The global Phenolic resins market size was valued at USD 11.17 billion in 2018 and is anticipated to increase at a CAGR of 5.3% during the forecast period 2019-2025.
Phenolic resins were considered as the first profitable resins mainly used in manufacturing process of molded products like billiard balls and laboratory countertops. They are the synthetic polymers obtained from the reaction between phenol and formaldehyde. They are even utilized as adhesives. Novolac, Resol resin, formaldehyde-free Phenolic resin, cresol, bio-Phenolic resin and Resol resin are the different product types of Phenolic resin. They are used in several industrial activities like friction materials, insulation purposes, and laminates, molding compounds, fire retardants due to their crucial properties like adhesion, resistance, high mechanical strength, moisture, heat resistance and adhesion. These crucial properties further promote market demand.
Phenolic Resins Market- Driving Factors
Another major reason to drive the Phenolic resins market is governmental rules and legislation encouraging energy efficiency in the United States. Increasing demand for plastics, which showcase fire-resistant properties, high thermal resistance led to a considerable growth in the acceptance of Phenolic resins. Another major factor driving the market is expansion of end-use industries like consumer electronics, automotive and construction. Asia Pacific is the region that drives the Phenolic resins market due to the increase in customer spending levels and development of automotive, construction industries in Asia Pacific region.
In order to obtain a cutthroat edge in increasing Phenolic resins market, a number of Phenolic resin manufacturers are introducing pioneering products and even augmenting their existing products. New entrants can get several opportunities if they have the ability to introduce exceptional applications as well as products at inexpensive costs as many of the market players tend to approve less price strategy as well as fair operations for optimizing capability. There is an increasing demand for both frictions as well as rubber materials, which created interest in tough and lightweight Phenolic composites and consequently driving the Phenolic resin market. Growing demand for insulation in applications relating to energy protection from water heater, automobiles and buildings led Phenolic resins market to witness fast growth in China.
Phenolic Resins Market – Restraining factors
Environmental guidelines about formaldehyde production are the major restraining factors to restrict the Phenolic resin market growth. Phenolic resins are made from raw materials such as phenol and formaldehyde. Phenolic is also used in the manufacturing of compound wood products, building materials, paper products, paints and coating. But, the exposure to Phenolic resin can create adverse health issues as it is acidic to body tissue. It can also cause poisoning problem from ingestion and inhalation. Consequently, restrictions are made on the use of Phenol in the regions Europe and America. Environmental emission rules of formaldehyde can restrain the Phenolic resins market growth.
Phenolic Resins Market Categorization
This report depicts the forecasting of revenue growth at regional, global and country-level.
Categorization on the basis of Product Type
- Liquid Resol
- Solid Resol
Categorization on the basis of Application Type
- Paper Impregnation
- Wood Adhesives
Categorization on the basis of Region
- Asia Pacific
- Southeast Asia
- Latin America
- North America
- The U.S.
- Middle East & Africa
Phenolic Resins Market – Key Players
A few of the leadings key players of the global Phenolic resin market are given below:
- BASF SE
- Sumitomo Bakelite Co., Ltd.
- DIC Corporation
- Shandong Laiwu Runda New Material Co., Ltd.
- Changshu South-East Plastic Co., Ltd
- Hitachi Chemical Co., Ltd.
- Kolon Industries, Inc.
- Hexion Inc.
The intrinsic nature of Phenolic resins greatly aids to provide resistant guard for the protection of several substrates from the corrosive effects of chemicals. Moreover, other Phenolic resins contain cyanate ester resins, spray-dried resins, modified resins and benzoxazine resins mainly used in structural composites, which will drive the market growth