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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Definition of Market/Industry:

Phenolic resins are polymers that have excellent heat and electrical resistance properties. It is majorly used as molding materials, abrasives, adhesives, laminates, friction materials, and insulators materials. Phenolic resins can be classified into resol and novolac. Resol is produced under normal conditions, with excess formaldehyde, whereas novolac is created under acidic conditions by using excess phenol.

The global phenolic resins market is estimated to be valued at US$ 21,365.5 million in 2028 and is expected to exhibit a CAGR of 5.5 % over the forecast period (2021-2028).

Recent Developments:

  • In September 2020, Allnex , a prime distributor of speciality chemicals for plastic, wood and other surfaces announced a development of an eco-friendly Phenolic Resin namely PHENODUR ® PR 616/65B, which is more water resistant and has none of Bisphenol-A or Bisphenol-F. With this product launch allnex puts a step forward in providing more desirable product and holding a firm positin in the market.
  • In September 2020, Hexion has declared the selling of its phenolic resin, hexamine businesses to two equity firms namely Black Diamond and Investindustrial. This helps in their business investments and debt clearance.

Figure 1. Global Phenolic Resins Market Value (US$ Mn), by Region, 2020

Phenolic Resins  | Coherent Market Insights

  • Asia Pacific held dominant position in the global phenolic resins market in 2020, accounting for 38.71 % share in terms of Revenue, followed by North Ameria and Europe, respectively
  • Increase in automotive and construction industries in Asia pacific is driving growth for phenolic resins market for the forecast period 2020-2028

Drivers:

High demand for phenolic from the automotive industry and thus growth in the automotive industry is projected to fuel the market growth. It is widely used in the single-vehicle due to its heat resistance, lightweight, fire retardancy, and impact resistance property. Increasing production of automobiles across the developing region is a prime factor propelling market growth. Thus, the growing demand for phenolic resins from the automotive industry is augmenting the market growth.

Increasing use of phenolic resin in impregnated materials due to growing strict rules and regulations for promoting energy efficiency is escalating market growth. Also, the growing demand for low-density materials that provide thermal insulation and outstanding durability is again propelling the market growth of the phenolic resin. Increasing use of this material in green building’ spaces for the commercial and residential sectors is also projected to foster market growth. 

Market Opportunities

Robust growth in the construction industry in the United States is projected to offer immense growth opportunities over the forecast period. For instance, in 2020, the US federal budget allocates $200 billion for infrastructure priorities across a range of sectors, including water infrastructure. Also, increasing renovation and construction of new residential as well as commercial infrastructure is further anticipated to foster the market growth of the phenolic resins over the forecast timeframe.

The growing demand for phenolic resins from wood adhesives is projected to create enormous growth opportunities for the market over the forecast timeframe. Due to its exceptional water resistance, water diluting ability, excellent moisture resistance, and weather resistance property, it is widely used in the creation of wood adhesive. Thus, growing demand for wood adhesive from a wide range of end-user industries is expected to fuel the market growth of the phenolic resins in the near future. 

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Phenolic Resins Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2020: US$ 13,899.37 Mn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2028
Forecast Period 2021 to 2028 CAGR: 5.5%  2028 Value Projection: US$ 21,365.5 Mn
Geographies covered:
  • Regions: North America, Europe, Asia Pacific, Rest of world
Segments covered:
  • By Application: Wood Adheshives, Molding Compounds, Laminates, Insulation, Others
  • By Product type: Resole, Novolac and Others 
Companies covered:

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.

Growth Drivers:
  • Increasing demand from automotive industry
  • Rapid growth in construction industry 
Restraints & Challenges:
  • Volatile price of raw material 

Market Trends

Eco-friendly phenolic resins are gaining traction in the market. For instance, in September 2020, allnex, the supplier of specialty chemicals, offering a broad range of coating resins, additives, and crosslinkers for use on wood, metal, plastic, and other surfaces has announced the launch of PHENODUR® PR 616/65B, a new, eco-friendly phenolic resin primarily for interior and exterior coatings. This product is claimed to have a very low free formaldehyde value of < 0.1%.

Repair and remodeling activities are gaining popularity across the Asia Pacific region. This is increasing the consumption of resole resins in the construction industry. The increasing population coupled with the growing disposable income of the consumers is again expected to drive the demand for phenolic resins and this is projected to foster the market growth over the forecast period.

Figure 2. Global Phenolic Resins Market Share, By Product Type, 2020

Phenolic Resins  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Resole held slightly more dominant position than Novolac in the yaer 2020 accounting for 24.62%. and other products than resole and novolac were much dominant accounting for 50.95% market share in the year 2020.
  • Increasing repairing and remodelling activities in construction industry in asia pacific region is putting it on a dominant position in the global phenol resins market.
  • Increasing demand for light-wight eco-friendly composite materials is fuelling the market growth for phenolic resins market.

Market Restraints

The fluctuating price of raw materials used in the manufacturing of phenolic resins is expected to hinder the market growth. Phenolic resins are petroleum-based products that is obtain through a reaction between benzene and propylene. Petroleum-based products are highly susceptible to price volatility which could increase the overall price of the products.

The unfavorable conditions arising due to the COVID-19 pandemic is expected to act as major challenges for the market growth of the phenolic resins.

Competitive Section:

Company Names 

  1. BASF SE
  2. Chang Chun Plastics Co. Ltd.
  3. Georgia Pag cific Chemicals LLC
  4. Kolon Industries Inc.
  5. Prefere Resins
  6. Mitsui Chemicals Inc.
  7. Sumitomo Bakelite Co., Ltd
  8. Hitachi Chemical Co. Ltd.
  9. SI Group, Inc.
  10. Momentive Specialty Chemicals, Inc.

Recent Development

In April 2019, Prefere Resins Holding has acquired Ineos’ melamine resins and paraformaldehyde activities for an undisclosed sum.

Phenolic resins phenolic formaldehyde or phenol resins are synthetic polymers obtained by the synthesis of phenolic or substituted phenol by formaldehyde. Typically used as a base for Bakelite, these chemical resistance resins were the very first commercial synthetic moisturizers. Used as a skin protective agent, these chemical-resistant resins have excellent skin protection properties and do not yellow easily. Formaldehyde is a colorless, odorless, and caustic chemical that is derived from natural gas and used in most of the artificial preservatives in food.

Market Dynamics:

Increasing demand from the automotive industry and rapid growth in the construction sector is driving growth of the phenolic resins market. According to the India Brand Equity Foundation, India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023, to ensure sustainable development in the country.

However, the volatile price of raw materials is expected to restrict growth of the market.

Key features of the study:

  • This report provides in-depth analysis of the phenolic resins market, and provides market size (US$ Million & KT) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global phenolic resins market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global phenolic resins market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global phenolic resins market

Detailed Segmentation:

  • Global Phenolic Resins Market, By Product Type:
    • Resole
    • Novolac
    • Others
  • Global Phenolic Resins Market, By Application:
    • Wood adhesivs
    • Molding Compounds
    • Laminates
    • Insulation
    • Others
  • Global Phenolic Resins Market, By Region:
    • North America
      • By Product Type
        • Resole
        • Novolav
        • Others
      • Application
        • Wood Adhesives
        • Molding Compounds
        • Laminates
        • Insulation
        • Others
      • By Country
        • Canada
        • U.S.
    • Europe
      • By Product Type
        • Resole
        • Novolav
        • Others
      • Application
        • Wood Adhesives
        • Molding Compounds
        • Laminates
        • Insulation
        • Others
      • By Country
        • U.K.
        • France
        • Germany
        • Rest of Europe
    • Asia Pacific
      • By Product Type
        • Resole
        • Novolav
        • Others
      • Application
        • Wood Adhesives
        • Molding Compounds
        • Laminates
        • Insulation
        • Others
      • By Country
        • China
        • India
        • ASEAN
        • Australia
        • Rest of Asia Pacific
    • Rest of World.
      • By Product Type
        • Resole
        • Novolav
        • Others
      • Application
        • Wood Adhesives
        • Molding Compounds
        • Laminates
        • Insulation
        • Others
      • By Sub-Region
        • Latin America
        • MEA
  • Company Profiles
    • 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.
    • Momentive Specialty Chemicals, Inc.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, Product Type
      • Market Snippet, Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • PEST Analysis
      • PORTER’s Five Forces Analysis
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Mergers and Acquisitions
  4. Global Phenolic Resins Market - Impact of Coronavirus (Covid-19) Pandemic
    • Overview
    • Factors Affecting Global Phenolic Resins Market – COVID-19
    • Impact Analysis
  5. Global Phenolic Resins Market, By Product Type, 2021- 2028 (US$ Mn & KT)
    • Introduction
      • Market Share Analysis, 2020, 2022 and 2028 (%)
      • Y-o-Y Growth Analysis, 2021 - 2028
      • Segment Trends
    • Resole
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Mn & KT)
    • Novolac
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Mn & KT)
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Mn & KT)
  6. Global Phenolic Resins Market, By Application, 2021- 2028 (US$ Mn & KT)
    • Introduction
      • Market Share Analysis, 2020, 2022 and 2028 (%)
      • Y-o-Y Growth Analysis, 2021 - 2028
      • Segment Trends
    • Wood Adhesives
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Mn & KT)
    •  Molding Compounds
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Mn & KT)
    •   Laminates
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Mn & KT)
    •   Insulation
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Mn & KT)
    • Others
      •   Introduction
      •   Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$    Mn & KT)
  7. Global Phenolic Resins Market, By Region, 2021- 2028 (US$ Mn & KT)
    • Introduction
      • Market Share Analysis, By Region, 2020, 2022 and 2028 (%)
      • Y-o-Y Growth Analysis, For Region, 2021 - 2028
    • North America
      • Market Share Analysis, By Country, 2020, 2022 and 2028 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2028
      • Market Share Analysis, By Product Type, 2020, 2022 and 2028 (%)
      • Market Share Analysis, By Application, 2020, 2022 and 2028 (%)
      • By Country
        • U.S.
        • Canada
    • Europe
      • Market Share Analysis, By Country, 2020, 2022 and 2028 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2028
      • Market Share Analysis, By Product Type, 2020, 2022 and 2028 (%)
      • Market Share Analysis, By Application, 2020, 2022 and 2028 (%)
      • By Country
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Share Analysis, By Country, 2020, 2022 and 2028 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2028
      • Market Share Analysis, By Product Type, 2020, 2022 and 2028 (%)
      • Market Share Analysis, By Application, 2020, 2022 and 2028 (%)
      • By Country
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Rest of world
      • Market Share Analysis, By Country, 2020, 2022 and 2028 (%)
      • Y-o-Y Growth Analysis, By Country, 2021 – 2028
      • Market Share Analysis, By Product Type, 2020, 2022 and 2028 (%)
      • Market Share Analysis, By Application, 2020, 2022 and 2028 (%)
      • By Sub-Region
        • Latin America
        • MEA
  8. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis (3x3 Matrix)
    • Company Profiles
      • BASF SE
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
      • Chang Chun Plastics Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
      • Georgia Pacific Chemicals LLC
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
      • Kolon Industries, Inc.
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
      • Prefere Resins
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
      • Mitsui Chemicals Inc.
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
      • Sumitomo Bakelite Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
      • Hitachi Chemicals Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
      • SI Group, Inc.
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
      • Momentive Speciality chemicals, Inc.
        • Company Overview
        • Product Portfolio
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

* Browse 50 market data tables* and 45 figures* on Phenolic Resins Market” - Global forecast to 2028.

FAQgrowicon

Frequently Asked Questions

The global phenolic resins market size is estimated to be valued at US$ 21,365.5 Million in 2028 and is expected to exhibit a CAGR of 5.5 % between 2021 and 2028.
Increasing demand of lightweight, eco-friendly composites and increasing remodelling activities at construction industries are propelling the market growth.
The Resole segment is the leading segment in the market.
Fluctuating price of raw materials is expected to hinder growth of the market.
Major players operating in the market include, 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.
Asia Pacific region is expected to hold dominant position in the market over the forecast period 2021-2028. The growth of the market in the region is driven by increasing construction industries, and production of electronic products in India.
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