Phenolic resin is a synthetic polymer that is widely used in various industries, such as automotive, construction, and electrical. The global phenolic resin market is expected to grow significantly in the coming years due to increasing demand for the product in various applications.
Phenolic Resins Market size is likely to witness a healthy CAGR of 5.1% during the forecast period. The major factors bolstering the demand for phenolic resins in various end-markets are noted below.
- Growing building construction and electrical electronics industry
- Expected increasing automobile production
- Advancements in phenolic resin properties
- Increasing usage of phenolic resins in new applications
One of the major drivers of the phenolic resin market is the growing demand for lightweight materials in the automotive industry. Phenolic resin is used in the production of lightweight composites that are increasingly used in the manufacturing of automobiles. As the demand for fuel-efficient and eco-friendly vehicles increases, the use of lightweight materials such as phenolic resin is expected to grow.
Another factor driving the market is the increasing demand for insulation materials in the construction industry. Phenolic resin is widely used in the production of insulation materials due to its excellent thermal and fire resistance properties. As the construction industry grows, the demand for insulation materials is expected to increase, which will drive the demand for phenolic resin.
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Key Players
Some of the major phenolic resin suppliers are
Hexion Inc., Hitachi Chemical Co., Ltd., Sumitomo Bakelite Co., Ltd., BASF SE, SI Group, Inc., DIC Corporation, Kolon Industries, Inc., Shandong Laiwu Runda New Material Co., Ltd., Dujodwala Paper Chemicals Ltd., Changshu South-East Plastic Co., Ltd., Geogria-Pacific Chemicals LLC.
Regional Analysis
Asia-Pacific is the largest market for phenolic resins, owing to rapid economic development in the region, which has led to the growth of key end-use industries. Rapidly growing automotive production with a shift of automobile plants in China and India, continuous shift of manufacturing base of the electrical electronics industry, and growing building construction sector are the major growth drivers of the Asia-Pacific’s market. North America and Europe also offer sizeable growth opportunities, owing to the recovery of the building construction industry in both of the regions.
In conclusion, the phenolic resin market is expected to experience significant growth in the coming years due to increasing demand from various industries. The automotive and construction industries are expected to be major contributors to the market. The Asia Pacific region is expected to dominate the market due to the presence of major manufacturers and increasing demand from end-use industries.
