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.
Growth Drivers
Various consumer goods or appliances which are produced contain phenolic resin. Kitchen wear, handles, knobs, and bathroom are some of the phenolic resin appliances.
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.
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
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 5% |
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Base Year Market Size (2022) |
~ USD 9 Billion |
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Forecast Year Market Size (2035) |
~ USD 14 Billion |
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Regional Scope |
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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:
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Type |
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Application |
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End-Use Industry |
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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.
Author Credits: Smruti Ranjan, Rajrani Baghel
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