Phenolic Resins Market Report
RA06965
Phenolic Resins Market, by Product (Novolac, Resol, Others), Application (Wood Adhesives, Molding, Insulation, Laminates, Paper Impregnation, Coatings, Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Phenolic Resins Overview
The class of synthetic polymers known as thermosetting resins includes phenolic resins, sometimes referred to as phenol-formaldehyde resins. Under particular circumstances, phenol and formaldehyde combine to produce these resins, which are then cross-linked to produce an extremely durable material. Phenolic resins are frequently employed in numerous industrial applications because of their superior thermal stability, chemical resistance, mechanical strength, and flame-retardant characteristics. The manufacturing, marketing, and use of these adaptable materials are all part of the global business known as the phenolic resins market. A wide number of end-user sectors, including those in the automotive, electronics, building, aerospace, and consumer products, are served by the market. Phenolic resins are used in a variety of goods, including laminates, adhesives, coatings, and molded parts, where their remarkable qualities are highly regarded. Industrial expansion, technological breakthroughs, environmental laws, and consumer demand for high-performance and environmentally friendly materials are some of the factors that affect the market for phenolic resins.
Global Phenolic Resins Market Analysis
The global phenolic resins market size was $13.9 billion in 2022 and is predicted to grow with a CAGR of 5.8%, by generating a revenue of $24.4 billion by 2032.
COVID-19 Impact on Global Phenolic Resins Market
The market for phenolic resins was significantly impacted by the COVID-19 pandemic. Phenolic resins are extensively employed in a variety of sectors, including consumer items, electronics, construction, and the automobile industry. To stop the spread of the virus, many nations imposed stringent lockdown measures and travel restrictions amidst the pandemic. These actions resulted in supply chain disruptions, a decline in industrial activity, and a decline in the demand for goods made with phenolic resins. The automobile and construction sectors, which use phenolic resins extensively, were severely impacted by the reduction in consumer spending and the postponement of construction projects. The pandemic also brought about logistical difficulties, production delays, and increased shipping expenses, which had an impact on the cost and availability of the raw materials needed to make phenolic resins. During the early stages of the pandemic, the market for phenolic resins slowed down as a result of these circumstances and the unsteady economic situation. However, as things got better and vaccination campaigns picked up steam, several nations began to loosen regulations and gradually open their markets. Due to this, industrial operations recovered, and demand for goods made using phenolic resins increased.
Rising Demand from various End-use Industries to Drive the Market Growth
Over the past several years, the market for phenolic resins has grown significantly, primarily due to several important factors. First and foremost, a significant driver has been the rising demand for phenolic resins across a range of end-use industries, including automotive, construction, electronics, and consumer goods. Due to their excellent qualities, such as heat resistance, mechanical strength, and fire retardancy, these resins are crucial when producing parts for these industries. SFurthermore, because of increased environmental sustainability consciousness and legislation limiting volatile organic compound (VOC) emissions, the preference for phenolic resins has evolved. These resins are regarded to be more environmentally friendly than other options, and their adoption is being urged to meet tight environmental criteria, which is fueling market expansion. Manufacturers continually spend money on research and development to create novel resins with better qualities, which increases their use in a variety of industries.
Increasing Environmental Concerns and Strict Laws to Restrain the Market Growth
Several challenges could impede the growth of the phenolic resins market, the increasing environmental concerns and strict laws governing the use of phenolic resins present a considerable obstacle. The production and use of these resins, which are sourced from fossil fuels, have the potential to release volatile organic compounds (VOCs), which contribute to smog and climate change. To meet changing environmental regulations, producers of phenolic resins will need to make investments in cleaner, more environmentally friendly production methods as sustainability becomes a top priority for industries everywhere. The competition from substitute materials is another reason that is restricting the market for phenolic resins. Industries may use newer types of resins or composites that offer greater performance features without compromising on environmental impact as they look for more sustainable and effective solutions. These substitutes might supplant phenolic resins in several applications, lowering their market share and growth prospects.
Advancements in Technology to Drive Excellent Opportunities
Technology has made incredible strides in the phenolic resins market, revolutionizing numerous industries that depend on phenolic resins. The outstanding qualities of phenolic resins, also known as phenol-formaldehyde resins, such as strong heat resistance, mechanical strength, and flame retardancy, have made them a popular material. The method of manufacture for phenolic resins is one of the main developments in the field's technology. To increase the effectiveness and environmental friendliness of the synthesis process, manufacturers have been spending money on research and development. To maximize the polymerization of phenolic compounds and formaldehyde, new catalysts and reaction modifiers have been developed, resulting in lower energy usage and waste production.
Global Phenolic Resins Market Share, by Type, 2022
The novolac sub-segment accounted for the highest market share in 2022. In the market for phenolic resins, the novolac category is essential. Novolac resins are a particular kind of phenolic resin that is created by reacting excess phenol with phenols, usually formaldehyde. The fabrication of high-performance composites, adhesives, and coatings, as well as other applications that need enhanced heat resistance and dimensional stability, all fall under the purview of the novolac category. Due to their capacity to tolerate high temperatures and challenging situations, these resins find extensive use in the construction, electrical, automotive, aerospace, and automobile industries. The production of friction materials like brake pads and linings, where their remarkable thermal qualities and endurance are highly valued, also makes extensive use of novolac phenolic resins. Additionally, they serve as binding agents in abrasive items like sandpaper and grinding wheels. Due to the increased focus on environmentally friendly and sustainable materials, there has been an increase in demand for phenolic resins based on novolac in recent years.
Global Phenolic Resins Market Share, by Application, 2022
The adhesives & binding sub-segment accounted for the highest market share in 2022. In the market for phenolic resins, the adhesion and binding market sector is extremely important. Phenolic resins are adaptable synthetic polymers with exceptional adhesive characteristics that are highly desired across a variety of sectors. In the adhesives and binding segment, phenolic resins are used to make adhesives and binders that are frequently employed in applications for the automotive, electronics, woodworking, and construction industries. Phenolic resin-based adhesives are used in the construction sector to join various materials, such as wood, laminates, and plastics, to ensure sturdy and long-lasting connections. These adhesives are perfect for outdoor and high-temperature applications because of their outstanding resistance to heat, moisture, and chemicals. Phenolic resin adhesives are essential in the production of friction materials like brake pads, insulating materials, and composite components for the automotive industry. These adhesives enhance the overall functionality and safety of cars by providing exceptional mechanical strength and thermal stability. Phenolic resins are essential for producing printed circuit boards (PCBs) in the electronics sector.
Global Phenolic Resins Market Share, by End-Use Industry, 2022
The electrical & electronics sub-segment accounted for the highest market share in 2022. Phenolic resins are a class of artificial thermosetting resins that have outstanding electrical insulating qualities, making them very sought-after for use in a variety of applications in the electrical and electronics industries. Electrical components like circuit boards, transformers, electrical switches, and insulators are frequently made with these resins. The remarkable heat resistance and flame-retardant qualities of phenolic resins are some of their main benefits in the electrical and electronic industry. The superior mechanical strength, dimensional stability, chemical resistance, and moisture resistance of phenolic resins increase their usefulness for electrical and electronic applications. These characteristics guarantee that electrical parts constructed of phenolic resins can survive challenging environmental conditions and deliver dependable performance for a considerable amount of time.
Global Phenolic Resins Market Share, by Region, 2022
The Europe phenolic resins market generated the highest revenue in 2022. Europe has significantly influenced the growth and development of the global phenolic resins market. The region's participation can be linked to several important factors that have defined its importance in the sector. First off, Europe has a developed and well-established chemical manufacturing infrastructure that has made it possible to produce phenolic resins effectively. As a result, the area is now a significant supplier of these resins to both domestic and foreign markets. Additionally, Europe's emphasis on research and innovation has resulted in the creation of new and improved phenolic resin compositions that are tailored to a variety of uses in a range of industries. Furthermore, the demand for eco-friendly and sustainable materials has been fueled by strict legislation and rising environmental consciousness in Europe. Companies in Europe are concentrating on increasing production effectiveness, diversifying their product lines, and finding new uses for phenolic resins to stay competitive.
Competitive Scenario in the Global Phenolic Resins Market
Investment and agreement are common strategies followed by major market players. Some of the leading phenolic resins market players are DIC CORPORATION, Kolon Industries, Inc., Sumitomo Bakelite Co., Ltd., Hexcel Corporation, Georgia-Pacific Chemicals, KRATON CORPORATION, Hexion, Bostik, Inc., SI Group, Inc., and ASHLAND GLOBAL HOLDINGS INC.ASHLAND GLOBAL HOLDINGS INC.
| Aspect | Particulars |
| Historical Market Estimations | 2020-2022 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Type |
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| Segmentation by Application |
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Segmentation by End-Use Industry
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| Key Companies Profiled |
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Q1. What is the size of the global phenolic resins market?
A. The size of the global phenolic resins market was over $13.9 billion in 2022 and is projected to reach $24.4 billion by 2032.
Q2. Which are the major companies in the phenolic resins market?
A. DIC CORPORATION and Kolon Industries, Inc are some of the key players in the global phenolic resins market.
Q3. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted for by the operating companies in this market.
Q4. Which companies are investing more in R&D practices?
A. Sumitomo Bakelite Co., Ltd., Hexcel Corporation and Georgia-Pacific Chemicals are the companies investing more in R&D activities for developing new products and technologies.
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1. RESEARCH METHODOLOGY
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters
1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach
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2. REPORT SCOPE
2.1. Market definition
2.2. Key objectives of the study
2.3. Report overview
2.4. Market segmentation
2.5. Overview of the impact of COVID-19 on Global Phenolic Resins Market
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
4.1. Introduction
4.2. Growth impact forces
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Market value chain analysis
4.3.1. List of raw material suppliers
4.3.2. List of manufacturers
4.3.3. List of distributors
4.4. Innovation & sustainability matrices
4.4.1. Technology matrix
4.4.2. Regulatory matrix
4.5. Porter’s five forces analysis
4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive rivalry intensity
4.6. PESTLE analysis
4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Environmental
4.7. Impact of COVID-19 on Phenolic Resins Market
4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario
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5. Phenolic Resins Market, By Type
5.1. Overview
5.2 Novolac
5.2.1 Definition, key trends, growth factors, and opportunities
5.2.2 Market size analysis, by region, 2020-2027
5.2.3 Market share analysis, by country, 2020-2027
5.3 Resol
5.3.1 Definition, key trends, growth factors, and opportunities
5.3.2 Market size analysis, by region, 2020-2027
5.3.3 Market share analysis, by country, 2020-2027
5.4 Others
5.4.1 Definition, key trends, growth factors, and opportunities
5.4.2 Market size analysis, by region, 2020-2027
5.4.3 Market share analysis, by country, 2020-2027
5.5 Research Dive Exclusive Insights
5.5.1 Market attractiveness
5.5.2 Competition heatmap
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6. Phenolic Resins Market, By Form
6.1. Overview
6.2 Wood Adhesives
6.2.1 Definition, key trends, growth factors, and opportunities
6.2.2 Market size analysis, by region, 2020-2027
6.2.3 Market share analysis, by country, 2020-2027
6.3 Molding
6.3.1 Definition, key trends, growth factors, and opportunities
6.3.2 Market size analysis, by region, 2020-2027
6.3.3 Market share analysis, by country, 2020-2027
6.4 Insulation
6.4.1 Definition, key trends, growth factors, and opportunities
6.4.2 Market size analysis, by region, 2020-2027
6.4.3 Market share analysis, by country, 2020-2027
6.5 Laminates
6.5.1 Definition, key trends, growth factors, and opportunities
6.5.2 Market size analysis, by region, 2020-2027
6.5.3 Market share analysis, by country, 2020-2027
6.6 Paper Impregnation
6.6.1 Definition, key trends, growth factors, and opportunities
6.6.2 Market size analysis, by region, 2020-2027
6.6.3 Market share analysis, by country, 2020-2027
6.7 Coatings
6.7.1 Definition, key trends, growth factors, and opportunities
6.7.2 Market size analysis, by region, 2020-2027
6.7.3 Market share analysis, by country, 2020-2027
6.8 Others
6.8.1 Definition, key trends, growth factors, and opportunities
6.8.2 Market size analysis, by region, 2020-2027
6.8.3 Market share analysis, by country, 2020-2027
6.9 Research Dive Exclusive Insights
6.9.1 Market attractiveness
6.9.2 Competition heatmap
7. Phenolic Resins Market, By Region
7.1 North America
7.1.1 U.S
7.1.1.1 Market size analysis, By Type, 2020-2027
7.1.1.2 Market size analysis, By Form, 2020-2027
7.1.2 Canada
7.1.2.1 Market size analysis, By Type, 2020-2027
7.1.2.2 Market size analysis, By Form, 2020-2027
7.1.3 Mexico
7.1.3.1 Market size analysis, By Type, 2020-2027
7.1.3.2 Market size analysis, By Form, 2020-2027
7.1.4 Research Dive Exclusive Insights
7.1.4.1 Market attractiveness
7.1.4.2 Competition heatmap
7.2 Europe
7.2.1 Germany
7.2.1.1 Market size analysis, By Type, 2020-2027
7.2.1.2 Market size analysis, By Form, 2020-2027
7.2.2 UK
7.2.2.1 Market size analysis, By Type, 2020-2027
7.2.2.2 Market size analysis, By Form, 2020-2027
7.2.3 France
7.2.3.1 Market size analysis, By Type, 2020-2027
7.2.3.2 Market size analysis, By Form, 2020-2027
7.2.4 Spain
7.2.4.1 Market size analysis, By Type, 2020-2027
7.2.4.2 Market size analysis, By Form, 2020-2027
7.2.5 Italy
7.2.5.1 Market size analysis, By Type, 2020-2027
7.2.5.2 Market size analysis, By Form, 2020-2027
7.2.6 Rest of Europe
7.2.6.1 Market size analysis, By Type, 2020-2027
7.2.6.2 Market size analysis, By Form, 2020-2027
7.2.7 Research Dive Exclusive Insights
7.2.7.1 Market attractiveness
7.2.7.2 Competition heatmap
7.3 Asia-Pacific
7.3.1 China
7.3.1.1 Market size analysis, By Type, 2020-2027
7.3.1.2 Market size analysis, By Form, 2020-2027
7.3.2 Japan
7.3.2.1 Market size analysis, By Type, 2020-2027
7.3.2.2 Market size analysis, By Form, 2020-2027
7.3.3 India
7.3.3.1 Market size analysis, By Type, 2020-2027
7.3.3.2 Market size analysis, By Form, 2020-2027
7.3.4 Australia
7.3.4.1 Market size analysis, By Type, 2020-2027
7.3.4.2 Market size analysis, By Form, 2020-2027
7.3.5 South Korea
7.3.5.1 Market size analysis, By Type, 2020-2027
7.3.5.2 Market size analysis, By Form, 2020-2027
7.3.6 Rest of Asia-Pacific
7.3.6.1 Market size analysis, By Type, 2020-2027
7.3.6.2 Market size analysis, By Form, 2020-2027
7.3.7 Research Dive Exclusive Insights
7.3.7.1 Market attractiveness
7.3.7.2 Competition heatmap
7.4 LAMEA
7.4.1 Brazil
7.4.1.1 Market size analysis, By Type, 2020-2027
7.4.1.2 Market size analysis, By Form, 2020-2027
7.4.2 Saudi Arabia
7.4.2.1 Market size analysis, By Type, 2020-2027
7.4.2.2 Market size analysis, By Form, 2020-2027
7.4.3 UAE
7.4.3.1 Market size analysis, By Type, 2020-2027
7.4.3.2 Market size analysis, By Form, 2020-2027
7.4.4 South Africa
7.4.4.1 Market size analysis, By Type, 2020-2027
7.4.4.2 Market size analysis, By Form, 2020-2027
7.4.5 Rest of LAMEA
7.4.5.1 Market size analysis, By Type, 2020-2027
7.4.5.2 Market size analysis, By Form, 2020-2027
7.4.6 Research Dive Exclusive Insights
7.4.6.1 Market attractiveness
7.4.6.2 Competition heatmap
8. Competitive Landscape
8.1 Top winning strategies, 2020-2027
8.1.1 By strategy
8.1.2 By year
8.2 Strategic overview
8.3 Market share analysis, 2020-2027
9. Company Profiles
9.1 Arclin Inc.
9.1.1 Overview
9.1.2 Business segments
9.1.3 Product portfolio
9.1.4 Financial performance
9.1.5 Recent developments
9.1.6 SWOT analysis
9.2 Olympic Panel Products LLC
9.2.1 Overview
9.2.2 Business segments
9.2.3 Product portfolio
9.2.4 Financial performance
9.2.5 Recent developments
9.2.6 SWOT analysis
9.3 Ashland Inc..
9.3.1 Overview
9.3.2 Business segments
9.3.3 Product portfolio
9.3.4 Financial performance
9.3.5 Recent developments
9.3.6 SWOT analysis
9.4 Momentive Specialty Chemicals
9.4.1 Overview
9.4.2 Business segments
9.4.3 Product portfolio
9.4.4 Financial performance
9.4.5 Recent developments
9.4.6 SWOT analysis
9.5 Sumitomo Bakelite Co. Ltd.
9.5.1 Overview
9.5.2 Business segments
9.5.3 Product portfolio
9.5.4 Financial performance
9.5.5 Recent developments
9.5.6 SWOT analysis
9.6 BASF SE
9.6.1 Overview
9.6.2 Business segments
9.6.3 Product portfolio
9.6.4 Financial performance
9.6.5 Recent developments
9.6.6 SWOT analysis
9.7 Hitachi Chemical Co. Ltd.
9.7.1 Overview
9.7.2 Business segments
9.7.3 Product portfolio
9.7.4 Financial performance
9.7.5 Recent developments
9.7.6 SWOT analysis
9.8 SI Group Inc.
9.8.1 Overview
9.8.2 Business segments
9.8.3 Product portfolio
9.8.4 Financial performance
9.8.5 Recent developments
9.8.6 SWOT analysis
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