The global phenolic resin market is projected to be valued at USD 16.60 billion by 2025, rising with CAGR of 5.2% over the forecast period. Large number of applications of phenolic resins in automotive, building & construction, and electronics segments is projected to augment the market growth over the forecast period.
Adroit Market Research recently released a research study on the global phenolic resins market. The global demand for phenolic resin has been analyzed for historical years from 2015 to 2018, with a projected base year as 2019 and projection from 2020 to 2025. The study covers both the current status and future market trends at the global and country level. The report also assesses market competitiveness with Porter's review of the five powers and places leading players based on their product portfolio, regional reach, strategic initiatives, and total sales. Prominent players operating on the global market for composite resin have been analyzed in depth.
Phenolic resins are synthetic thermosetting resins. Due to its functional properties, phenolic resins are considered one of the most versatile resins. Phenolic resins are used with various base materials. They are used as binders, adhesives and binding agents. These resins are mixed, coated or impregnated with the base material that is then heat-curated.
They're available primarily in two groups, namely novolacs and resolutions. In addition to high chemical and water stability, phenolic resins exhibit very high thermal stability up to 300-350 oC. Because of their flexibility and excellent price to performance profile, phenolic resins are widely used across diverse end-use industries. Phenolic resins are ideal for applications where high heat resistance, dimensional stability, and chemical resistance are needed. They are widely used in coatings, composites, adhesives and molded parts. In general, the high flexibility of the phenolic resin application is expected to increase market growth over the forecast period.
The global market for phenolic resins is divided by type, application, and end-use. Type-based, the global demand for phenolic resins is divided into novolac resins, resolving resins among others. Novolac resin is expected to see significant growth in the coming years. The growing use of novolac resin for oil filter papers is expected to fuel demand for the resin in the automotive market. Additionally, novolac resins are commonly used in protective coatings in the building and construction segment.
The wood adhesives have emerged as the primary application of phenolic resins by application. Wood adhesives are commonly used in the manufacture of furniture, luxury goods, and construction. Phenolic resins are commonly used for plywoods and lumber. Growth in consumer spending on luxury furniture purchases and overall growth in the construction sector is rising demand for wood adhesives.
Due to the rapid growth of the region's end-use segments, Asia Pacific is expected to dominate the global market for phenolic resins over the forecast period. The burgeoning automotive industry is expected to be one of the main growth drivers for phenolic resins in many Asia Pacific countries. Phenolic resins are used for applications with friction materials such as brakes and clutch facings.
Major players in the global phenolic resin market include Ashland Inc., Hexcel Corp, Olympic Panel Products LLC, Georgia Pacific Chemicals, Arclin Inc., DIC Corp., Sumitomo Bakelite, Arizona Chemical Co. LLC, Momentive Specialty Chemicals, Kolon Industries Inc., Hexion among others. Increasing geographic reach is one of the main approaches players are taking to broaden their customer base.
Key segments of the global phenolic resins market
Type Overview, 2015-2025 (Kilo Tons) (USD Million)
- Novolac resin
- Resol resin
- Liquid resol resin
- Solid resol resin
Application Overview, 2015-2025 (Kilo Tons) (USD Million)
- Wood adhesives
- Paper impregnation
End-user Overview, 2015-2025 (Kilo Tons) (USD Million)
- Building & construction
- Electrical & electronics
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa