Phenolic Resins Market Scope
Phenolic resin known as phenolic formaldehyde resin (PF), is a synthetic resin. It is produced from the polymerization of phenol (C6H5OH) and formaldehyde (CH2C=O). This resin is used in numerous industries for insulation, coatings, and adhesive purposes. It is mainly used in the production of molded products like laboratory countertops, oil well proppants, etc. Rising demand in end-use industries for coatings, adhesives for automobiles, and other coatings is impacting on the demand for phenolic resin in a positive manner. In addition, the rising inclination towards using bio-based resin has created growth opportunities for the market.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Hexion Inc. (United States), Hitachi Chemical Co. Ltd. (Japan), Sumitomo Bakelite Co. Ltd. (Japan), BASF SE (Germany), SI Group Inc. (United States), DIC Corporation Inc. (Japan), Kolon Industries Inc. (South Korea), Shandong Laiwu New Material Co. Ltd (China), Changshu South-East Plastic Co., Ltd. (China) and Bakelite Synthetics (United States) |
CAGR | 5.3% |
The players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen their presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands. Such trends are proving beneficial to the overall phenolic resins industry growth. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Phenolic Resins market throughout the predicted period.
Hexion Inc. (United States), Hitachi Chemical Co. Ltd. (Japan), Sumitomo Bakelite Co. Ltd. (Japan), BASF SE (Germany), SI Group Inc. (United States), DIC Corporation Inc. (Japan), Kolon Industries Inc. (South Korea), Shandong Laiwu New Material Co. Ltd (China), Changshu South-East Plastic Co., Ltd. (China) and Bakelite Synthetics (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Capital Resin Corporation (United States), Ashland Global Holdings, Inc. (United States), Palmer Holland, Inc. (United States), Akrochem Corporation (United States) and Romit Resins Pvt. Ltd. (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Phenolic Resins market by Type , by Application (Wood adhesives, Foundry, Molding, Laminates, Insulation, Paper Impregnation, Coatings and Others) and Region with country level break-up.
On the basis of geography, the market of Phenolic Resins has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In 2021, SI Group planned to expand its resole production capacities in Rotterdam Junction, New York, and Lote, India, by 25 percent. and In 2020, Black Diamond and Investindustrial acquired Phenolic Specialty Resin, Hexamine, and European-based Forest Products Resins businesses from Hexion, Inc.
In 2020, SI Group expanded its facility in Nanjing, China, to increase the production capacity of tackifier resins by 50 percent. and In September 2020, Allnex, a prime distributor of specialty chemicals for plastic, wood, and other surfaces announced the development of an eco-friendly Phenolic Resin namely PHENODUR ® PR 616/65B, which is more water-resistant and has none of Bisphenol-A or Bisphenol-F. With this product launch, allnex puts a step forward in providing more desirable products and holding a firm position in the market.
Phenolic resins identified in this section may be safely used as the food-contact surface of molded articles intended for repeated use in contact with nonacid food (pH above 5.0), in accordance with the following prescribed conditions: and (a) For the purpose of this section, the phenolic resins are those produced when one or more of the phenols listed in paragraph (a)(1) of this section are made to react with one or more of the aldehydes listed in paragraph (a)(2) of this section, with or without aniline and/or anhydro-formaldehyde aniline (hexahydro-1, 3,5-triphenyl-s-triazine)
Influencing Trend:
Growing Automotive Industry in Asia-Pacific, Increasing Demand for Phenolic Resin From the Tire Industry and More Preference for Phenolic Resin for Laminates
Market Growth Drivers:
Rising demand for Phenolic Resin for Insulation of Automobiles and Electronics, Increasing Expenditure of Paint & Coatings in Number of End-Use Industries and Growing Inclination towards Bio-based Phenolic Resin Drive the Market
Challenges:
Availability of Substitutes Poses a Challenge to the Market
Restraints:
Least Toughness may limit its Applicability in certain Industries
Opportunities:
Increasing Demand for Phenolic Resin for the Automobile Industry and Augmenting Rubber & Plastics Industrial Production in Southeast Asian Countries has Created Growth Opportunities
Key Target Audience
Phenolic Resin Manufacturers, Phenolic Resin Suppliers/Distributors, Government Regulatory Bodies, Government Research Institutes, New Entrants/Investors, Private Research Institutes and Others