Phenolic Resins Market Technological Advancements, Growth Opportunity and Forecast 2022-2028Posted by Roger on February 24th, 2023  Phenolic resins is a polymer which bears the property of super resistant to heat and electricity. The usage of phenolic resin are found in abrasives, materials for molding, laminates, adhesives, insulators materials and friction materials. The classification of phenolic resin is – resole and novolac. Under normal conditions, resole is made with excess amount of formaldehyde and under acidic conditions; novolac is made with excess amount of phenol. Globally, the market for phenolic resins are priced at US$ 14605.0 million in the year 2021, as per revenue, showing a CAGR of 4.84% in the predicted period from 2022 to 2030. Drivers In the automotive industry, there is increased need for Phenolic Resins Market, and therefore growth in the automotive industry is estimated to boost the growth of the market. Phenolic resin is extensively used in vehicles owing to its property of resistant to heat, impact, lightweight and retardancy to fire. The rise in automobile production across the emerging regions is the main influencer fuelling the growth of the market. The extensive usage of phenolic resin in impregnated materials owing to increased stringent regulations for promotion in fields of efficient energy is accelerating the growth of the market. Furthermore, increasing need for materials of low-density which offers thermal insulation and better durability is fuelling the growth of the phenolic resin market. In the commercial and residential sectors, phenolic resin have increased usage in building green spaces and is estimated to raise the growth of the market. Recent Developments Sumitomo Bakelite in September 2020 established a solid novolac phenolic resin by use of nonedible lignin to make it available on a commercial basis. The new resin has an extensive value in auto applications, mainly in EVs or the electric vehicles.
To Know More Information Here - https://www.coherentmarketinsights.com/market-insight/phenolic-resins-market-341 Competitive Section The main companies functioning in the market for phenolic resin are BASF SE, Chang Chun Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., Prefere Resins, Mitsui Chemicals Inc., Sumitomo Bakelite Co., Ltd, Hitachi Chemical Co. Ltd., SI Group, Inc., and Momentive Specialty Chemicals, Inc. About Us: Coherent Market Insights is a market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients. Contact Us: Mr. Shah Like it? Share it! More by this author |