Authored By: Sarah
11 Jul 2024

 Phenolic Resin Market Size to grow by USD 4165.21 million between 2024-2028

According to a research report “ Phenolic Resin Market” by Product (Novolac resin, Resol resin, Others) Application (Molding, Insulation, Wood adhesives, Laminates, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 4165.21 million, at a CAGR of over 5.21% during the forecast period. The automotive sector has experienced robust expansion over the past two decades, with global sales reaching approximately 67.2 million units in 2022. This figure is projected to surge to 102.93 million units by 2023. The automotive industry's increasing demand for molded products, including brake linings, clutch facings, and brake pads, will significantly drive the need for phenolic resins. Moreover, the utilization of phenolic molding compounds to minimize fuel consumption and vehicle weight is anticipated to boost demand. Additionally, the expanding applications of phenolic resins in sectors such as wood adhesives, molding, and laminates will further propel market growth.

Browse market data tables, figures, and in-depth TOC on “Phenolic Resin Market” by Product (Novolac resin, Resol resin, Others) Application (Molding, Insulation, Wood adhesives, Laminates, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Product, the Novolac resin segment is projected to dominate the market size in 2024

In the realm of industrial manufacturing, phenolic resins play a pivotal role due to their versatility and superior performance. These resins are extensively utilized in various molding applications, including casting and potting. Beyond this, they find extensive use in the production of imitation jewelry, ornaments, handles, knobs, advertising displays, instrument panels, jigs, and dies. The primary reason for this widespread adoption is phenolic resins' exceptional strength at elevated temperatures across diverse environments. Compatible with a myriad of composite fibers and fillers, they are also integral to shell molding. This process, which employs phenolic resin-coated foundry sands, delivers impressive dimensional accuracy, surface smoothness, and high production rates. In the realm of business applications, phenolic resins are valued for their malleability, strength, and versatility, making them indispensable in sectors such as packaging, automotive, and consumer goods.

By Application, Molding  segment is expected to hold the largest market size for the year 2024

Novolac resins, a type of phenol-formaldehyde thermoplastic resin, undergo polymerization through acid catalysis, resulting in insoluble polymers that cannot further react without the addition of a cross-linking agent. These resins, catalyzed by acids such as hydrochloric, oxalic, or sulfonate, are widely utilized in various industries due to their desirable properties, including water resistance, high heat resistance, and chemical resistance. Novolacs find extensive applications in sectors like refractories, friction, abrasives, felt binding, wood molding, and electronics. Among these, the insulation industry significantly benefits from novolac resins due to their superior heat resistance and high strength properties. The market for novolac resins is projected to expand at a robust CAGR, driven by their functionalities and increasing demand across diverse end-use sectors.

APAC is forecasted to hold the largest market size by region in 2024

In the Asia Pacific (APAC) region, the phenolic resin market is experiencing significant growth, primarily driven by China and India. This expansion can be attributed to the robust demand from sectors such as construction and furniture, fueled by rapid industrialization and enhanced living standards. Furthermore, the increasing disposable income of the population has led to an uptick in consumption across various industries. Notably, the utilization of phenolic resins in molding components for infrastructure and construction in developing nations like China and India is projected to propel the market's growth trajectory in APAC.

The Phenolic Resin Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Akrochem Corp.
  • Ashland Inc.
  • Bakelite GmbH
  • BASF SE
  • Bostik Ltd.
  • Chevron Corp.
  • DIC Corp.
  • DL Chemical
  • Georgia Pacific LLC
  • Hexcel Corp.
  • Jinan Shengquan Group Share Holding Co Ltd
  • Kolon Industries Inc.
  • Mitsui Chemicals Inc.
  • PJSC LUKOIL
  • Shandong Laiwu Runda New Material Co. Ltd.
  • Shell plc
  • SI Group Inc.
  • Sumitomo Bakelite Co. Ltd.
  • Prefere Resins Holding GmbH
  • Sasol Ltd.
.

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Research Analysis Overview

Title: Phenolic Resin Market: An In-depth Analysis of Resol and Novolac Resins, Applications, and Trends The global phenolic resin market is witnessing significant growth due to its wide applications in various industries. The market is segmented into two major types: Resol phenolic resin and Novolac resin. Resol phenolic resins are primarily used in tire and rubber industries, sound-roof bonding felt, carbon binders for composites, and abrasives. Novolac resins find extensive applications in paper impregnation, flame retardancy, and insulation materials. Key applications of phenolic resins include brake linings, insulation materials, and carbon binders. The demand for phenolic resins is driven by factors such as their low toxicity, heat resistance, and lightweight properties, which are essential for the production of fuel-efficient and lightweight vehicles. Phenolic resin synthesis involves the reaction of phenol with formaldehyde. The market is driven by primary interviews with key industry players, volume analysis, and value analysis. The market for phenolic resins is expected to grow due to the increasing demand for nanotechnology-based phenolic resins, which offer improved mechanical properties and flame retardancy. Raw material suppliers and wholesalers play a crucial role in the phenolic resin market. The market is expected to grow at a CAGR of 5% from 2021 to 2026. Key players in the market include BASF SE, Dow Inc., and Huntsman International LLC. In conclusion, the phenolic resin market is expected to grow significantly due to its wide applications, improved properties, and the increasing demand for fuel-efficient and lightweight vehicles. The market is driven by the demand for resol and novolac phenolic resins in various industries, including tires and rubbers, composites, abrasives, and insulation materials.

Market Research Overview

Phenolic resins are a type of specialty chemicals widely used in various industries due to their unique properties, including flame retardancy, chemical resistance, and high thermal stability. The global phenolic resin market is growing significantly, driven by demand from commercial buildings, hospitals, and the automotive industry. Benzoxazine resins and cyanate ester resins are types of phenolic resins gaining popularity for their superior mechanical properties and low toxicity. Spray-dried resins and modified resins are also in high demand due to their ease of processing and versatility. Phenolic resins find extensive applications in industries such as tires and rubbers, carbon binders for composites, abrasives, paper impregnation, insulations, molding, and coatings. In the automotive industry, phenolic resins are used in sound-roof bonding felt, friction materials, and copper-clad laminates. Bio-based phenolic resins are gaining traction due to their eco-friendliness and lower toxicity. However, concerns over the carcinogenic properties of formaldehyde, a common component in phenolic resin synthesis, have led to stricter regulations from authorities like the Toxic Substances Control and Environmental Protection Agency. The market for phenolic resins is expected to grow in the power industry, electric vehicles, and electric appliances due to their high insulation properties. The coatings industry and paints industry are also significant consumers of phenolic resins due to their chemical resistance, water resistance, and high thermal stability. Raw material suppliers and wholesalers are key players in the phenolic resin market. Primary interviews and volume and value analysis are used to understand market trends and growth opportunities. Novolac phenolic resin, epoxy curing agents, and resol are some of the key raw materials used in phenolic resin synthesis. The phenolic resin market is expected to grow significantly due to the increasing demand for lightweight and fuel-efficient vehicles, nanotechnology applications, and the power industry's shift towards renewable energy sources. The market is also expected to face challenges due to the high cost of production and the need for stringent regulations regarding toxicity performance, smoke resistance, and fire resistance for saturated substrates. Phenolic resins are used in various applications, including adhesives, engineered woods, foundry binders, brake linings, and insulation materials. The market for phenolic resins is expected to grow in the coming years due to their unique properties, including flexibility, flame retardancy, mechanical properties, and high thermal stability. However, concerns over the environmental impact of phenolic resin production and the need for low-cost alternatives may limit market growth. In conclusion, the phenolic resin market is expected to grow significantly due to its wide range of applications and unique properties. However, the market faces challenges such as environmental regulations, high production costs, and the need for low-cost alternatives. The market is expected to grow in the coming years due to the increasing demand for phenolic resins in various industries, including commercial buildings, hospitals, automotive, power, and coatings. Keywords: Commercial buildings, Hospitals, Benzoxazine resins, Cyanate ester resins, Spray-dried resins, Modified resins, Novolac resin, Tires and rubbers, Sound-roof bonding felt, Carbon binders, Composites, Abrasives, Paper impregnation, Insulations, Molding, Phenolic resins, Bio-based phenolic resins, Carcinogenic, Formaldehyde, Specialty chemicals, Open-cell structure, Closed-cell structure, Toxicity performance, Smoke resistance, Fire resistance, Saturated substrates, Friction materials, Copper-clad laminates, Epoxy curing agents, Novolac phenolic resin, Electric vehicles, Electric appliances, Transformers, Power industry, Coatings, Abrasive materials, Waterproof adhesives, Insulation panels, Laminates, Coatings industry, Paints industry, Chemical resistance, Water resistance, High thermal stability, Low cost, Flexibility, Flame retardancy, Mechanical properties, Phenolic resin synthesis, Wholesalers, Raw material suppliers, Primary interviews, Volume analysis, Value analysis, Adhesives, Engineered woods, Resol, Wood adhesives, Raw materials, Clean Water, Toxic Substances Control, Environmental Protection, Foundry binders, Brake linings, Insulation materials, Low toxicity, Heat resistance, Lightweight vehicles, Fuel-efficient vehicles, Nanotechnology.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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