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Definition of Market/Industry:

Phenolic resins belong to a class of polymers and are produced by repetitive linkages between monomers and aldehyde chemicals under the pressure of heat. They have excellent chemical and physical properties such as electrical resistance, heat resistance, high tensile strength, lightweight, moldability, and lower smoke. They are widely used across wood, electronics, laminates, aviation, foundry materials, mass transit, and power generation industries.

Market Statistics:

The global phenolic resins market is expected to surpass US$ 21,365.5 Mn in terms of value by the end of 2028.

Drivers:

The growing demand for a tire is accelerating the market growth of the phenolic resins. They are widely used in the production of tire for different applications such as curing, tackifying, reinforcing, bonding, and adhesives. According to the Coherent Market Insights analysis, the consumption of phenolic resin ranges between 2 to 12 units per 100 units of natural rubber, depending upon the end-use of the tires. Thus robust growth in the tire industry is projected to foster the market growth of the phenolic resins.

Market Opportunities

Nano-modification of phenolic resins through nanotechnology is expected to bring favorable market opportunities over the forecast period. This helps in offering more thermal stability and makes it suitable for high-temperature applications. Also, increasing use of this materials in fire-resistant platforms, deluge pipes, and other instruments for offshore drilling activities is again propelling the market growth. Thus, the nano-modification of phenolic resins will favor market growth in the near future.

Global Phenolic Resins Market: Recent Developments

  • In May 2020, Coes of Derby developed an alternative for phenolic resins used in nuclear submarines and is approved. This ensures product is cost effective and easy to use.
  • In March 2020, According to DPIIT (department of promotion of industry and international trade) there is an insurgence of FDI in electronics sector in India which further ensures growth of phenolic resins market.

Market Restraints

Strict environmental regulations as formaldehyde which is a key component of phenolic resins is a VOC and this VOC has been known to have carcinogenic in nature by National Toxicology Program in the US in 2011. Thus, growing strict environmental rules and regulations is projected to hinder the market growth of the phenolic resins over the forecast period.

Global Phenolic Resins Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely.orbp. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on phenolic resins market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/phenolic-resins-market-341

Key Takeaways:

  • The global phenolic resins market was valued at US$ 13,899.37 Mn in 2020 and is forecast to reach a value of US$ 21,365.5 Mn by 2028 at a CAGR of 5.5% between 2021 and 2028.
  • Among the main four applications the Wood adhesives segment was valued US$ 2,584.8 Mn in 2020 with a market share accounting for 18.60% and is expected to witness a CAGR of 5.1% over the forecast period. High adesive and water resistant property of phenolic resins is expected to boost its growth and demand in wood adhesives segment for the forecast period 2020-2028.

Figure 1. Global Phenolic Resins Market Share, By Application, 2020

Market Trends

Increasing R&D expenditure in order to meet the evolving demand for the product. The expansion of the chemical industry due to the production of chemicals is further projected to foster market growth. Manufacturers are focusing on developing the innovative and low-cost products with enhanced properties in order to cater to growing demand. Thus, technological advancement and growing R&D expenditure by manufacturers is projected to escalate the market growth of the phenolic resins over the forecast period.

Increasing production capacity of the phenolic resins is a growing trend in the market. For instance, in November 2019, US-based Hexion has announced its plan to add phenolic resin capacity at its facility in Brimbank, Australia, to expand its adhesives and binders business. The expansion of the phenolic capacity is expected to meet the increasing demand for phenolic resins for several applications, including fire-resistant cladding material for commercial, residential, and institutional properties.

Competitive Section:

Company Names 

  1. BASF SE
  2. Chang Chun Plastics Co. Ltd.
  3. Georgia Pacific 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.
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