The global Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn or Mn 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.
Phenolic resins are synthetic polymers that are thermally-cured synthetic polymers obtained by the reaction of phenol or substituted phenol with formaldehyde. They exhibit properties such as excellent heat resistance, good dielectric properties and dimensional stability. Due to these advantageous properties, phenolic resins find applications across various end use industries including automotive, construction and electronics.
Market key trends:
One of the key trends witnessed is growing demand from the construction industry. Phenolic resins are widely used in building and construction applications such as flooring, tile, pipes and insulations due to their flame retardant and heat resistant properties. As the construction industry grows globally, especially in developing regions of Asia and Latin America, demand for phenolic resins from this industry is also projected to rise substantially. Another major trend is the increasing utilization of composite materials in the aerospace and defense industry due to stringent regulatory norms regarding fuel efficiency and emission control. Phenolic resin based composites are increasingly replacing metals in aircraft structural components owing to benefits such as lightweight and corrosion resistance.
Market key trends:
The phenolic resins market has been witnessing increasing adoption in wood adhesives application owing to properties like water resistance and good heat resistance. Phenolic resins provide excellent performance in exterior applications such as in construction and marine industries. Additionally, growing demand for laminates from the furnishing industry has been driving the market growth. Laminates applied on countertops, cabinets and furniture provide aesthetically appealing looks along with enhanced durability.
Strength: High heat resistance and good electrical properties of phenolic resins make them suitable for applications in electrical equipment and laminates.
Weakness: Release of formaldehyde during production and utilization of phenolic resins pose health risks.
Opportunity: Increasing demand for lightweight composites from automotive and aviation industries present opportunities for phenolic resins due to their high strength to weight ratio.
Threats: Stringent environmental regulations regarding formaldehyde emissions pose challenges for market growth. Substitute materials like epoxy resins also threaten the phenolic resins market.
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 laminates industry.
Regional analysis: Asia Pacific dominated the global phenolic resins market in 2023, accounting for around 40% of the total share. China contributes significantly to the regional market growth owing to presence of a large furniture industry utilizing laminates. North America is another major consumer of phenolic resins led by the US, while Europe is an established as well as a fast growing regional market for phenolic resins.
Key players: 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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it