Asia Pacific is estimated to have the highest consumption of phenolic resins. Phenolic Resin Market generated USD 12.04 billion in 2017 and its size estimated to reach at USD 19.13 billion in 2026. Alongside, the market is anticipated to grow at a CAGR of 5.4% during the forecast period.
New York, NY -- (SBWIRE) -- 11/15/2018 -- Phenolic Resin is a common name for phenol-formaldehyde resin and is a thermosetting plastic used in wide array of end-use applications. Molding compounds, forest products, and abrasives are among some of the most significant applications for the phenolic resins.
Phenolic Resin Market is primarily driven by its high-growth applications, including wood adhesives and insulation materials. Phenolic resins are used in wood adhesives on account of their excellent characteristics, which are driven by the spending on furniture products by the consumers and the construction industry. The construction industry strongly determines the consumption of wood products and adhesives.
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Phenolic Resin was the first synthetic polymer to be commercialized and is still a very significant industrial polymer. The demand for Phenolic Resin Market is also driven by the growth in the downstream sector of phenol, which is a raw material for phenolic resins. Improved operating rates of existing phenol plants were witnessed across the world in 2017, with significantly delayed capacity additions that were expected in 2017.
Phenolic Resin are used on account of their versatile application such as excellent thermal, behavior, high strength level, mechanical & long-term thermal stability, excellent smoke, fire, and low toxicity characteristics, superior thermal & electrical insulating capabilities, and excellent cost performance characteristics.
Rising demand for modern & feature-rich consumer electronics products along with the rapidly growing urbanization has led to increased utilization of phenolic resins in the electronics industry. Increasing disposable income of consumers has resulted in large construction spending and expenditures on luxurious products such as furniture & modern-day gadgets. Such consumer trends are expected to rapidly drive the Phenolic Resin Market. The demand for wood products and adhesives used in those products is strongly determined by the health of construction industry. Thus, the consumption rate of phenolic resin is much higher in the region. This is on account of rapidly growing construction and electrical & electronics industry.
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Phenolic Resin Market is moderately competitive with large number of multinationals across the value chain. Some of key market players include: -
- BASF SE
- Momentive Specialty Chemicals
- Hitachi Chemical Co. Ltd
- SI Group
- Mitsui Chemicals Inc.
- DIC Corporation
- Sumitomo Bakelite Co Ltd.
Novolac and resol are the two major type of phenolic resins, where other types include bio-phenolic resins, cresol, and few more. Novolac is the dominant product type for the global Phenolic Resin Market. This type of phenolic resin is manufactured both in continuous and batch process and are generally produced as solids, whereas resols are produced as solids and liquids.
Phenolic Resin Market Key Segments: -
Feedstock Segment:
- Resol
- Novolac
Application Segments:
- Moulding Compounds
- Wood Adhesives
- Insulation
- Laminates
- Foundry
- Paper Impregnation
End-use Segments:
- Building & Construction
- Automotive
- Electrical & Electronics
- Furniture
Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
TOC of Phenolic Resin Market:
Chapter 1. Overview and Scope
Chapter 2. Market Summary
Chapter 3 Phenolic Resin Market Size and Forecast
Chapter 4. Dynamics and Segmentation
Chapter 5. Detailed Insight on Key Company
Chapter 6. Research Methodology and Reference
Chapter 7. Competitive Landscape
TOC Continued…...!!!!!