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Phenolic Resins Market Study 2020 Splendid Growth By Leading Players Are SI Group, LERG SA., Shengquan Group, UCP Chemicals AG, Tongcheng-Elong
Phenolic Resins Market
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Market Analysis: Global Phenolic Resins Market
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.
Key Market Competitors:
Few of the major competitors currently working in the global phenolic resins market are 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.
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Market Definition: Global Phenolic Resins Market
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. The resins provide the properties of excellent flame-retardant, showcase high tensile strength, high heat resistance and low toxicity.
Segmentation: Global Phenolic Resins Market
Phenolic Resins Market : By Product
Novolac
Resole
Modified
Phenolic Resins Market : By Application
Adhesives
Insulation
Molding Compounds
Lamination
Paper Impregnation
Coatings
Others
Phenolic Resins Market : By End-Use
Automobiles
Electric and Electronics
Furniture
Construction
Others
Phenolic Resins Market : By Geography
North America
South America
Europe
Asia-Pacific
Middle East and Africa
Key Developments in the Phenolic Resins 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
Phenolic Resins 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
Phenolic Resins 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
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