The phenolic resins market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Phenolic resins find wide applications in wood adhesives, molding compounds, laminates, insulation, and friction materials among others. They are commonly used as wood adhesives in the manufacturing of plywood, particle board, and fiberboard due to their high heat resistance and bonding strength.
Market Dynamics:
The growth of the market is primarily driven by increasing application of phenolic resins in wood adhesives. Phenolic resins exhibit excellent adhesion to wood and resistance to heat, solvents, and pressure. Hence, they are considered as the most suitable adhesives for manufacturing wood composites like plywood and particle board. Additionally, rapid urbanization and growing construction industry globally has increased the demand for wood composites, thereby driving the phenolic resins market growth. Furthermore, Phenolic resins also find increasing usage in molding compounds, insulation, friction materials, and laminates due to their superior properties.
SWOT Analysis
Strength: Phenolic resins have high heat resistance which makes them suitable for applications requiring high-temperature stability. They also offer good electrical insulation and fire resistance. Phenolic resins bond well to various substrates like wood, ceramics, and metals.
Weakness: Phenolic resins emit toxic fumes when burned. They also have a strong odor during production and processing. Formaldehyde, a hazardous air pollutant, is used as a resin in most phenolic resins.
Opportunity: Increasing demand for lightweight composites from various end-use industries like automotive and aerospace provides an opportunity for phenolic resins. Growing construction industry especially in Asia Pacific also drives the demand.
Threats: Stringent environmental regulations regarding formaldehyde emissions pose a threat. Development of bio-based resins may replace petroleum-based phenolic resins.
Key Takeaways:
The global Phenolic Resins Market Share is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from construction and automotive industries. Phenolic resins are used in various construction applications such as insulating boards, laminates, moulded products, and coatings & paints. Growth in real estate and infrastructure sectors is driving the demand.
Regional analysis Asia Pacific dominates the global phenolic resins market and is expected to grow at the fastest rate during the forecast period. China, India, and Japan are the major consumers in this region. This is attributed to expanding construction and automotive industries. Stringent environmental policies in Europe and North America are prompting market players to develop eco-friendly phenolic resins with reduced formaldehyde emissions.
Key players operating in the Phenolic Resins market are 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. The major players are focusing on new product launches, expansions, mergers and acquisitions to gain market share. For instance, in 2018, Momentive Specialty Chemicals acquired the phenolic specialties business of Georgia-Pacific Chemicals.
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