The size of the global market for Phenolic Resins is expected to reach 24.78 bn 2032, expanding at a compound annual growth rate (CAGR) of 5.4 C%.
.jpg "The Global Phenolic Resins Market 2022-2032 (USD Billion)")
The global phenolic resins market was valued at USD 12.43 Billion in 2019 and is estimated to grow at a healthy CAGR of 5.2% over the forecast period. Increasing application of phenolic resins in automotive, building & construction and electrical & electronic applications is the key factor to drive the market growth.
Phenolic resins are popular synthetic thermosetting resins. Phenolic resins are considered as one of the most versatile resin due to their functional properties. They are mainly available in two categories, namely novolacs and resols. Phenolic resins possess very high thermal stability up to 300-350 oC along with high chemical and water stability. In terms of physical appearance, they are mainly found in dark red to yellow color.
Phenolic resins are widely popular across diverse end-user industries owing to their versatility and excellent price to performance profile. Phenolic resins are extremely suitable for applications where high heat resistance, dimensional stability, chemical resistance, insulating properties, and surface hardness is required. They are widely used in adhesives, coatings, composites, and molded parts. Phenolic resins can be modified into various configurations depending upon the application. For instance, due to their properties such as low toxicity and low flammability, they are often used in manufacturing the interior parts of aircraft and automobiles. Another application includes its usage in coatings of cans used in the food & beverage industry. Overall, the high versatility of the application of phenolic resins is anticipated to augment the market growth over the forecast period.
The global phenolic resins market is a highly competitive market with a strong presence of numerous global and region-based players. Some of the key players in the global phenolic resins market include Olympic Panel Products LLC, Arclin Inc., Ashland Inc., Hexcel Corp., DIC Corp., Georgia Pacific Chemicals, Arizona Chemical Co. LLC, Sumitomo Bakelite, Kolon Industries Inc., Momentive Specialty Chemicals, Hexion among others. Increasing geographical presence is one of the key strategy followed by the players to expand their customer base.
Phenolic Resins Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | US$ 24.78 Billion |
| Growth Rate | CAGR of 5.4 % during 2022-2032 |
| Segment Covered | Type, Application, by End Use, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Bakelite Synthetics (U.S), Sumitomo Bakelite Company Limited (Japan), SI Group Inc. (U.S), Jinan Shengquan Group Share Holding Co. Ltd. (China), Ashland Global Holdings Inc. (the U.S), BASF SE (Germany), Georgia-Pacific Chemicals' (U.S), DIC Corp (Japan), Hexcel Corporation (U.S), Akrochem Corporation (U.S), Arclin Inc |
Key Segment Of The Phenolic Resins Market
by Type (USD Billion)
• Resol Resins
• Novolac Resins
• Other Product Types
by Application, (USD Billion)
• Insulation
• Paper Impegration
• Wood Adhesives
• Laminates
• Molding
• Other Applications
by End Use, (USD Billion)
• Electrical & Electronics
• Building & Construction
• Furniture
• Automotive
• Other End Uses
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
the phenolic resins market is growing at a CAGR of 5.4 % during the forecast period.
The major contenders in the global phenolic resins market Bakelite Synthetics (U.S), Sumitomo Bakelite Company Limited (Japan), SI Group Inc. (U.S), Jinan Shengquan Group Share Holding Co. Ltd. (China), Ashland Global Holdings Inc. (the U.S), BASF SE (Germany), Georgia-Pacific Chemicals' (U.S), DIC Corp (Japan), Hexcel Corporation (U.S), Akrochem Corporation (U.S), Arclin Inc
North America dominated the market for phenolic resins market and accounted for the largest revenue share.
Key Properties & Major Application Areas Of Phenolic Resins-
Phenolic resins are applied as binders, adhesives, and reinforcement agents for numerous base materials. These resins are mixed/blended or coated/impregnated with the base material, which are then heat cured.
Features of phenolic resin cured materials-
- High heat resistance
- High flame resistance
- High residual carbon ratio; suitable for carbon based materials
- Excellent acid/solvent resistance
- Excellent binding strength
- Exhibit high strength and hardness
- High binding strength: suited for low strength materials and flexible materials
Major application areas-
Refractory materials: Phenolic resins find their application in the production of refractory materials that are required for manufacturing cement, iron, steel and glass at high temperatures.
Composite Material Products (Molded): Due to excellent heat resistance and mechanical strength of phenolic resins, they are used in several impregnation processing applications such as filters, coatings, separators, and laminates. Phenolic resins are also used with FTP, which is gaining high traction due to the growing demand for flame retardant materials.
Electronics: Phenolic resins are widely used in electronic processing applications. Phenolic resins are used in epoxy resins, catalysts and curing agents for different electronic applications such as electrical castings and electrical laminating. Phenolic resins are also used as underfill adhesives and in impregnation applications for printed circuits boards (PCB) and semiconductor photoresist formulations.
The global phenolic resins market is categorized based on type, application, and end-user.
By type-
Based on type, the global phenolic resins market is categorized into novolac resins and resol resins. Resol resin segment is further categorized into liquid and solid resol resins. Novolac resin is projected to witness significant growth in the coming years. Growing usage of novolac resin for oil filter papers in the automotive segment is projected to boost the demand for the resin. Novolac resins are acid-catalyzed resins that are non-reactive in nature. Novolac resins are also widely used in protective coatings. Overall, growth in the novolac resins segment will propel the demand for phenolic resin market over the forecast period.
By application-
Based on the application, the global phenolic resins market is categorized into wood adhesives, insulation, molding, laminates, paper impregnation, and coatings among others. By application, wood adhesives emerged as the key application of phenolic resins. Wood adhesives are widely used for construction, furniture making, and luxurious goods manufacturing. Phenolic resins are among the major adhesives used for binding woods of all shapes and sizes into a wide array of structures such as molded products, panels, lumber and timber products. Phenolic resins are widely used for plywoods, lumber and oriented strand board. Growth in consumer spending for buying luxury furniture and overall growth in the construction industry is augmenting the demand for wood adhesives, thereby fostering the growth of the phenolic resins market.
Based on the region, the global phenolic resin market is categorized into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
By region, Asia Pacific is anticipated to dominate the global phenolic resins market owing to the rapid growth of the end-use segments in the region. The burgeoning automotive industry, both in terms of manufacturing and consumption, in several countries of Asia Pacific is projected to be one of the key growth factors for phenolic resins. Phenolic resins are used for friction material applications such as clutch facings and brakes.
Along with the automotive industry, growth in the construction industry owing to positive consumer sentiment is further projected to boost the phenolic resin market demand. Phenolic resins are used in insulation resin for rock wool and glass wool. They are also widely used in furniture applications for particleboard, plywood, and laminated wood. Overall, growth in residential and commercial construction in Asia Pacific is projected to boost the demand for phenolic resin in the coming years.
However, due to the ongoing impact of COVID-19 pandemic, automotive, construction and electronics industries are projected to be negatively impacted for the coming few years which will directly hit the overall supply chain, which also includes precursor products such as phenolic resins. Overall, the performance of these industries will determine the future growth of the phenolic resins market.