Phenolic Resin Market worth $14.4 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 7, 2021 /PRNewswire/ -- According to the report "Phenolic Resin Market by Type (Resol, Novolac), Application (Wood Adhesives, Laminates, Foundry & Moldings, Paper Impregnation, Coatings, Insulations), End-Use Industry, and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the Phenolic Resin Market is projected to reach USD 14.4 Billion by 2026, at a CAGR of 4.3% between 2021 and 2026. The phenolic resin market is projected to grow from USD 11.7 Billion in 2021 to USD 14.4 Billion by 2026, at a CAGR of 4.3% during the forecast period. The growth of phenolic resin market is attributed to the increased demand form various industries owing to their enhanced properties such as high heat resistance, high moldability, mechanical strength, low toxicity of smoke, and ability to blend with polymers. For instance, they are extensively used in automotive parts and electrical switches due to high heat resistance. The low thermal conductivity makes phenolic resins suitable for use in insulation materials.
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Resol is the largest type of phenolic resin.
Resol is the preferred type of phenolic resin used in various end-use industries due to their cost effectiveness, enhanced properties and a wide range of applications. Some of the major applications of resol resin are exterior plywood-oriented strand board (OSB), engineered laminated composite lumber (LCL), engineered woods, and adhesives. Rising demand from the automotive and building & construction industries contributes to the growing demand for resol resin across the globe.
Wood adhesives is the major application for phenolic resin.
Wood adhesive application is one of the fastest-growing application for phenolic resin. The growing construction industry primarily drives the rise in demand for wood adhesives. The plywood subsegment holds the maximum share of the market in the wood adhesives segment. Asia Pacific accounts for the largest share of the wood adhesive segment. With the presence of growing economies such as India, South Korea, and Indonesia, the demand for phenolic resins in region is expected to increase significantly.
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APAC is the fastest-growing market for phenolic resin.
APAC is projected to be the fastest-growing phenolic resin market. The growth of the APAC phenolic resin market can be attributed to the growing investment in building & construction, and automotive industry in the region. Additionally, Phenolic resin manufacturers are targeting this region, as it is the strongest regional market. China is the leading producer and consumer of phenolic resins in the region. Other major markets in the region are emerging economies such as Japan, India, and Thailand.
Most active players in the phenolic resin market:
Bakelite Synthetics (U.S), Sumitomo Bakelite Company Limited (Japan), SI Group Inc. (U.S), Jinan Shengquan Group Share Holding Co., Ltd., (China), Ashland Global Holdings, Inc. (U.S), BASF SE (Germany), Georgia-Pacific Chemicals (U.S), DIC Corp (Japan), Hexcel Corporation (U.S), Akrochem Corporation (U.S).are the leading players operating in the phenolic resin market.
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