Phenolic Resins Market | Growth Rate, Challenges, Opportunities and Threats Faced Forecast to 2023

The key drivers behind the growing demand of global phenolic resins include growing demand from construction and transports application, and increased usage of fire retardant materials in automotive and aircraft components. However, the volatility in crude oil prices is expected to restrain the growth of the global phenolic resins market, as crude oil is a major raw material needed for the manufacturing of phenolic resins.

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Phenolic resins are also known as phenol-formaldehyde resins, and act as synthetic polymers produced by the reaction of phenol or substituted phenol with formaldehyde under the presence of heat.

Phenolic resins is widely used in wood adhesives, insulation, molding compounds, laminates, and other applications, owing to its good heat resistance, high tensile strength, low toxicity, low smoke, and flame retardant.

On the basis of application, the global phenolic resins market can be segmented into laminates, insulation, wood adhesives, molding compound, and others. The “others” section in the phenolic application segment include abrasives, rubber adhesives, friction materials, and general adhesives coatings.

Geographically, Asia-Pacific is the largest market for phenolic resins, followed by North America and Europe. During the forecast period, the Asia-Pacific phenolic resins market is expected to grow at the fastest rate, which is driven by the increasing consumption of molding compounds in countries, such as India and China, and its ample use in construction applications.

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Some of the major competitors in the global phenolic resins market include Chang Chun Plastics Co. Ltd., BASF SE, Kolon Industries Inc., Hitachi Chemical Co. Ltd., Momentive Specialty Chemicals Inc., Georgia Pacific Chemicals LLC, Mitsui Chemicals Inc., Sumitomo Bakelite Co. Ltd, Georgia Pacific Chemicals LLC.

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