Phenol Formaldehyde Adhesives & Laminates Market Analysis
Phenol Formaldehyde Adhesives and Laminates Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
The global phenol formaldehyde adhesives and laminates market size is expected to witness potential gains in the future and register a significant CAGR of 5.1% over the forecast period (2019 - 2027).
Phenol formaldehyde resins are synthetic polymers used to manufacture high-pressure laminates and adhesives. They are also used to manufacture plastics, molding compounds, and abrasives. Reaction of phenol and formaldehyde in the presence of an alkaline catalyst such as sodium hydroxide produces phenol formaldehyde. Phenol-formaldehyde resins are synthetic commercially available plastic resins. Paper base phenolic resin laminates are brittle due to high hardness and inexpensive and widely used in numerous applications such as wooden chipboard, construction, electrical equipment, and decorative articles.
Increasing demand for phenol formaldehyde adhesives and laminates from end-use industries such as buildings & construction, automotive, and electronics is expected to boost growth of the global phenol formaldehyde adhesives and laminates market over the forecast period. Phenol formaldehyde laminates are used in manufacturing electrical components such as punch-through boards.
Phenol formaldehyde adhesives are used in wooden chipboard for exterior wall appellations as they offer moisture resistance. In the construction industry, phenol formaldehyde resins are used as wood adhesives and glues for construction grade wood panels. Phenol formaldehyde adhesives offer high moisture resistance and superior water resistance. Phenol formaldehyde reacts with natural phenol-like lignin found in wood to enhance glue to wood bond and sets hard and rigid. Therefore, demand for phenol formaldehyde adhesives from the construction industry is also expected to boost the market growth over the forecast period.
However, presence of cheaper alternatives is expected to hinder the market growth. Urea formaldehyde glue is cheaper compared to phenol formaldehyde adhesives. Moreover, phenol in phenolic adhesive formulations can be replaced with lignin.
On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The market in Asia Pacific is expected to hold dominant position over the forecast period. This is attributed to growing building and construction industry in the economies of India and China. The market is also expected to witness the fastest growth over the forecast period, owing to increasing demand for phenol formaldehyde adhesives and laminates in this region. The market in North America is primarily driven by high demand of phenol formaldehyde adhesives and laminates from the construction and wooden chipboard market. The market in Europe is expected to account for significant market share, owing to high demand for phenol formaldehyde adhesives and laminates from Germany followed by Italy, Spain, Sweden, and the U.K.
Key players operating in the global phenol formaldehyde adhesives and laminates market include, Sumitomo Bakelite, BASF SE, Georgia Pacific, Mitsui Chemicals, and Kolon Industries Ltd.