Phenolic Resin Market 2023 Key Factors - Gunei Chemical Industry Co.Ltd, Allnex GMBH

The Brainy Insights launched a study titled Phenolic Resin Market Size by Product Type (Resol and Novolac); By Application (Foundry, Adhesives & Binding, Molding, Coatings, Foam, Laminates, and Others), and End User ( Automotive, Electrical & Electronics, Building & Construction, Lumber, Others), Region, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

𝐆𝐫𝐚𝐛 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭- https://www.thebrainyinsights.com/enquiry/sample-request/12715

The global phenolic resin market is expected to grow from USD 11.1 billion in 2021 to USD 15.5 billion by 2030, at a CAGR of 3.8% during the forecast period 2022-2030. The market has been growing owing to the increasing demand for tires for new vehicles being developed in the market. The growing adoption of nanotechnology and the growing need for fuel-efficient vehicles is expected to drive the market growth during the forecast period. Phenolic resin is chemical resistance, fire resistance, surface hardness, high elasticity, and electrical insulation, which is ideal for use in making electrical appliances.

The resol segment dominated the market with a market revenue of 6.9 billion in 2021

The product type segment is divided into Resol and Novolac. In 2021, the resol segment dominated the market with market revenue of 6.9 billion in 2021. The growth of the segment is being driven by the cost-effectiveness of the resol resins. Adhesives and bindings made from resol resins are widely used in the construction industry which is driving the market growth.

The adhesives & binding segment is expected to grow at the fastest CAGR of 6.3% over the forecast period.

The application segment is divided into adhesives & binding, foundry, molding, laminates, coatings, foam, and others. Over the forecast period, the adhesives & binding segment is expected to grow at the fastest CAGR of 6.3%. Adhesives & Bindings made from phenolic resins are widely used in household applications and in the construction industry as they are moisture and water-resistant.

Automotive segment accounted for the largest share of the market with 32%

The end-user segment is divided into electrical & electronics, automotive, lumber, building & construction, others. In 2021, the automotive segment dominated the market, accounting for around 32% of the global market share. The automotive sector has a wide range of applications for phenolic resins which drives the market growth.

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Regional Segmentation Analysis:

The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. During the forecast period, Asia Pacific is expected to be the largest market. The phenolic resin market in the Asia Pacific region has been expanding rapidly due to the growing support from the government to cultivate local assembling exercises in the construction and building sector. Moreover the wide use of phenolic resins in household applications, injection molded parts, electrical and electronics, oil and gas industry, etc. is increasing the demand for phenolic resins in the region during the forecast period.

Competitive Analysis:

The major players of the market include Gunei Chemical Industry Co., Ltd, Allnex GMBH, Kolon Industries Inc., Asahi Yukizai Corporation, Kraton, Prefere Resins Holding GmbH, Sumitomo Bakelite Co. Ltd., ASK Chemicals, Seiko PMC Corporation, and Bakelite Synthetics among others.

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This release was published on openPR.