Phenolic Resins Market Size, Share, Growth & Trends Analysis Report, Competitive Landscape By 2024-2031 | BASF SE, Chang Chun Plastics Co. Ltd.

The Phenolic Resins Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Phenolic resins are synthetic polymers obtained by the reaction of phenol or substituted phenol with aldehyde such as formaldehyde. They are thermosetting resins with application in wood adhesives, molding compounds, laminates, insulation, and abrasion-resistant products.

Market Dynamics:

The phenolic resins market is expected to witness significant growth over the forecast period owing to rising demand from the construction industry. Phenolic resins find major application in the production of decorative laminates such as panels for cabinetry, tables, counter tops, and flooring. The rapid growth of the construction sector worldwide has led to an increased demand for laminates and thus phenolic resins. Furthermore, phenolic resins offer advantages such as heat resistance, fire resistance, and water resistance. They can withstand high temperatures of over 120°C without softening, retaining their shape and physical properties. Such desirable properties have resulted in the growing demand for phenolic resins from various end-use industries.

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Top Key Players are Covered in this Report:

★ BASF SE
★ Chang Chun Plastics Co. Ltd.
★ Georgia Pacific Chemicals LLC
★ Kolon Industries Inc.
★ Prefere Resins
★ Mitsui Chemicals Inc.
★ Sumitomo Bakelite Co. Ltd
★ Hitachi Chemical Co. Ltd.
★ SI Group Inc.
★ Momentive Specialty Chemicals Inc.

Market Segmentation:

By Product Type:

★ Resole
★ Novolac
★ Others

By Applications:

★ Wood Adhesives
★ Molding Compounds
★ Laminates
★ Insulation
★ Others

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Increasing Demand from Construction Industry Boosts Usage of Phenolic Resins:

The construction industry has seen significant growth worldwide over the past few years, especially in developing economies. Phenolic resins are widely used in applications such as adhesives, flooring, roofing, and insulation in the construction sector due to their excellent heat resistance, mechanical strength, and thermal stability properties. With rapid urbanization and infrastructure development activities, the demand for various construction materials has increased substantially. This positive growth of the construction industry has augmented the sales of phenolic resins. The rising commercial and residential construction projects in Asia Pacific and Middle Eastern countries are expected to drive the phenolic resins market during the forecast period.

Growing Applications in Electrical and Electronics Sector Augment Phenolic Resins Consumption:

Phenolic resins possess attractive properties such as high dielectric strength, dimensional stability, and flame retardancy that make them suitable for use in electrical components. They are commonly used as an insulating material in transformers, motors, and generators. With technological advancements and rapid adoption of consumer electronic devices worldwide, the demand for various electrical components has increased exponentially. Phenolic resins have wide applications in printed circuit boards, connectors, switches, fuse boxes, and plugs used in a variety of consumer gadgets such as smartphones, laptops, refrigerators, washing machines, and air conditioners. The thriving electrical and electronics industry, especially in Asia, is anticipated to boost the consumption of phenolic resins over the coming years.

Stringent Environmental Regulations Hamper Phenolic Resins Production:

Phenolic resins release toxic byproducts and generate hazardous wastes during their production process. Various countries have imposed strict environmental rules regarding the production and use of phenolic resins to curb pollution. For instance, the REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) regulations in Europe restrict the use of certain toxic substances in the manufacturing of phenolic resins. Similarly, the EPA (Environmental Protection Agency) in the U.S. has framed regulations to control air pollution from phenol-formaldehyde resin operations. These stringent norms mandate compliance procedures like installing pollution control devices, which increases production costs for phenolic resin manufacturers. The complex approval process and rising costs associated with adhering to environmental standards may restrain the growth of the phenolic resins market to some extent.

Growing Demand for Green Phenolic Resins Offers Significant Opportunities:

Concerns regarding toxicity, volatile organic compound emissions, and other environmental issues associated with traditional phenolic resins have been increasing. This has led to huge growth opportunities for green phenolic resins. Researchers are engaged in developing eco-friendly phenolic resins made from renewable biomass sources such as lignin, tannin, and vegetable oils instead of petroleum-based phenol. These bio-based phenolic resins exhibit properties comparable to traditional ones and help address sustainability issues. Their demand is expected to rise sharply in the coming years owing to stringent regulatory push for sustainable products. Market players can gain advantages by expanding their portfolios to include bio-phenolic resins made from plant-derived raw materials.

Rising Adoption of Alternative Materials Emerge as a Key Trend:

A key trend observed in the global phenolic resins market is the increasing substitution threat from other competing materials. Phenolic resins face fierce competition from alternative synthetic polymers and bio-based thermosets in several end-use industries. For example, in construction, materials like polyvinyl chloride (PVC) are used as an alternative to phenol-formaldehyde resins for applications like ceiling and flooring. Also, bio-polyurethanes have emerged as replacements for phenolic foams in insulation. Similarly, epoxy resins are gaining traction over phenolic resins in applications involving high heat and chemical resistance. The superior properties and sustainability advantages of alternate materials may persuade end-users to switch to other options. Phenolic resin manufacturers need to focus on product innovation and develop advanced applications to counter the substitution threat from competition.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Phenolic Resins market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Phenolic Resins market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Phenolic Resins Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.