Phenolic Resins Market: Moving Towards Brighter Future

Posted by Andre on October 24th, 2019

Phenolic resins, also known as phenol–formaldehyde resins are synthetic polymers which are produced from the reaction of phenol or substituted phenol with formaldehyde at high temperatures. They are hugely applicable in wood adhesives, molding compounds, and laminates. Global phenolic resins market is expected to rise to an estimated value of USD 16.9 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026. The high growth of this market is due to rising demand for plastics which provides strength, high thermal resistance and fire-resistant properties. Some of the leading key players profiled in this study: Mitsui Chemicals, Inc., Hexion, BASF SE, SBHPP, Aica Kogyo Co., Ltd., SI Group, Inc., LERG SA., Shengquan Group, UCP Chemicals AG, Tongcheng-Elong, SHANDONG LAIWU RUNDA NEW MATERIAL CO.,LTD, ALLNEX NETHERLANDS B.V., Plenco, Metadynea International, Kolon Industries Inc., Georgia-Pacific Chemicals LLC, Prefere Resins Holding GmbH, Chang Chun Group among others.

Market Drivers:

  •          Growing volatility in the production of phenolic resins is propelling the market growth
  •          Growing demand from the construction and transportation industries is expected to further boost the market growth
  •          Rising application of phenolic resins in nanotechnology acts as a market driver
  •          Increasing demand of phenolic resins for decorative as well as industrial laminated is propelling the market growth

Market Restraints:

  •          Volatility in crude oil prices is restricting the growth of this market
  •          Environmental regulations regarding formaldehyde emissions also hampers the market growth
  •          Huge investments are required to modify production processes which can also restrict the growth of this market

Key Developments in the Market:

  •          In March 2019, Hexion Inc. introduced a range of new products for automotive, aerospace, wind energy, and construction applications at JEC World 2019 so that they meet the demand for lightweight, fire resistance and high performance composites
  •          In January 2019, Mitsui Chemicals started production for alpha-methyl styrene which will be a by-product at the time of phenol production. It will help the company to extend its arms in the global supply

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Segmentation: Global Phenolic Resins Market

Global Phenolic Resins Market By Product (Novolac, Resole, Modified)

Application (Adhesives, Insulation, Molding Compounds, Lamination, Paper Impregnation, Coatings and Others)

End-Use (Automobiles, Electric and Electronics, Furniture, Construction and Others)

Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026

Competitive Analysis:

Global phenolic resins market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of phenolic resins market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa

Key Insights in the report:

  •          Complete and distinct analysis of the market drivers and restraints
  •          Key market players involved in this industry
  •          Detailed analysis of the market segmentation
  •          Competitive analysis of the key players involved

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Andre

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Andre
Joined: August 28th, 2019
Articles Posted: 300

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