Phenolic Resin Market | Key players operating in the market include BASF SE, Georgia-Pacific Chemicals, DIC Corp, Hexcel Corp, Akrochem Corp

According to recent market research "Phenolic Resin Market by Type(Resol, Novolac), Application(Wood Adhesives, Laminates, Foundry & Moldings, Paper Impregnation, Coatings, Insulations), End-Use Industry, and Region(North America, Europe, APAC, MEA, South America) - Global Forecast to 2026", The phenolic resin market is projected to reach USD 14.4 Billion by 2026, at a CAGR of 4.3% between 2021 and 2026. The phenolic resin market is projected to grow from USD 11.7 Billion in 2021 to USD 14.4 Billion by 2026, at a CAGR of 4.3% during the forecast period. The growth of phenolic resin market is attributed to the increased demand form various industries owing to their enhanced properties such as high heat resistance, high moldability, mechanical strength, low toxicity of smoke, and ability to blend with polymers. For instance, they are extensively used in automotive parts and electrical switches due to high heat resistance. The low thermal conductivity makes phenolic resins suitable for use in insulation materials.

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Resol is the preferred type of phenolic resin used in various end-use industries due to their cost effectiveness, enhanced properties and a wide range of applications. Some of the major applications of resol resin are exterior plywood-oriented strand board (OSB), engineered laminated composite lumber (LCL), engineered woods, and adhesives. Rising demand from the automotive and building & construction industries contributes to the growing demand for resol resin across the globe.

Wood adhesive application is one of the fastest-growing application for phenolic resin. The growing construction industry primarily drives the rise in demand for wood adhesives. The plywood subsegment holds the maximum share of the market in the wood adhesives segment. Asia Pacific accounts for the largest share of the wood adhesive segment. With the presence of growing economies such as India, South Korea, and Indonesia, the demand for phenolic resins in region is expected to increase significantly.

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The market size of phenolic resin is estimated at USD 11.7 Billion in 2021 and is projected to reach USD 14.4 Billion by 2026, at a CAGR of 4.3% between 2021 and 2026.

Phenolic resins are the oldest synthetic polymers obtained from the reaction of phenol and formaldehyde. They are a class of thermosetting resins. Phenolic resins are mainly categorized into resol resins, novolac resins, and others (bio-phenolic, cresol novolac, and formaldehyde-free phenolic resins). They possess high mechanical strength, low toxicity, and excellent heat resistance. Their applications can broadly be categorized into wood adhesives, foundry & moldings, laminates, paper impregnation, coatings, insulation, and others.

The demand for phenolic resin is mainly catered to by global players manufacturing phenolic resin for various end-use applications. The key players in the phenolic resin market include Bakelite Synthetics (U.S), Sumitomo Bakelite Company Limited (Japan), SI Group Inc. (U.S), Jinan Shengquan Group Share Holding Co., Ltd., (China), Ashland Global Holdings, Inc. (U.S), BASF SE (Germany), Georgia-Pacific Chemicals (U.S), DIC Corp (Japan), Hexcel Corporation (U.S), Akrochem Corporation (U.S).

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Hexion was one of the significant producers of phenolic resins, making it a prominent player in the market. The company has a strong foothold in North America and Europe and focuses on expanding its business in Asia Pacific, EMEA, and South America. The company has a diverse product portfolio catering to the demand from various end-use industries. Building materials are the largest segment, followed by industrial applications and transportation. The electrification trend expects to drive the demand for Bakelite Synthetics composite products, including coatings, printing plates, PCBs, and adhesives.

Sumitomo Bakelite Company is a prominent manufacturer of phenolic resin products and has a significant share in the global market in terms of supply. With a strong sales and distribution network and a wide product portfolio, the company is channelizing efforts toward targeting high-growth applications and end-use industries to enhance its presence in the North American market. The companys strength lies in the integrated value chain and technological capabilities in producing phenolic resin products for various end-use industries. At the same time, it is focusing on the expansion of its presence across the globe.

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