Phenolic resins or phenol formaldehyde resins are the synthetic polymers derived from the reaction between formaldehyde and phenol. Phenolic resins were regarded as the first commercial resins used in manufacturing of molded products such as laboratory countertops and billiard balls. They are also used as coasting and adhesives. Various product types of phenolic resin currently available in the market, include novolac resin, cresol, resol resin, bio-phenolic resin, and formaldehyde-free phenolic resin. Various trade names associated with these products include Bakelite, Aquarius, Maritex, Novo Text, and Oasis, etc. Attributed to its properties such as moisture resistance, heat resistance, adhesion, and high mechanical strength phenolic resins find prominent application in number of industrial activities such as laminates, offshore oil drilling, molding compounds, insulation purposes, hardeners, fire retardants, abrasives, friction materials, wood-adhesive, and others.

Regulatory framework pertaining to phenolic resins include Japan Society of Occupational Safety that marks the permissible concentration of phenol and formaldehyde for the production of phenol resins and Industrial Safety and Health Act that has stated phenol and formaldehyde as labeled substance which allows the usage of phenol resins in various applications. Other agencies such as the U.S. Environmental Protection Agency (EPA), European Phenolic Resins Association (EPRA), and, REACH are also some of regulatory bodies for phenolic resins industry. These bodies ensure consumers’ health & safety by limiting pollution, and hazardous emissions pertaining to this industry.

Phenolic Resins Market Taxonomy

By Product Type

On the basis of product type, the global phenolic resin market is segmented into:

  • Resol Resin
  • Novolac Resin
  • Others (Cresol Resin, Bio-Phenolic Resin, etc.)

By Form

Based on form, the global phenolic resins market is classified as:

  • Powder
  • Granules
  • Liquid

By Application

Based on application, the global phenolic resins market is segmented as:

  • Moulding Compounds
  • Wood Adhesives
  • Insulation
  • Laminates
  • Foundry
  • Paper Impregnation
  • Others (Abrasives, Friction Materials, etc.)

By End-user Industry

On the basis of end-user industry, the global phenol resins market is segregated as:

  • Building & Construction
  • Automotive
  • Electrical & Electronics
  • Furniture
  • Others (Paints & Coatings, etc.)

Novolac resin has emerged as the leading phenolic resin type owing to its increasing application in maintenance coatings or as high-solid varnishes due to its high fire and corrosion resistance attributes combined with high carbon residue.

Global Phenolic Resin Market Outlook – Asia Pacific is set to register the fastest growth rate in global phenolic resins market owing to rapid urbanization

The global phenolic resin market is geographically segmented into North America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific has been the dominant market of phenolic resins in terms of consumption, thereby accounting for almost more than one-third share of the global phenolic resin market. This region is expected to exhibit the fastest growth during the forecast period (2016-2024), owing to the regulatory governing frameworks promoting the usage of lightweight composites in the automotive industry. Other driving factors for the significant growth in Asia Pacific include rapidly increasing population and rapid urbanization. According to the recent trends, phenolic resin manufacturers are gradually shifting their production bases from North America and Europe to emerging economies such as Asia in order to capitalize upon economies of scale by tapping in on low cost labor and extensive resource pools to increase production of phenolic resins.

The key players operating in the global phenolic resins market are BASF SE, Hitachi Chemical Co. Ltd., Ludwigshafen Verbund, Sumitomo Bakelite Co. Ltd., Georgia Pacific Chemicals LLC, SI Group, Prefere Resins, Momentive Specialty Chemicals Inc., DIC Corporation, Kolon Industries Inc., and, Mitsui Chemicals Inc. These phenol resin players are focusing on establishing strategic agreements and partnerships to broaden and strengthen their production base in the value chain, either by forward integration in terms of supply of raw materials, or manufacturing the product themselves. Recently, BASF SE has expanded its South Korean production base, by doubling its phenol capacity. Few other companies such as Kanoria and Momentive have entered into a joint venture to build new production plants in India.


Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users