Phenolic Resins Market to depict appreciable growth prospects over 2020-2025
Asia pacific is likely to be the largest and fastest growing region in the phenolic resins market over the forecast timespan. This can be attributed to the high growth rate in end-use industries such as automotive, consumer goods, aerospace and construction. Asia Pacific was the largest producer of automotive with more than 60% of global automotive production in the region in 2018.
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Phenolic Resins Market size will be driven by increasing transportation industry across the globe. Phenolic resins are used for rubber processing due to their properties such as high thermal resistance, strength and fire-resistant properties.
Growing transportation business across the globe will drive the rubber processing industry growth which will in turn, accelerate phenolic resins market growth in near future. On account of increasing business activities and regional trade, transportation industry shall reap substantial benefits in the coming years. Moreover, product is highly used in wood adhesives and rapidly growing wood adhesive demand in construction industry will drive the phenolic resins market size over the forecast period.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Olympic Panel Products
Arizona Chemical Company
Kolon Industries Inc.
Georgia Pacific Chemicals
Sumitomo Bakelite Co. Ltd.
Momentive Specialty Chemicals
SI Group Inc.
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Phenolic resin market application segment includes wood adhesives, molding, insulation, laminates, paper impregnation, coatings and others. The use of phenolic resins in wood adhesives exhibits exceptional water resistance, moisture resistance and weather resistance which makes it desirable in construction business. Molding was another major application segment in phenolic resins market in 2018 and shall grow with a healthy CAGR in near future.
Molding components are utilized in various end-user industries such as automotive commutator, electrical & electronics and household applications. Moreover, molding components find application in manufacturing, kitchen ware and electrical equipment. These increased applications are likely to fuel the molding components demand in coming years, eventually augmenting phenolic resin market size from 2019 to 2025.
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Major product segments in phenolic resins market size include novolac and resol. among which novolac is likely to have a major share owing to its properties such as solvent resistance and hardness. Rapidly growing electrical & electronics industry will fuel novolac demand during the forecast period. Resol resins demand shall grow with a significant CAGR in near future. This can be attributed to the massively growing construction industry in emerging economies such as India, Brazil, South Africa, Saudi Arabia, etc.
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