Phenolic Resin Market Size & Share, by Type (Resol, Novolac); Application (Friction, Adhesives & Binding, Coatings, Felt Bonding, Foam, Abrasives, Substrate Saturation, Foundry); End-user (Electrical & Electronics, Automotive, Lumber, Building & Construction) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4988
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Phenolic Resin Market size is slated to cross USD 14 billion by 2035, witnessing around CAGR of 5% from 2023 to 2035. In the year 2022, the industry size of phenolic resin was USD 9 Billion. This growth is driven by the growing production of wood which is used in laminates. In a process called a Continuous Process Line (CPL), Kraft paper coated with a resol-type phenolic resin serves as a support layer. A second decorative paper impregnated with melamine resin serves as the surface layer. These are pressed together at high temperatures and under low pressures for making thin laminates.

Furthermore, the growing production of automobiles also boosts the phenolic resin market demand. The production of automobiles reached over 79 million units in 2021. In comparison to the previous year, this statistic represents a rise of about 2%. Hence, the use of phenolic resin is growing in automotive parts owing to its high heat resistivity.


Global Phenolic Resin Market
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Global Phenolic Resin Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Consumer Goods and Appliances

Various consumer goods or appliances which are produced contain phenolic resin. Kitchen wear, handles, knobs, and bathroom are some of the phenolic resin appliances.

  • Rising Advantages to Petrochemical Sector

High-strength fiberglass products are coated with phenolic resins in layers, saturating the substrate to form a bonded laminate surface that is fully cured through heat treatment. A thermoset polymer matrix is what is used to increase a product's resistance properties for demanding applications. The enhanced temperature resistance, corrosion resistance, and better mechanical stability of industrial phenolic resin products are their main advantages. This is beneficial to the petrochemical industry.

  • Surge in Use in Pharmaceutical Industry

Phenolic resin has been extensively used in the pharmaceutical industry for manufacturing various pharmaceutical instruments such as dental materials, laboratory equipment, and medical devices. This is owing to its resistance to chemicals such as acids, bases, salts, halogens, organic compounds, solvents, and biological stains.

Challenges

  • Fluctuating Price of Raw Material
  • Environmental Regulations - At room temperature, phenolic resins are an odorless, combustible gas. Phenolic resins are used in the production of composite wood goods, including hardwood, plywood, particleboard, and medium-density fiberboard, as well as building supplies, insulation, paints and coatings, and paper products. If consumed, breathed, or absorbed into the body, phenol, a caustic chemical, could be poisonous. Formaldehyde and phenol thus face intense regulations in many countries.
  • Not Suitable for Operating in Environments with Temperatures Above 350 Degrees Fahrenheit.

Phenolic Resin Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 5%

Base Year Market Size (2022)

~ USD 9 Billion

Forecast Year Market Size (2035)

~ USD 14 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

 

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Phenolic Resin Segmentation

Type (Resol, Novolac)

The novolac segment in the phenolic resin market is poised to generate the largest revenue by 2035. The growth of the segment is on account of its rising application. The production of electrical laminates, adhesives, coatings, and molded parts frequently uses novalac resins, a type of phenolic resin. They stand out for high cross-linking density and low molecular weight, which make them perfect for high-temperature applications. Moreover, due to the rising need for electrical laminates in the construction and automotive industries, novolac resin consumption is predicted to increase dramatically in the upcoming years.

End-Use Industry (Electrical & Electronics, Automotive, Lumber, Building & Construction)

Phenolic resin market from the building & construction segment is estimated to have significant growth during the forecast timeline. This is credited to the growing construction activities. Public residential construction investments increased significantly in the US in recent years.

Our in-depth analysis of the market includes the following segments:

        Type

  • Resol
  • Novolac

        Application

  • Friction
  • Adhesives & Binding
  • Coatings
  • Felt Bonding
  • Foam
  • Abrasives
  • Substrate Saturation
  • Foundry

        End-Use Industry

  • Electrical & Electronics
  • Automotive
  • Lumber
  • Building & Construction

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Global Phenolic Resin Industry - Regional Synopsis

APAC Market Statistics

The phenolic resin market share of phenolic resin in Asia Pacific is projected to have the highest growth by 2035. This gain is led by growing investment in electric vehicles. This increases investments to install phenolic resin. Additionally, electric vehicles need lightweight components, and hence phenolic resin satisfies that. China is known to be leading in manufacturing phenolic resin and the consumption of electric vehicles is the highest in this country, making them the largest consumer.

North America Market Forecast

The North America phenolic resin market is poised to have significant growth in the coming years. The growth of market in this region is expected to grow on account of the increasing demand for residential and commercial spaces.

Research Nester
Global Phenolic Resin Market size
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Top Featured Companies Dominating the Global Phenolic Resin Market

top-features-companies
    • Arclin Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Arizona Chemical Ltd
    • Asahi Kasei Corporation
    • Ashland Inc.
    • BASF SE
    • Changchun group
    • DIC Corporation
    • DYNEA AS
    • Georgia Pacific LLC
    • GUN EI Chemical Industry

In-the-news

In The News

  • Earlier this year, Arclin Inc., a chemistry-based producer of engineered products for the construction, transportation, agriculture, and other industries, announced that it had signed an exclusive agreement with INSERCO Industrie Service GmbH for the support and expansion of Arclin's South American business. By utilizing INSERCO's industry knowledge, this new alliance would promote Arclin's growth and presence in South American markets.  The agreement's terms weren't made public.
  •  With effect from April 1, 2023, Asahi Kasei Asaclean Americas ("AKAC"), a supplier of the top-selling purging compounds and concentrates worldwide, and Asahi Kasei Plastics North America ("APNA"), a leading international compounder of advanced designed polymers and polypropylene, would merge. The United business would conduct business as APNA and have its main office in Fowlerville, Michigan.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4988
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing demand for consumer goods and appliances, rising advantages to the petrochemical sector, and a surge in use in the pharmaceutical industry.

The market size of phenolic resin is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Arclin Inc., Arizona Chemical Ltd, Asahi Kasei Corporation, Ashland Inc., and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, application, end-use industry, and region.

The novolac segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Fluctuating prices of raw materials, environmental regulations, and not being suitable for operating in an environment temperature above 350 degrees Fahrenheit are estimated to be the growth-hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Phenolic Resin Market Report Scope
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