Phenolic resins, also known as phenol–formaldehyde resins, are synthetic polymers that are produced from the reaction of phenol or substituted phenol with formaldehyde. They are commonly used as thermoset plastics and can be molded into a variety of products. Phenolic resins have excellent properties such as high mechanical strength, good thermal properties and high adhesion to a variety of substrates. They also provide good electrical insulation properties. The global phenolic resins market is witnessing high demand from construction, automotive and industrial sectors among others due to their superior properties.
The global phenolic resins Market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The wide applications of phenolic resins offer high growth potential for the market. Phenolic resins have varied uses including in automotive parts, insulation products, pipes and fittings, molding compounds, laminates etc. They are used as bonding agents in plywood, particle boards, laminates and fiberglass reinforced plastics. In construction industry, they are used for production of decorative laminates, phenolic panels and tiles among others. Their excellent heat resistance, dimensional stability and electrical properties make them suitable for industrial applications as well. The high demand from end use industries owing to variety of applications is expected to drive significant growth of the global phenolic resins market over the forecast period.
Porter's Analysis
Threat of new entrants: The phenolic resins market requires huge investments in R&D and manufacturing facilities which limits the threat of new entrants.
Bargaining power of buyers: The market has several buyers but no single buyer has significant influence over pricing as Phenolic resins have applications across many industries.
Bargaining power of suppliers: The market has several raw material suppliers like benzene and formaldehyde. Switching costs are low for buyers which reduces supplier bargaining power.
Threat of new substitutes: New product substitutes like epoxy resins and plastic resins pose moderate threat as each product has their own advantages over others based on properties and applications.
Competitive rivalry: The market has major global players but competitive rivalry is moderate to high as key players focus on expanding their production capacities and product portfolios.
SWOT Analysis
Strength: Phenolic resins have high heat resistance, good electrical properties and are less expensive than other plastics. They can be molded and bonded easily.
Weakness: Phenolic resins have limited versatility and lower resistance to chemicals compared to epoxy and other advanced resins. They also emit formaldehyde during manufacturing and curing.
Opportunity: Growing demand for insulation materials from construction industry along with rapidly growing electrical & electronics sectors offer significant growth opportunities.
Threats: Stringent environmental regulations regarding formaldehyde emissions during production along with availability of substitutes pose major threats.
Key Takeaways
The global Phenolic Resins Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is US$ 16052.98 Mn and is projected to reach over US$ 25000 Mn by 2030, growing at a CAGR of over 10%.
Regional analysis: Asia Pacific dominates the market currently with a share of over 40% globally led by China, India, Japan and other southeast Asian countries. The region is expected to remain the fastest growing market during the forecast period due to growing demand from the construction and electrical industries in developing economies.
Key players: Key players operating in the Phenolic Resins market are Allresist GmbH, BASF SE, Dow Chemical Company, Huntsman International LLC, and Momentive Performance Materials Inc. Players are focusing on enhancing production capacities and launching new product variants to cater to diverse end use industry requirements globally.
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Global phenolic resins market size was valued at USD 9.30 billion in 2015 and is expected to grow at an estimated CAGR of 5.4% from 2016 to 2022.
Technological advancements have fostered the development of unique heat shields with ablative phenolics for aerospace applications, leading to greater market share in recent years.Development of lignin and corn-based renewable feedstock have also presented new growth avenues in the industry.
Increasing awareness regarding resource conservation and the implementation of stringent sustainability standards has positively impacted green materials demand, encouraging manufacturers to integrate such raw materials into their products.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-phenolic-resins-2019-2023-676Novolac emerged as the dominant product segment, occupying nearly 50% of the volume share in 2015.
These resins are increasingly being designed for use as hardeners or curing agents in epoxy applications to meet the demand for laminates, adhesives, molding materials, and coatings.
The segment is expected to grow at around 5.2% CAGR from 2016 to 2025.Key companies operating in the industry are BASF SE, Momentive Specialty Chemicals, Sumitomo Bakelite Co. Ltd., Georgia-Pacific Chemicals, and Kolon Industries Inc. Other major participants may be listed as Owens Corning, Arclin Inc., Olympic Panel Products LLC, Ashland Inc., DIC Corporation, and Hexcel CorporationPhenolic Resins Report by Material, Application, and Geography Global Forecast to 2023 is a professional and comprehensive research report on the world?s major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, United Kingdom, Japan, South Korea and China).The report firstly introduced the Phenolic Resins basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on.
Then it analyzed the world?s main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc.
