Phenolic Resins Market

Market Overview:

The global phenolic resins market size reached US$ 14.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028. Increasing sales of vehicles, rising construction activities, and the growing product utilization in the aerospace industry represent some of the key factors driving the market.

Phenolic resins are produced through the polymerization of phenol (C₆H₅OH) and formaldehyde (CH₂C=O). They offer high mechanical strength, stability, heat resistance, and extreme resistance to various acids, beverages, and solvents. They are restant to chemicals, offer good electrical insulating properties and can withstand high temperatures. They are used as a bonding agent to easily penetrate and adhere to the structure of different organic and inorganic fillers and reinforcements. They are also utilized in the production of products like billiard balls, chemically resistant countertops, circuit boards, and other panels. At present, key players operating worldwide are introducing self healing phenolic resins that can help repair cracks and other damages on their own, without the need for external intervention.

Phenolic Resins Market Trends:

Phenolic resins are employed in the automotive sector to manufacture components, such as brake pads, clutches, automatic transmission parts, and decorative laminates, for the interior parts of an automobile. This, coupled with the increasing sales of autonomous and luxury vehicles on account of rapid urbanization and inflating income levels, represents one of the major factors strenghtening the market growth around the world. Moreover, phenolic resins find application in the construction industry as bonding adhesives in the production of composite wood panels and wood-based panels. This, along with rising construction activities in residential, commercial, and industrial areas, is favoring the market growth. In addition, phenolic resins are used to impregnate a range of different substrates, which are further employed in the production of electrical laminates. Apart from this, the growing adoption of phenolic resins in offshore water pipe systems on account of their various properties, including low thermal conductivity, better acoustic performance, and resistance to corrosion and chemical, is influencing the market positively. Besides this, the increasing product utilization in the aerospace industry for manufacturing aircraft interiors, stowbins, and galley walls is contributing to the market growth. Furthermore, the rising use of phenolic resins in several molding applications, such as household appliances and electrical and electronic components, is creating a positive outlook for the market.  Additionally, the increasing adoption of phenolic resins in 3D printing to produce complex parts for defense, aerospace, and automotive is propelling the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global phenolic resins market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on product type, application, and end use industry.

Product Type Insights:

• Novolac
• Resol
   

The report has also provided a detailed breakup and analysis of the phenolic resins market based on the type. This includes novolac and resol. According to the report, resol represented the largest segment.

Application Insights:

• Molding
• Adhesive
• Insulation
• Laminates
• Coatings
• Paper Impregnation
• Others
   

A detailed breakup and analysis of the phenolic resins market based on the application has also been provided in the report. This includes molding, adhesive, insulation, laminates, coatings, paper impregnation, and others. According to the report, adhesive accounted for the largest market share.

End Use Industry Insights:

• Automotive and Transportation
• Consumer Electronics
• Building and Construction
• Oil and Gas
• Furniture
• Others
   

A detailed breakup and analysis of the phenolic resins market based on the end use industry has also been provided in the report. This includes automotive and transportation, consumer electronics, building and construction, oil and gas, furniture, and others. According to the report, automotive and transportation accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, Asia Pacific was the largest market for phenolic resins. Some of the factors driving the Asia Pacific phenolic resins market included the increasing use in the automobiles, rising construction activities, and the growing product use in the electronics industry.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global phenolic resins market. Detailed profiles of all major companies have also been provided. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global phenolic resins market performed so far and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global phenolic resins market?
• What are the key regional markets?
• Which countries represent the most attractive phenolic resins markets?
• What is the breakup of the market based on the product type?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the end use industry?
• What is the competitive structure of the global phenolic resins market?
• Who are the key players/companies in the global phenolic resins market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the phenolic resins market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global phenolic resins market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the phenolic resins  industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and  provides an insight into the current positions of key players in the market.