demand for phenolic resins.
The increasing use of phenolic resins as wood adhesives due to their excellent water resistance property also support their market growth. Phenolic resins provide durable and long-lasting bonding between wood surfaces, which makes them suitable for manufacturing furniture, plywood, particle boards and other wood products. However, the availability of cheaper substitutes such as melamine formaldehyde resins and volatility in raw material prices may restraint the market growth over the forecast period.
Segment Analysis
The global phenolic resins market is dominanted by the resol resin segment. Resol resins accounted for over 65% of market share in 2023 owing to wide applicability in wood adhesives, laminates, and molding compounds manufacturing industries. Resol resins exhibit superior thermal resistance and strength making them ideal for applications requiring high heat resistance.
PEST Analysis
Political: The regulations promoting green building and sustainable construction are expected to drive the demand for phenolic resins in insulation and wood adhesives applications.
Economic: The growth of the construction industry especially in Asia Pacific is a key driver for phenolic resins demand.
Social: Increasing consumer demand for eco-friendly adhesives and composites will propel the phenolic resins market growth.
Technological: Advancements in resin formulation allowing reduced formaldehyde emissions without compromising on performance are expanding phenolic resins application scope.
Key Takeaways
The global Phenolic Resins Market Share is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from construction and automotive industries. The market size for phenolic resins is projected to reach US$ 25,152.34 Mn by 2030.
Asia Pacific dominates the global phenolic resins market and is expected to grow at the fastest rate during the forecast period. The growth can be attributed to rapid industrial development and infrastructure expansion projects underway in countries such as China and India.
Key players operating in the phenolic resins market are BASF SE, Chang Chun Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., Prefere Resins, Mitsui Chemicals Inc., Sumitomo Bakelite Co., Ltd, Hitachi Chemical Co. Ltd., SI Group, Inc., and Momentive Specialty Chemicals, Inc. Among these, BASF SE and Hexion Inc. are the market leaders owing to their extensive phenolic resins product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
