Global Phenolic Resin market was valued at US$ 10.23 Bnin 2017 and is expected to reach US$ 14.87 Bn by 2026, at a CAGR of 4.79 % during the forecast period. 
Growth in automobile production, building & construction and electrical & electronics industry, and advancements in phenolic resin properties are factors driving the demand for phenolic resins in various end-use industries.Instability in raw material prices is a major restraining as well as the challenging factor for the phenolic resins market. Growing focus on the development of green and sustainable products, bio-based resins poses an opportunity for market growth. Resol resin dominates the phenolic resin market. Resol resins are majorly employed for adhesive applications. The phenolic novolac powder is needed to achieve optimization for increased strength, fibreglass reinforcement inlays are used. Resol is a quite conspicuous polymer among composite fields for structural stability and thermo structural stability applications. Wood adhesives leaded the phenolic resin market in 2017 and are expected to remain dominant throughout the forecast period, owing to rapidly escalating building & construction industry, especially in the developing countries. While, the moulding compound is likely to witness the highest growth, motivated by increasing use of epoxy molding compounds in the transportation and electronics industries. The automotive industry is foreseen to maintain its dominance over the forecast, owing to constantly increasing the production of vehicles driven by EV adoption in the untapped market along with an increasing number of phenolic resin applications, clutch facing, such brake linings, and brake pads.electrical and electronics segment is estimated as second largest end-user segment followed by building and construing industry, In building and construction industry phenol resin is employed for building panel gears while phenol resin finds its use in electrical and electronics industry for circuit board production, cameras, vacuum cleaner and others. Rapid industry sector development in the region. Growth in automotive production with a shift of automobile plants in China and India, continuous shift of manufacturing base of the electrical & electronics industry, and growing building & construction sector are the major growth drivers of the Asia-Pacific’s market. North America and Europe exhibit a sizeable growth, owing to the recovery of the building &construction industry in the regions. The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Phenolic Resin market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER's analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to emerging segment in Phenolic Resin market.
Scope of the Global Phenolic Resin Market :
Global Phenolic Resin Market, by Type:
• Resol Resin • Novolac Resin • Others
Global Phenolic Resin Market, by Application:
• Wood Adhesives • Molding • Foundry • Insulation • Laminates • Others
Global Phenolic Resin Market, by End-User Industry:
• Electrical & Electronics • Automotive • Building & Construction • Others
Global Phenolic Resin Market, by Region:
• North America • Europe • Asia-Pacific • Middle East & Africa • South America
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Report Published by: Maximize Market Research
North America Phenolic Resin Market is expected to reach USD 4.20 billion by 2024 due to increase in applications for construction activities like laminates, wood adhesives and coatings.
Phenolic resin are the synthetic polymers that are obtained from aldehydes and phenols.
They have better mechanical and thermal stability, exceptional thermal & electrical insulating, excellent fire, smoke and low toxicity to be used for different applications.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/north-america-phenolic-resin-market/request-sample The key driving factors responsible for the growth of North America Phenolic Resin market : North America phenolic resins market is witnessing growth owing to the factors like increasing use of corrosion resistant, heat resistant, and chemical resistant materials required in automobile, increasing need for fire resistant materials in building and construction industry and in thermal insulation products.
Economies around the world are focusing on the development of sustainable and green products, which allow bio-based products to gain traction and ultimately hamper the market growth.
Since resols are widely used as adhesives, binders, and reinforcing agents, Mexico offers better opportunities for the growth.
