Global Phenolic Resins Market to Reach US$ 23.2 Billion by 2032, Propelled by Increasing Demand for Automotive Components

March 31, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “­­Phenolic Resins Market by Product Type (Novolac, Resol), Application (Molding, Adhesive, Insulation, Laminates, Coatings, Paper Impregnation, and Others), End Use Industry (Automotive and Transportation, Consumer Electronics, Building and Construction, Oil and Gas, Furniture, and Others), and Region 2024-2032,” the global phenolic resins market size reached US$ 15.5 Billion in 2023. Phenolic resins are a type of synthetic polymer formed by the reaction of phenol (C6H5OH) with formaldehyde (CH2C=O). This, in turn, results in a thermoset material that is highly resistant to heat, fire, and chemicals. These products also exhibit excellent mechanical, thermal, and electrical properties and offer superior dimensional stability and strength. As a result, phenolic resins are widely used as adhesives, coatings, and binders in manufacturing automotive parts, electrical components, construction materials, and consumer goods. They are particularly useful in high-temperature applications, where other materials may break down or degrade. Currently, various leading market players are launching self-healing phenolic resins that can repair cracks and other damages without needing external intervention.

Global Phenolic Resins Market Trends:

The expanding product utilization across the automotive sector to manufacture various components, such as brake pads, clutches, automatic transmission parts, and decorative laminates for vehicle interiors, is primarily driving the market growth. The market is further supported by increasing  sales of autonomous and luxury vehicles due to rapid urbanization and inflating disposable incomes of individuals. Besides this, the rising use of phenolic resins for making aircraft interiors, stow bins, and galley walls, as well as impregnating different substrates in the production of electrical laminates, are acting as another growth-inducing factor. Moreover, the growing demand for phenolic resins in the flourishing construction industry as bonding adhesives for composite and wood-based panels due to their eco-friendliness, superior strength, and weather-resistance characteristics are contributing to the market growth. In addition to this, the widespread product adoption in offshore water pipe systems due to its favorable properties, such as low thermal conductivity and enhanced resistance to corrosion, is presenting remunerative growth opportunities for the market. Furthermore, the surging use of phenolic resins in three-dimensional (3D) printing for producing complex parts in the defense, aerospace, and automotive industries and molding applications for electrical and electronic components and household appliances are aiding in market expansion. Looking forward, the market value is projected to reach US$ 23.2 Billion by 2032, expanding at a CAGR of 4.5% during 2024-2032.

Market Summary:

  • Based on the product type, the market is bifurcated into novolac and resol. Between these, resol holds the largest share.
  • On the basis of the application, the market has been segregated into molding, adhesive, insulation, laminates, coatings, paper impregnation, and others. At present, adhesive represents the most popular segment.
  • Based on the end use industry, the market is categorized into automotive and transportation, consumer electronics, building and construction, oil and gas, furniture, and others. Among these, automotive and transportation is the biggest end use industry.
  • On the basis of the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Currently, Asia Pacific enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Akrochem Corporation, Allnex GMBH (PTT Global Chemical), Bakelite Synthetics, Bostik Inc. (Arkema S.A.), DIC Corporation, Hexion Inc., Kolon Industries Inc., Kraton Corporation (DL Chemical Co. Ltd.), Prefere Resins Holding GmbH, Shandong Laiwu Runda New Material Co. Ltd., SI Group Inc., and Sumitomo Bakelite Company Limited.
     

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Product Type Covered Novolac, Resol
Application Covered Molding, Adhesive, Insulation, Laminates, Coatings, Paper Impregnation, Others
End Use Industry Covered Automotive and Transportation, Consumer Electronics, Building and Construction, Oil and Gas, Furniture, Others
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Akrochem Corporation, Allnex GMBH (PTT Global Chemical), Bakelite Synthetics, Bostik Inc. (Arkema S.A.), DIC Corporation, Hexion Inc., Kolon Industries Inc., Kraton Corporation (DL Chemical Co. Ltd.), Prefere Resins Holding GmbH, Shandong Laiwu Runda New Material Co. Ltd., SI Group Inc., and Sumitomo Bakelite Company Limited.
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Global Phenolic Resins Market to Reach US$ 23.2 Billion by 2032, Propelled by Increasing Demand for Automotive Components
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