Phenolic Resins Market - Estimated To Reach at USD 19.13 billion in 2026
Posted: Oct 25, 2018
The global Phenolic Resins market generated USD 12.04 billion in 2017 and is anticipated to grow at a CAGR of 5.4% during the forecast period.
Phenolic resin is a common name for phenol-formaldehyde resin and is a thermosetting plastic used in wide array of end-use applications. Molding compounds, forest products, and abrasives are among some of the most significant applications for the phenolic resins.
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Phenolic resin was the first synthetic polymer to be commercialized and is still a very significant industrial polymer. The demand for phenolic resin is also driven by the growth in the downstream sector of phenol, which is a raw material for phenolic resins. Improved operating rates of existing phenol plants were witnessed across the world in 2017, with significantly delayed capacity additions that were expected in 2017.
Phenolic resins are used on account of their versatile application such as excellent thermal, behavior, high strength level, mechanical & long-term thermal stability, excellent smoke, fire, and low toxicity characteristics, superior thermal & electrical insulating capabilities, and excellent cost performance characteristics.
The global phenolic resin market is primarily driven by its high-growth applications, including wood adhesives and insulation materials. Phenolic resins are used in wood adhesives on account of their excellent characteristics, which are driven by the spending on furniture products by the consumers and the construction industry. The construction industry strongly determines the consumption of wood products and adhesives.
Rising demand for modern & feature-rich consumer electronics products along with the rapidly growing urbanization has led to increased utilization of phenolic resins in the electronics industry. Increasing disposable income of consumers has resulted in large construction spending and expenditures on luxurious products such as furniture & modern-day gadgets. Such consumer trends are expected to rapidly drive the phenolic resin market.
Novolac and resol are the two major type of phenolic resins, where other types include bio-phenolic resins, cresol, and few more. Novolac is the dominant product type for the global phenolic resin market. This type of phenolic resin is manufactured both in continuous and batch process and are generally produced as solids, whereas resols are produced as solids and liquids.
Competitive Landscape and Key Vendors
Asia Pacific is estimated to have the highest consumption of phenolic resins. This is on account of rapidly growing construction and electrical & electronics industry in numerous countries of the region. The demand for wood products and adhesives used in those products is strongly determined by the health of construction industry. Thus, the consumption rate of phenolic resin is much higher in the region.
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Global phenolic resin industry is moderately competitive with large number of multinationals across the value chain. Some of key phenolic resin market players include BASF SE, Momentive Specialty Chemicals, Hitachi Chemical Co., Ltd, SI Group, Mitsui Chemicals Inc., DIC Corporation, and Sumitomo Bakelite Co, Ltd.
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.