Demand from automotive industry proliferates the Global Phenolic Resin Market
Posted by rohan on October 17th, 2019
The phenolic resins market is experiencing a slow growth rate in the world market, driven mainly by the demand of the end-user industries like the automotive industry. The phenolic resin market is expected to reach a total value of US$ 16.78 billion by the end of 2023 from US$ 12.64 in 2018, growing at a CAGR of 5.83%.
Bitrez Ltd. (United Kingdom), a leading manufacturer of specialty chemicals and polymers, has announced the appointment of Georgia-Pacific Chemicals (USA) as the exclusive distributor of particular curafen phenols in the USA, Canada and Mexico.
Market Drivers and Restraints:
The global market is driven primarily by the increasing use of phenolic resin in car brake pads, clutch liners and liners. The growing demand for these resins in injection molding is driving the global market significantly. However, the associated costs may limit the market during the forecast period. Market concentration in regions such as the Asia-Pacific also prevents market expansion in areas such as the Middle East and Africa.
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Report segmented as
By End-use Industry:
Geographically, the world market is divided into Latin America, Europe, Asia-Pacific, North America, and the Middle East and Africa. The Asia-Pacific region held the dominant share of the global phenolic resin market in 2018. The factors such as simple start-ups, cheap resources and a large number of skilled labor, are the main reasons for the fast-growing industries in this region, supporting the target market.
In 2018, North America was the second leading region in the world, owing to the presence of a substantial customer base in and around this region, followed by Europe. However, the areas of the Middle East and Africa and Latin America will have less chance of market growth due to the slowly developing countries.
Important Market Players:
By the end of 2018, Hitachi Chemical Co. Ltd. (Japan), Momentive Specialty Chemicals Inc. (US), Chang Chun Plastics Co. Ltd. (Taiwan), DIC Corporation (Japan), BASF SE (Germany), Kolon Industries Inc. (South Korea), Mitsui Chemicals Inc. (Japan), Sumitomo Bakelite Co. Ltd. (Japan), SI Group (US), Georgia Pacific Chemicals LLC (US), and Prefere Resins (Germany) are the leading investors of the global Phenolic Resin Market.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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About the Authorrohan
Joined: September 20th, 2017
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