Growing Sales of Paper Impregnation To Propel Resol Resins Market Revenue By US$ 24.78 Billion - Fact.MR Survey

The global phenolic resins market size is expected to reach US$ 24.78 Bn in 2032 and exhibit considerable growth at an astonishing CAGR of 5.4% in the forecast period (2022-2032). As per Fact.MR's study, sales of phenolic resins are likely to reach a valuation of US$ 14.69 Bn in 2022.

Growing demand for tires worldwide owing to the increasing production and sales of automotive is set to push the market. In addition, the urgent need for lightweight and fuel-efficient vehicles to keep up with the stringent government emission norms is likely to aid growth.

As per the International Organization of Motor Vehicle Manufacturers, in 2021, nearly 56,398,471 passenger cars and 26,286,317 commercial vehicles were sold across the globe. These numbers are likely to grow at a rapid pace in the upcoming years, thereby propelling the market.

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Besides, the ability to blend with polymers, high heat resistance, low toxicity of smoke, and good mechanical strength of phenolic resins are likely to boost their demand in various end-use industries. Companies are expected to use these resins in insulation materials backed by their low thermal conductivity.

Phenolic resins are also set to be extensively used as an adhesive and a durable binder in structural wood panels, as well as in mineral wool insulation because of their excellent water resistance property. In addition, in the construction sector, phenolic resins are likely to be utilized for composites, brake linings, foundry binders, and insulation foams.

Moreover, phenolic resin manufacturers are projected to find new growth opportunities in future with the high demand for fuel-efficient and lightweight vehicles worldwide. Ongoing development in the transportation and automotive sectors is another vital factor that is likely to augur well for the global market.

Key Takeaways:

The U.S. phenolic resins market is expected to procure a share of 87.8% and create an absolute $ opportunity of US$ 3.04 Bn by 2032.
Based on type, the resol resin segment is likely to exhibit growth at a CAGR of 6.2% in 2032 and reach US$ 6.64 Bn in the same year.
Sales in the novolac resins category are anticipated to be valued at US$ 3.37 Bn and grow by 1.6X during the forecast period.
By application, the insulation segment is set to capture nearly 20.4% of the global phenolic resins market share in 2032.
The paper impregnation category is poised to grow 1.8X and create an absolute $ opportunity of US$ 2.47 Bn in 2032.
Growth Drivers:

Increasing demand for phenolic resins in the automotive sector owing to their impact resistance and fire retardancy properties is set to drive growth.
Rising construction and renovation of commercial and residential infrastructures in developing economies is likely to boost growth.
Restraints:

Fluctuating prices of petroleum-based raw materials, such as propylene and benzene, required for the production of phenolic resins may hamper growth.
The water generated during a curing reaction in phenolic resins can remain trapped within the composite and may hinder their demand.

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Competitive Landscape:

The global phenolic resins market is highly fragmented and competitive in nature with the presence of a large number of key players. The majority of the key players worldwide are striving to expand their geographic presence by either opening new manufacturing facilities or introducing new products in untapped areas.

Meanwhile, a few other companies are aiming to generate more sales by adopting various organic and inorganic strategies, including new product developments, mergers & acquisitions, joint ventures, and collaborations.

For instance,

In July 2020, allnex, a prominent producer of additives and industrial coating resins headquartered in Germany, introduced its latest, eco-friendly phenolic resin called PHENODUR PR 787/50MP for exterior and interior can coatings. It does not contain Bisphenol F or Bisphenol A and has an ultralow free-formaldehyde value of < 0.01%.

Key Companies Profiled by Fact.MR

3M Company
DIC Corporation
Ashland
Hexcel Corporation
Arizona Chemical
Kolon Industries
Georgia-Pacific Chemicals
Owens Corning
Arclin Inc.
Olympic Panel Products LLC.
Hardwoods Inc.
American Micro Industries Inc.

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More Valuable Insights on Phenolic Resins Market

In the latest study, Fact.MR offers a 360-degree view of the global phenolic resins market for the forecast period of 2022 to 2032. This report also provides key factors such as recent developments and growth drivers influencing the sales in phenolic resins market through detailed segmentation as follows:

By Type:

Resol Resins
Novolac Resins
Other Product Types
By Application:

Insulation
Paper Impregnation
Wood Adhesives
Laminates
Molding
Other Applications
By End Use:

Electrical & Electronics
Building & Construction
Furniture
Automotive
Other End Uses
By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Key Questions Covered in the Phenolic Resins Market Report

What will be the demand outlook of phenolic resins market in 2022?
What will be the growth rate of the global phenolic resins market during 2022-2032?
Which are key drivers bolstering the growth in phenolic resins market?
Which are the factors hindering the growth in the phenolic resins market?
Which region is expected to exhibit the fastest growth in the global phenolic resins market during 2022-2032?

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