The new report by Expert Market Research titled, 'Global Phenolic Resin Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026', gives an in-depth analysis of the global phenolic resin market, assessing the market based on its segments like types, applications, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
- Historical Market Size (2019): USD 12.2 billion
- Forecast CAGR (2021-2026): 5.2%
- Forecast Market Size (2025): USD 16 billion
The phenolic resin market is being driven by the increasing demand for the product in major application sectors. Owing to the thermosetting features of phenolic resins, they are found in myriads of industrial products. The growing demand for plastics with enhanced qualities like strength, high thermal resistance, and others, is driving the sales of phenolic resins. Over the forecast period, the rapid urbanisation across the emerging nations is expected to accelerate the growth rate of the major end use markets, including furniture, automotive, building and construction, and electrical and electronics, which in turn, is projected to drive the growth of the phenolic resin industry. The growing R&D activities will further boost the market growth.
Industry Definition and Major Segments
Phenolic resins, also known as phenol formaldehyde resins, are synthetic polymers produced via the condensation reaction of phenol or substituted phenol with formaldehyde. Being a thermoset, they are widely utilised in the production of moulded products like billiard balls, laboratory countertops, and as coatings and adhesives across various industries.
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By type, the phenolic resin industry is divided into:
- Resol Resin
- Novolac Resin
Among these, resols can be further bifurcated based on type into solid and liquid.
On the basis of application, the industry is divided into:
Based on end use, the industry can be categorised into:
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On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The global phenolic resin market is expected to be driven by the growing urbanisation and industrialisation in developing regions like the Asia Pacific. This is expected to enhance the demand for phenolic resins across various sectors. The manufacturers are shifting their production base to the emerging nations owing to the strong demand for the product. Other factors like the rising standards of living, escalating disposable incomes, and increasing construction activities will further boost the industry growth. The growing R&D activities to develop bio-based feedstock for the production of phenolic resins and the growing interest in durable and lightweight phenolic compounds are expected to significantly contribute to the industry growth in the coming years.
Key Market Players
The major players in the market are Ashland Global Holdings Inc. (NYSE: ASH), DIC Corporation (TYO: 4631), Hexcel Corporation (NYSE: HXL), Kolon Industries Inc. (KRX: 120110), Hitachi Chemical Co., Ltd., and Sumitomo Bakelite Co., Ltd. (TYO: 4203), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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