Phenolic Resin Market Size is projected to reach USD 15.01 Billion By 2021
The [177 Pages report]"Phenolic Resin Market by Type (Resol Resin, Novolac Resin), Application (Wood Adhesives, Molding, Insulation), End-use Industry (Automotive, building & construction, Furniture) - Global Forecasts to 2021", The global phenolic resin market is estimated to be valued at USD 11.30 Billion in 2016 and is projected to grow at a CAGR of 5.8% to reach USD 15.01 Billion by 2021.
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Premium Insights of the report:
- Significant Opportunities in the Phenolic Resin Market
- Phenolic Resin Market, By Region
- Phenolic Resin Market in Asia-Pacific, By Country and Type
- Phenolic Resin Market Size, By End-Use Industry, 2016 vs 2021
Phenolic resins are the oldest synthetic polymers obtained by the reaction of phenol and formaldehyde. They possess properties such as high mechanical strength, low toxicity, and excellent heat resistance. The areas of applications can broadly be categorized into wood adhesives, foundry, molding, laminates, insulation, and others (abrasives, friction materials, foam, and printing ink).
On the basis of type, namely, resol resin, novolac resin, and others. Resol resin is expected to lead the global phenolic resin market during the forecast period, followed by novolac resin. Resol resin leads the market due to its growing use in the wood adhesives application. The market for resol resin is also expected to witness the highest CAGR from 2016 to 2021. The main features of resol resin are superior heat resistance, good flexibility, high mechanical strength, good moldability, and excellent friction properties.
The global phenolic resin market is classified on the basis of application, namely, wood adhesives, molding, laminates, foundry, insulation, and others. The wood adhesives application is the largest, due to the rapidly growing construction industry, which in turn is driving the consumption of wood adhesives. The molding application is also expected to grow at the highest CAGR during forecast period.
The global phenolic resin market is classified on the basis of end-use industry, namely, automotive, building & construction, furniture, electrical & electronics, and others. Automotive is the largest and the fastest-growing end-use industry. This is due to growing automobile sales. In addition, the increase in the use of phenolic resins in applications such as brake linings clutches facing, and brake pads is also driving the phenolic resin market.
The global phenolic resin market is segmented on the basis of region, namely, Asia-Pacific, Europe, North America, Middle East & Africa, and South America. Currently, the Asia-Pacific region is the largest market for phenolic resin. Rapid industrialization and improved living standards is expected to drive the increasing demand for phenolic resin. Middle East & Africa is projected to be the second-fastest growing market from 2016 to 2021. This growth is attributed to the rapidly growing automotive and building & construction industries in the region.
Currently, the global phenolic resin market is led by various market players such as, Hexion Inc. (U.S.), Hitachi Chemical Co., Ltd. (Japan), Sumitomo Bakelite Co., Ltd. (Japan), SI Group, Inc. (U.S.), DIC Corporation (Japan), BASF SE (Germany), Kolon Industries, Inc. (South Korea), Shandong Laiwu Runda New Material Co., Ltd. (China), Dujodwala Paper Chemicals Ltd. (India), and Changshu South-East Plastics Co., Ltd. (China), among others.
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