Wednesday, July 28, 2021

Phenolic Resins Market by 2025 Analysis, Growth Driver, Regions

The global “Phenolic Resins market” presents a widespread and elementary study of Phenolic Resins business at the side of the analysis of subjective aspects which is able to give key business insights to the readers. World Phenolic Resins Market analysis report offers the analytical read of the business by learning various factors like market growth, consumption volume, market trends and Phenolic Resins business price structures throughout the forecast period.

 

Main features of the report:

• To provide detailed analysis of the market structure together with forecast of the varied segments and sub-segments of the world Phenolic Resins Market.

• A perfect background analysis, which has an evaluation of the parent market.

• Important changes in market dynamics

• Track and analyse competitive developments like joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments within the global Phenolic Resins Market.

• Emerging niche segments and regional markets

 

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The global phenolic resins market size was valued at USD 9.30 billion in 2015 and is expected to reach USD 16.0 billion by 2025, with a CAGR of 5.4%. The global phenolic resins industry is anticipated to witness stable growth owing to rising demand from transportation and construction sector. Phenolic resins find their applications in numerous segments on account of their properties such as good heat resistance and flame retardancy, low smoke and toxicity, high mechanical strength and easy blending with other polymers to attain high performance. Product demand is expected to rise owing to of increasing use of fire retardant constituents in crucial aircraft and automotive components.

 

Application Insights

Phenolic resins provide services tonumerous end-use industries such as automotive, aerospace and constructionvia applications in laminates, insulation, wood adhesives and moulding compounds.

 

Wood adhesives were the dominant application on account of increased use in plywood and particleboard adhesives owing to phenolic resins which form chemical bonds with the phenol-like lignin wood. These products are capable of retaining moisture and hence are preferred for exterior plywood applications.

 

Moulding compounds are expected witness high growth. This can be attributed to the ability of phenolic resins to providefire safety and amplify vehicular efficiency. Rising demand from the automotive segment is anticipated to play a critical role in the phenolic resins growth over the forecast period. They are used in numerous components in automobiles including cooling system, air supply system brake, suspension, powertrainand fuel system.

 

Regional Insights

Asia Pacific emerged as the market leader in phenolic resins market on account of widespread use in construction applications and growing consumption of moulding compounds in India and China. China is a large phenolic resins marketand a significant consumer at a global level. Within North America, U.S. is one of the leading consumers in wood adhesive applications of phenolic resins. In addition, demand for thermal insulation productsis expected to be on a rise on account of the legislation implemented in various countries and regional associations for constructing energy efficient buildings. Further, growing use of composites in marine, mass transit and aerospace is anticipated to boost the phenolic resins market.

 

Competitive Insights

Key market players have expanded their manufacturing facilities to suffice the growing demand. As an instance, in 2013, Ludwigshafen Verbund site had a new plant set up as a part of BASF modernization and expansion of production facility. Other major participants in the market include Hitachi Chemical Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., SI Group, Inc., Prefere Resins, DIC Corporation, Momentive Specialty Chemicals Inc., Sumitomo Bakelite Co. Ltd., Dujodwala Paper Chemicals Ltd., and Mitsui Chemicals Inc.

 

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