How Big is the Phenolic Resin Market

According to Fact.MR's newly released report on phenolic resins, the global market is expected to be worth USD 14,685.1 million in 2022, rising at a CAGR of around 5.4% between 2022 and 2032. Furthermore, Fact.MR expects the phenolic resins market to be worth more than USD 24,782.1 million by the end of 2032, owing to rising demand for phenolic resins in the building & construction and electrical & electronics industries.

enhanced research and development in the phenolic resins sector for enhanced tensile strength and adhesion has prompted firms to expand their manufacturing facilities around the world. The invention of a phenolic resin that can tolerate high temperatures and is flame resistant has driven demand in the automotive and construction industries.

For Critical Insights on Phenolic Resins Market, Request a Sample Report
https://www.factmr.com/connectus/sample?flag=S&rep_id=7338

Some market participants have purposely raised the prices of their phenolic resin goods in response to the large increase in raw material prices in the global market. They are also presenting a new technology called cello bond phenolic resin, which is flame resistant and releases no harmful gasses and has applications in aerospace interiors, tunnel building, and other areas.

The inert response of phenolic resins with chemicals has attracted plywood and laminate makers, increasing market demand. Furthermore, countries such as India, Russia, China, and the Netherlands have driven market demand through infrastructure improvements.

The pandemic has damaged downstream sectors by disrupting supply chains around the world; also, several construction projects have been halted due to guidelines hurting demand for phenolic resins.

Which Factors are Expected to Drive Demand for Phenolic Resins Over the Coming Years?

"High Demand for Phenolic Resins from Construction Industry"

With the ever-expanding construction industry, the market for phenolic resins has grown over the last few decades. Furthermore, the furniture sector has expanded its profitable use of phenolic resins as an adhesive agent due to their high binding capabilities.

Novolac is a phenolic resin that is known for its exceptional binding properties and is in high demand in the furniture sector. Novolac resin is a popular choice among plywood manufacturers because of its low heat resistance and ease of application as an adhesive.

Growing infrastructure in APAC has created an opportunity for producers of phenolic resins. The phenolic market in APAC is estimated to grow 1.7X during the forecast period, owing to rising use of wood additives, laminates, and molding in the construction industry.

According to Fact.MR trends, the APAC region will reach US$ 3.7 billion by the end of 2021 at a CAGR of 4.7%, representing the world's fastest growing region.

The phenolic resins market is expanding rapidly due to increased demand from various industries for improved features such as high moldability, high heat resistance, low smoke toxicity, mechanical strength, and the ability to blend with polymers.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞: https://www.factmr.com/report/phenolic-resin-market

Key Takeaways from Phenolic Resins Market Study

The global phenolic resins market is expected to rise at a CAGR of 5.4% over the forecast period, reaching USD 24,782.1 million by the end of 2032.
Resol resin is expected to generate an absolute $ potential worth USD 5,725.7 million throughout the projection period.
Insulation, on the other hand, is expected to account for 26.8% of market share by 2032, growing at a CAGR of around 6.4% over the forecast period.
North America is predicted to acquire roughly 32.8% of the worldwide phenolic resins market share by 2032, with a value of USD 8,135.6 million.
Europe will provide an absolute dollar potential worth USD 2,864.5 million by 2032 end, expanding at a CAGR of 5.2% over 2022-32.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7338

Key players in the Phenolic Resins Market

3M Company
DIC Corporation
Ashland
Hexcel Corporation
Arizona Chemical
Kolon Industries
Georgia-Pacific Chemicals
Owens Corning
Arclin Inc.

Key Segments Covered in the Phenolic Resins Industry Survey

Phenolic Resins Market by Type :

Resol Resins
Novolac Resins
Other Product Types

Phenolic Resins Market by Application :

Insulation
Paper Impegration
Wood Adhesives
Laminates
Molding
Other Applications
Phenolic Resins Market by End Use :

Electrical & Electronics
Building & Construction
Furniture
Automotive
Other End Uses

Phenolic Resins Market by Region :

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Competitive Landscape

3M Company, DIC Corporation, Owens Corning, Arclin Inc., Olympic Panel Products LLC, Hardwoods Inc., Arizona Chemical, Kolon Industries, Georgia-Pacific Chemicals, Ashland, Hexcel Corporation, and American Micro Industries Inc. are major providers of phenolic resin.

Market leaders such as 3M and Arizona Chemicals are constantly conducting research and development to improve the strength of phenolic resins used in fire retardants, sealant coatings, and other applications.
DIC Corporation's phenolic resins PHENOLITE are gaining popularity across sectors due to increased qualities such as flame resistance, cost-effectiveness, high tensile strength, and chemical resistance.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

𝐀𝐛𝐨𝐮𝐭 𝐅𝐚𝐜𝐭.𝐌𝐑

We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

This release was published on openPR.