Seattle, WA -- (SBWire) -- 09/27/2019 --The global phenol formaldehyde adhesives and laminates market size is expected to witness potential gains in the near future and exhibit a significant CAGR of 5.1% over the forecast period (2019 - 2027).

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Market Overview

Phenol formaldehyde resins or phenolic resins are synthetic polymers that are obtained from reaction of phenol or substituted phenol with formaldehyde. They are commonly used for the manufacturing of molding compounds, plastics, and abrasives. Phenol formaldehyde resins are commercially available as plastic resins. Furthermore, paper-based phenolic resin laminates are brittle are widely used in various applications such as wooden chipboard, construction, electrical equipment, and decorative articles.

Market Dynamics-Drivers

Growing demand for phenol formaldehyde adhesives and laminates from end-use industries such as buildings & construction, automotive, and electronics is expected to drive growth of the global phenol formaldehyde adhesives and laminates market during the forecast period. Phenol formaldehyde major applications in manufacturing of electrical components such as punch-through boards.

Furthermore, they also find applications in wooden chipboard for exterior walls as they offer sufficient moisture resistance. In the construction sector, phenol formaldehyde finds applications in wood adhesives and glues that are used for construction grade wood panel. Moreover, phenol formaldehyde offer superior moisture as well as water resistance. Phenol formaldehyde reacts with lignin, which is a natural phenol-like compound found in wood to enhance glue-to-wood bond and sets hard and rigid. Therefore, demand for phenol formaldehyde adhesives from the construction industry is also expected to drive the market growth over the forecast period.
However, availability of cheaper alternatives is expected to restrain the global phenol formaldehyde adhesives and laminates market growth. For instance, urea formaldehyde glue is cheaper compared to phenol formaldehyde adhesives, which is used as an alternative. Moreover, phenol in phenolic adhesive formulations can be replaced with lignin.

Market Outlook

On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The Asia Pacific phenol formaldehyde adhesives and laminates market is expected to hold dominant position over the forecast period. This is owing to growing building and construction industry in emerging economies such as India and China. Furthermore, the market is also expected to witness the fastest growth over the forecast period, owing to increasing demand for phenol formaldehyde adhesives and laminates in this region. The market in North America is primarily driven by high demand of phenol formaldehyde adhesives and laminates from the construction and wooden chipboard market. Furthermore, Europe phenol formaldehyde adhesives and laminates market is expected to account for significant market share, owing to high demand for phenol formaldehyde adhesives and laminates from Germany followed by Italy, Spain, Sweden, and the U.K.

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Key Players

Key players operating in the global phenol formaldehyde adhesives and laminates market include, Sumitomo Bakelite, BASF SE, Georgia Pacific, Mitsui Chemicals, and Kolon Industries Ltd.

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