Phenolic Resin Market

Phenolic Resin Market Size & Growth (2023-2028):

The phenolic resin market size is estimated at USD 12.1 Billion in 2022 and is projected to reach USD 13.1 Billion by 2028, with a CAGR of 4.8% from 2023-2028

Phenolic resin is an artificial polymer acquired by the reaction of phenol or by alternating phenol with formaldehyde. Phenolic resins also called phenol-formaldehyde resins are artificial polymers that are obtained from the reaction of phenol or altered phenol with formaldehyde at high temperatures. These resins are flame-retardant, demonstrating heat resistance, tensile strength, and low toxicity, resulting in less smoke.

phenolic resins market DROC:

The rising demand for these applications has escalated the production of phenolic resins to meet the present market demand. Several phenolic resin makers are actively introducing innovative products and enhancing their present technologies to gain a competitive edge in a mature, yet rising phenolic resin business. The market shows several opportunities for new entrants who can launch unique applications and products at low costs, due to a number of players who tend to adopt low-cost strategies and balanced operations in order to balance capacity. Also, phenolic resins are employed in flame retardants which is very important for automobiles and aircraft. Due to these factors, the global phenolic resins market is estimating a high demand. The major factors driving the expansion of the global phenolic resins market are the rising call from the construction and transportation businesses and the escalated call for fire-retardant materials for automobiles and aircraft. Strict rules promoting the employment of lightweight composites in the automotive business and macroeconomic factors like development in disposable income and escalated calls for automobiles and furniture are also positively affecting the expansion of the global phenolic resins market.

The volatility in crude oil costs is estimated to restrain the expansion of the phenolic resins market in the future years, as crude oil is a key raw material employed in the making of these resins. In addition to that, environmental rules relating to formaldehyde emissions are estimated to negatively affect the market expansion, as large investments are needed to change production procedures to meet strict emission standards. The macroeconomic expansion in growing economies is foreseen to propel the call for durable and aesthetic products in the coming years. This expansion is also estimated to lead to the escalated disposable income of people in these countries, hence showing high opportunities for the application of phenolic resins in aesthetic products. 

PHENOLIC RESIN MARKET REPORT COVERAGE:

phenolic resins market segmentation:

By Type:

• Resol Resin

• Novolac Resin

• Others

The real resin sector is foreseen to rule this market over the calculated period. This lead is estimated to continue during the foreseen period due to its developed properties like high heat resistance, high tensile strength, and good moldability. In addition to that, its physical and chemical properties make it perfect to be employed for niche applications like offshore oil drilling and friction, boosting the expansion of the phenolic resin market.

By Application:

• Wood adhesives

• Foundry

• Molding

• Laminates

• Insulation

• Others

The call for phenolic resin in the wood adhesives application is mainly owing to the rising construction business. The plywood sub-sector holds the highest share of the market in the wood adhesives sector.

By End-User:

• Automotive

• Building & construction

• Furniture

• Electrical & electronics

• Others

In the automotive end-use business, phenolic resin is majorly employed in disk brake caliper pistons, brake linings, clutch facing, automotive felts, brake pads, drum linings, oil filters, and under-the-hood parts. Phenolic resin is broadly employed in the automotive business to enhance reinforcement, vulcanization, and formability.

Recent Developments in the phenolic resins market:

US-based Hexion has declared its plan to add phenolic resin capacity at its branch in Brimbank, Australia, as part of its strategy to grow its adhesives and binders industry. The addition at the facility is estimated to meet the rising call for phenolic resins for numerous applications, including fire-resistant cladding material for commercial, residential, and institutional properties.

Mitsui Chemicals, Inc. declared that it plans to begin production for alpha-methyl styrene (α-methyl styrene) at Singaporean subsidiary Mitsui Phenols Singapore Pte. Ltd. (MPS; Managing Director: Manabu Yoshida).

phenolic resins market Regional Analysis:

phenolic resins market Segmentation based on the region:

1. North America

   1. U.S

   2. Canada

2. Europe

   1. Norway

   2. Germany

   3. Sweden

3. Asia Pacific

   1. China

   2. India

   3. Japan

4. Latin America

   1. Brazil

   2. Mexico

   3. Argentina

5. Middle East and Africa

a. Middle East

b. Africa

Asia Pacific recorded the most substantial share in this market in 2019 and is estimated to maintain its lead in the estimated time frame. Enhancing economic conditions in the region, government rules to fuel key end-users of phenolic resins like the construction segment, and the strong presence of the automotive segment mainly in countries like India and China are benefitting the market expansion. Latin America has showcased weak economic expansion in the past few years due to several political problems and the failure of governments to fuel the institutional framework and combat corruption. Nevertheless, the future prospects are probable to enhance in light of higher real wages, enhanced business sentiments, and stronger regional GDP expansion. These aspects are likely to influence the development of end-use applications of these phenolic resins.

phenolic resins market Key Players:

1. Owens Corning
2. Arclin Inc., Ashland Inc
3. DIC Corporation
4. Hexcel Corp.
5. Georgia Pacific Chemicals
6. Kolon Industries Inc
7. Momentive Specialty Chemicals
8. Sumitomo Bakelite Co. Ltd
9. Olympic Panel Products LLC
10. BASF SE
11. SI Group Inc
12. Hexion
13. Asahi Kasei
14. GUN EI Chemical Industry
15. Kangnam Chemical Co. Ltd
16. Changchun group
17. DYNEA
18. Zhejiang Hangmo
19. Yushiju Chemical
20. Hitachi Chemical Co. Ltd
21. Arizona Chemical Company LLC
22. Red Avenue New Materials