Increasing demand for phenolic resin in various industries such as construction, furniture, automotive, and advancement in the property of phenolic resin is the factor driving the market growth of the Global Phenolic Resin Market
JERSEY CITY, N.J., Jan. 25, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Phenolic Resin Market" By Type (Resol Resin, Novolac Resin), By Application (Wood Adhesives, Foundry And Molding, Laminates, Insulation), and By Geography. According to Verified Market Research, the Global Phenolic Resin Market size was valued at USD 13.54 Billion in 2020 and is projected to reach USD 19.09 Billion by 2028, growing at a CAGR of 4.45% from 2021 to 2028.
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Global Phenolic Resin Market Overview
Increasing demand for phenolic resin in various industries such as construction, furniture, automotive, and advancement in the property of phenolic resin is the factor driving the market growth of the Global Phenolic Resin Market. Due to high heat resistance, it is vastly used in automotive parts and electrical switches. The low thermal conductivity drives phenolic resins suited for use in insulation materials. Due to water resistance, it is used as a steady binder and glue in structural wood panels and as a binder in mineral wool insulation.
Due to high thermal stability and fire resistance are used in the automotive and construction industries as brake linings, insulation foams, foundry binders, and composites. The advancement of properties in phenolic resins can be modified to suit any application by changing the catalysts during manufacturing. Phenolic resins are uncolored, volatile gas at room temperatures and pungent odor. Formaldehyde and phenol are the primary raw materials used for production. As a corrosive substance, phenol can poison the human body if inhaled, consumed, or absorbed. Specific rules and regulations by the respective government in using phenolic resins are the factor that hampers the market growth.
The opportunities for Phenolic Resin Market growth are an increasing demand for lightweight and fuel-efficient vehicles for manufacturers, which helps in boosting the market. Ongoing developments in the automotive and transportation industries have made a massive demand for lightweight and fuel-efficient vehicles. For making automobiles lightweight and fuel-efficient, companies have to use different lightweight materials such as aluminum, steel, composites, or plastics. In a vehicle, the use of glues enables fewer fasteners, such as welds, rivets, or bolts. Sealants and composites help decrease the extra weight metal bodies, and pins add to vehicles. The use of high-quality materials and adhesives increases vehicles' crashes, and impact resistance increases the demand for phenolic resins globally.
Key Developments
- On September 2020, Black Diamond and Investindustrial acquired Phenolic Specialty Resin, Hexamine, and European-based Forest Products Resins businesses from Hexion, Inc.
- In September 2020, SI Group expanded its facility in Nanjing, China, to increase the production capacity of tackifier resins by 50%.
- On August 2021, SI Group planned to expand its resole production capacities in Rotterdam Junction, New York, and Lote, India, by 25%.
Key Players
The major players in the market are Fenolit d.d., Shandong Laiwu Runda New Material Co., Ltd., DIC Corporation, BASF SE, Hitachi Chemical Co., Ltd., Dujodwala Paper Chemicals Ltd., Kolon Industries, Inc., SI Group, Inc., and Sumitomo Bakelite Co., Ltd.
Verified Market Research has segmented the Global Phenolic Resin Market On the basis of Type, Application, and Geography.
- Phenolic Resin Market, By Type
- Resol Resin
- Novolac Resin
- Phenolic Resin Market, By Application
- Wood Adhesives
- Foundry and Molding
- Laminates
- Insulation
- Others
- Phenolic Resin Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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