‘Phenolic Resin Market to reach at CAGR of 5.1% in 2024’– Stratview Research Market Report

As per the latest market intelligence report published by Stratview Research, the Phenolic Resin Market is anticipated to reach at CAGR of 5.1% by 2024.

The research studies Phenolic Resin Market in the trend period of 2013 to 2018 and forecasted period of 2019 to 2024 under four segments by Type (Resol Resin, Novolac Resin, and Others), by Application Type (Wood Adhesives, Molding Compound, Laminates, Insulation, Coatings, Paper Impregnation, Foundry, and Others), by End-Use Industry Type (Automotive, Building & Construction, Furniture, Electrical & Electronics, Industrial, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024

The study finds –
 Asia-Pacific is the largest market for phenolic resins, owing to rapid economic development in the region, which has led to the growth of key end-use industries.
 The automotive industry currently dominates the market and is expected to maintain its dominance over the next five years as well.
 Wood adhesives dominated the market and are expected to remain dominant during the forecast period.
 The automotive industry currently dominates the market and is expected to maintain its dominance over the next five years as well.

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Phenolic Resin Market: Highlights
The global phenolic resin market is likely to witness a healthy CAGR of 5.1% during the forecast period. Increasing automobile production, especially in Asia-Pacific and Eastern Europe, growing building & construction and electrical & electronics industry; advancements in phenolic resin properties, and increasing usage of phenolic resins in new applications are the major factors driving the demand for phenolic resins in various end-use industries.

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Based on the resin type, the market is segmented as resol resin, novolac resin, and others. Resol resin currently dominates the phenolic resin market, owing to its widespread usage in the wood adhesive application. Further, the resin type is also expected to witness the highest growth during the forecast period, owing to its excellent properties including superior heat resistance, high flexibility, mechanical strength, moldability, and excellent friction properties.

Based on the application type, the market is segmented as wood adhesives, molding compound, laminates, insulation, coatings, paper impregnation, foundry, and others. Wood adhesives dominated the market and are expected to remain dominant during the forecast period, owing to rapidly expanding building & construction industry, especially in the developing economies. Molding compound is likely to witness the highest growth during the same period, driven by increasing use of epoxy molding compounds in the transportation and electronics industries.

Based on the end-user type, the market is categorized as automotive, building & construction, furniture, electrical & electronics, industrial, and others. The automotive industry currently dominates the market and is expected to maintain its dominance over the next five years as well, owing to consistently increasing production of vehicles along with an increasing number of phenolic resin applications, such brake linings, clutch facing, and brake pads.

Asia-Pacific is the largest market for phenolic resins, owing to rapid economic development in the region, which has led to the growth of key end-use industries. Rapidly growing automotive production with a shift of automobile plants in China and India, continuous shift of manufacturing base of the electrical & electronics industry, and growing building & construction sector are the major growth drivers of the Asia-Pacific’s market. North America and Europe also offer sizeable growth opportunities, owing to the recovery of the building & construction industry in both of the regions.

Some of the major phenolic resin suppliers are Hexion Inc. Hitachi Chemical Co., Ltd., Sumitomo Bakelite Co., Ltd., BASF SE, SI Group, Inc., DIC Corporation, Kolon Industries, Inc., Shandong Laiwu Runda New Material Co., Ltd., Dujodwala Paper Chemicals Ltd., Changshu South-East Plastic Co., Ltd. and Geogria-Pacific Chemicals LLC.

Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

 Market structure: Overview, industry life cycle analysis, supply chain analysis
 Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
 Market trend and forecast analysis
 Market segment trend and forecast
 Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
 Attractive market segments and associated growth opportunities
 Emerging trends
 Strategic growth opportunities for the existing and new players
 Key success factors

Stratview follows a rigorous process for conducting business research from primary and secondary sources to understand the entire market ecosystem. It has several high value market reports in the chemicals and materials industry. Please refer to the following link to browse through the reports:

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