Market Insights:
The global Phenolic Resins Market is projected to grow from USD 12.92 Bn in 2021 to 20.83 Bn by 2030, at a CAGR of 5.45% in forecast period, 2022-2030.
Driver:
The increased adoption of Phenolic Resins in the Petrochemicals industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Phenolic Resins also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Phenolic Resins in many sectors also boosts the market growth during the forecast period.
When phenol and formaldehyde are combined, phenolic resin is created. It offers superior mechanical qualities, flame resistance, flexibility, affordability, high thermal stability, and resistance to water and chemicals. Its many appealing qualities have made it the preferred material in a variety of sectors, including automotive, aerospace, construction, electronics, industrial equipment, paints, and coatings. Laminates, insulating panels, laminated paper, and waterproof adhesives and paints are all made with phenolic resins.
Phenolic Resins Market Research Report” was just released by Market Research Community. It is divided into several categories, including By Type (Novolac Resins, Resol Resins, Other) By Application (Wood Adhesives, Laminates, Insulation, Paper Impegration, Molding, Other), By End Use (Furniture, Automotive, Electrical & Electronics, Building & Construction, Other), and companies (Georgia-Pacific Chemicals, KRATON CORPORATION, Hexion, Bostik, Inc., SI Group, Inc., DIC CORPORATION, Kolon Industries, Inc., Sumitomo Bakelite Co. Ltd., Hexcel Corporation.), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 5.45%, over the forecast period of 2022–2030
Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2018-2030 |
| Market Size in 2030 (USD Billion) | 20.83 Billion |
| CAGR (2022-2030) | 5.45% |
| By Type | Novolac Resins, Resol Resins, Other |
| By Application | Wood Adhesives, Laminates, Other |
| By End-Use | Furniture, Automotive, Other |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Key Players | Georgia-Pacific Chemicals, KRATON CORPORATION, Hexion, Bostik, Inc., SI Group, Inc., DIC CORPORATION, Kolon Industries, Inc., Sumitomo Bakelite Co. Ltd., Hexcel Corporation. |
Covid-19 Impact:
The COVID-19 pandemic has had a substantial negative influence on the Phenolic Resins market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Georgia-Pacific Chemicals, KRATON CORPORATION, Hexion, Bostik, Inc., SI Group, Inc., DIC CORPORATION, Kolon Industries, Inc., Sumitomo Bakelite Co. Ltd., Hexcel Corporation.
Market Segment Analysis:
By Type:
- Novolac Resins
- Resol Resins
- Other
By Application:
- Wood Adhesives
- Laminates
- Insulation
- Paper Impegration
- Molding
- Other
By End Use:
- Furniture
- Automotive
- Electrical & Electronics
- Building & Construction
- Other
Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Phenolic Resins industries in the region.
Key Phenolic Resins Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Phenolic Resins Market segments.
– Largest Market Share Held by Industry to Industry for Phenolic Resins
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Phenolic Resins Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.