Impact Assessment of COVID-19 Outbreak on Phenol-functional Polymers Market

Phenol-functional Polymers: Introduction

Functional polymers belong to a class of special polymers, wherein the polymeric chains are attached with one or more reactive groups at the end. Functional polymers’ characteristics such as chemical heterogeneity, reactivity, phase separation, and compatibility are enhanced in a reaction with the addition of reactive groups at the end.
Phenol-functional polymers are often used as adhesion promoters and heat resisting polymers in hot melt adhesives
Based on type, the global phenol-functional polymers market can be segmented into poly(4-vinylphenol), butylacrylate-acrylonitrile-maleimidophenol (BNM), and others. Poly(4-vinylphenol) is a cross-linking agent used in polymer formulation to enhance adhesion in polymers. It has high stability and complex structure.

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Key Drivers of Phenol-functional Polymers Market

The global electrical & electronics sector has typically expanded by about 3% per year in the 21st century. The sector has expanded significantly in Asia Pacific due to the strong electrical & electronics industry in China, Japan, and South Korea. Asia Pacific accounted for more than half of the production of electrical appliances in the world, while North America and Europe cumulatively contributed about 30% share in 2016.
Research and development of new technologies is one of the major factors driving the global electrical & electronics sector. Positive economic conditions enable foreign investments, boost infrastructure, and increase purchasing power (import-export scenario) of consumers. The final price of products is cheaper in developing countries, with the availability of cheaper labor and lower manufacturing costs, vis-à-vis that in developed regions.

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Impact of COVID-19 on Global Phenol-functional Polymers Market

The electrical & electronics sector has been severely impacted by the increase in spread of the coronavirus pandemic across the globe. The impact of pandemic includes closure of production sites and disruption of supply chain. With the supply chain disruption, the electrical & electronics market is expected to severely impact suppliers through shortage of raw materials as well as that of finished products. Additionally, acceleration in the U.S.-China trade war and tension between India and China are likely to pose a threat to the global trade of raw materials and finished products. These factors are estimated to adversely affect the production and consumption of phenol-functional polymers between 2020 and 2021. However, the global market is expected to recover by the end of 2021.

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Asia Pacific to Hold Major Share of Global Phenol-functional Polymers Market

In terms of region, the global phenol-functional polymers market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific is a leading consumer of phenol-functional polymers, due to widely distributed disposable income of the people in the region. Furthermore, rapid urbanization, and fast-paced lifestyle are likely to boost the demand for consumer electronics in the near future. Expansion of electronic and semiconductor industries across the region is estimated to offer lucrative opportunity to the market during the forecast period.

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