According to the report published by Allied Market Research, the phenolic resin market was estimated at $4.4 billion in 2021 and is expected to hit $7.0 billion by 2031, registering a CAGR of 4.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
Prime determinants of growth
Demand for abrasive & friction materials, demand from the automotive sector for coatings & parts, and demand from the electronics and power industry for phenolic laminates drive the growth of the global Phenolic Resins market. However, dependency on petroleum feed stock and environmental issues hinder the market growth. On the other hand, bio-based alternatives present new opportunities in the coming years.
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The novolac segment to maintain its leadership status throughout the forecast period
Based on product type, the novolac segment held the highest market share in 2020, accounting for nearly three-fifths of the global Phenolic Resins market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 4.5% from 2021 to 2030, owing to its wide range of end use applications in electronics, construction, automotive, and paints.
The North America and Europe Phenolic Resin market is analyzed across type, application, end-use industry, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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The electrical & electronics segment to maintain its lead position during the forecast period
Based on end use, the electrical & electronics segment accounted for the largest share in 2020, contributing to more than one-fourth of the global Phenolic Resins market, and is projected to maintain its lead position during the forecast period. This is due to the use of phenolic resins for making phenolic electrical laminates. However, the lumber segment is expected to portray the largest CAGR of 5.0% from 2021 to 2030, owing to increase in demand for wood-based furnitures.
Asia-Pacific, followed by Europe & North America to maintain its dominance by 2030Based on region, Asia-Pacific, followed by Europe & North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global Phenolic Resins market. Moreover, the same region is expected to witness the fastest CAGR of 5.0% during the forecast period, owing to increase in construction and automotive activities in countries such as India and China.
Leading Market PlayersAllnex GMBHAsahi Yukizai CorporationASK ChemicalsBakelite SyntheticsGunei Chemical Industry Co., LtdKolon Industries Inc.KratonPrefere Resins Holding GmbHSeiko PMC CorporationSumitomo Bakelite Co. Ltd.
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