NEW YORK, Jan. 09, 2023 (GLOBE NEWSWIRE) -- IndexBox recently published a new report on the global phenolic resin market. Here are some of the most interesting takeaways.

Phenolic Resin Market Outlook

The global phenolic resin market is expected to reach USD 14.8 billion by 2030, from USD 11.7 billion in 2022, at a CAGR of 3.0% during the forecast period. Phenolic resins are synthetic polymers formed by the reaction of an aromatic compound and an aldehyde. They are used in various industries, such as construction, electrical & electronics, transportation, and furniture & joinery. Phenolic resins are widely used in the production of adhesives, coatings, and laminates. They offer superior performance in terms of heat resistance, chemical resistance, and mechanical strength. Phenolic resins are also used in the manufacturing of molded products, such as electrical insulation, panels, and piping.

Phenolic resins have become an integral part of many industries due to their high thermal and mechanical stability, low cost, and superior compatibility with a wide range of substrates. The construction industry is the major consumer of phenolic resins, due to their use in laminates, adhesives, coatings, and insulation.

The Asia-Pacific region is the largest market for phenolic resins and is expected to grow at the highest CAGR during the forecast period. The growth in this region can be attributed to the increasing construction activities and rising demand from the electrical & electronics industry. China is the largest market for phenolic resins in the Asia-Pacific region and is expected to maintain its leading position during the forecast period.

Phenolic Resin Application

Phenolic resins are used in a variety of applications, the largest of which is in the production of molded and extruded products. Other important uses include adhesives, foundry resins, coatings, and laminates.

Molded and extruded products: Phenolic resins are extensively used in molded products such as electrical insulators, switches, sockets, and panel boards. They are also used in the production of extruded products such as pipes and tubing.

Adhesives: Phenolic resins are an important component of many adhesives. They are used in contact adhesives, wood adhesives, and fabric adhesives.

Foundry resins: Phenolic resins are used as binders in foundry operations. They improve the flow of molten metals and improve the quality of castings.

Coatings: Phenolic resins are used as binders in paints and varnishes. They improve the durability and abrasion resistance of coatings.

Laminates: Phenolic resins are used to make laminated safety glass and circuit boards. They improve the strength and heat resistance of these products.

Phenolic Resin Market Segmentation

Global phenolic resins are segmented on the basis of type, applications, and regions. On the basis of type, the market is divided into novolac and resole. Novolac is further classified into alkoxymethylene, aldehyde, and ketone. Resole is further classified into ortho-cresol novolac and para-cresol novolac. On the basis of application, the market is categorized into insulation, laminates, adhesives & sealants, molded products, foundry core & molding compounds, composites & coatings. Among all applications, insulation holds the maximum share in terms of value and volume owing to its first mover advantage in commercial as well as industrial applications worldwide.

Phenolic Resin Market Drivers

The global phenolic resins market is driven by the growing demand from the construction and automotive industries. The construction industry is a major consumer of phenolic resins, as they are used in the production of laminated wood products, such as particleboard and plywood. The automotive industry is another major consumer of phenolic resins, as they are used in the production of brake pads and discs, clutches, and engine parts. In addition, the increasing demand for light-weight and fuel-efficient vehicles is expected to boost the growth of the automotive industry, which in turn is expected to drive the growth of the phenolic resins market.

The global phenolic resins market is also driven by the increasing demand from the electronics industry. Phenolic resins are used in the production of printed circuit boards (PCBs) and semiconductor packaging materials. The rising demand for high-performance electronics components is driving the growth of the phenolic resins market.

Phenolic Resin Market Challenges

The global phenolic resins market faces several challenges that may impede its growth in the coming years. Firstly, the high cost of raw materials is a major challenge for manufacturers. Secondly, the volatile nature of the prices of these raw materials makes it difficult to maintain a consistent price point for finished products. This makes it difficult for manufacturers to plan their production in advance and can lead to disruptions in the supply chain. Finally, the stringent environmental regulations regarding the use of phenolic resins in certain applications may restrict their use in some geographies.

About IndexBox

IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.

Companies Mentioned in the Report

BASF SE (Germany), DowDuPont Inc. (US), Huntsman Corporation (US), Sumitomo Chemical Co., Ltd. (Japan), adidas AG (Germany), Asahi Kasei Chemicals Co., Ltd. (Japan), Hexion Inc. (US), Kolon Industries Inc. (South Korea), Mitsui Chemicals Inc. (Japan), Owens Corning (US), Reichhold LLC (US).

Sources

World - Phenolic Resin - Market Analysis, Forecast, Size, Trends and Insights

EU - Phenolic Resin - Market Analysis, Forecast, Size, Trends and Insights

Asia - Phenolic Resin - Market Analysis, Forecast, Size, Trends and Insights

U.S. - Phenolic Resin - Market Analysis, Forecast, Size, Trends and Insights