Press release
Top Scenario: How did COVID-19 disrupt the Phenolic Resin Adhesives Market
Phenolic Resin Adhesives Market
The global phenolic resin adhesives market is expected to reach $17460 million by the end of 2026 as per the report.
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Regional Analysis
Asia-Pacific region is predicted to dominate the market in the forecast period. The economic development and high investment in automotive, building & construction, furniture, and electrical & electronics sectors has increased the demand of phenolic resin adhesives in the Asia-Pacific countries. This is the main factor driving the growth of the market in this region.
Key Segments of the Market
The report has divided the market based on product, application, end-use, and regional analysis.
• In product segment, resol resin is going to be the most profitable. The reason behind this growth is its amazing properties such as enhanced heat resistance, improved tensile strength, and outstanding moldability.
• In application, wood adhesives will be the most lucrative. The application of phenolic resin adhesives on wood imparts it with excellent resistance to water, moisture, and weather that makes it suitable for use in the construction industry. This is the main factor enhancing the growth of the segment.
• Automotive segment will lead the market with highest market share. Phenolic resin adhesives are used in the automotive segment for the manufacture of drum linings, brake pads, disc brake clutch facing, and these are the factors propelling the growth of segment.
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Market Dynamics
The developing transport business all across the world is boosting the growth of the rubber processing industry. This is expected to influence the development of phenolic resin adhesives market in the upcoming years. Increased demands owing to demographics, stronger support by the state and reasonable surge in the prices of oil are key factors that are propelling the growth of the market during the forecast period.
Phenol and formaldehyde are the major raw materials that are being used in the manufacturing process of phenolic resins adhesives. These two products are mainly used in the production of compound wood products (particleboard, hardwood plywood, and medium thickness fiberboard), paints & coatings, construction materials & insulation, and paper products, and others. However, these products are proved harmful for the environment. This is one of the factor hindering the growth of the market.
Key Players of the market
The report has mentioned the leading players of the global phenolic resin adhesives market which include Sumitomo Bakelite Co., Ltd., Hexion Inc., Hitachi Chemical Co., Ltd., Changshu South-East Plastic Co., Ltd., SI Group, Inc., Kolon Industries, Inc., BASF SE, DIC Corporation, Shandong Laiwu, Dujodawala Paper Chemicals Ltd., Runda New Material Co., Ltd., and many more.
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