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Phenolic Resin Market is expected to reach USD 23.80 Bn. in 2030, with a CAGR of 5.5% for the period 2024-2030, as per Maximize Market research.
Phenolic Resin market
Phenolic Resin market was valued at USD 16.36 Bn. in 2023 and is expected to reach USD 23.80 Bn. in 2030, with a CAGR of 5.5% for the period 2024-2030, because of the high demand for phenolic from the various end-use industries.
Asia Pacific is expected to grow at the highest CAGR of over 4.4% during the forecast period due to fast growth of end-use sectors such as consumer goods, Automotive, construction and aerospace.
Automobile production is expected to recover in developed economies such as Europe and North America, boosting demand for phenolic resins in a variety of applications such as abrasives, adhesives, coatings, and insulation.
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Increasing production of automobiles across the emerging region is a main factor boosting the market growth. Hence, the growing demand for phenolic resins from the automotive industry is enhancing the market growth.
In 2023, Sumitomo Bakelite developed a solid novolac phenolic resin by using nonedible lignin to produce it on a commercial basis. The novel resin has varied utility in auto applications, mainly in electric vehicles.
In 2023, Hexion has declared the selling of its phenolic resin, hexamine businesses to two equity firms namely Black Diamond and Invest industrial. This helps in their business investments and debt clearance.
During the 2023, Q3, Phenolic Resin prices in North America remained stable, because of the stability of feedstock phenol values.
In the third quarter of 2023, the Asia Pacific Phenolic Resins market outlook improved. The significant surge in demand in the post-pandemic period supported a constant rising trajectory in the prices of phenolic resins during this quarter.
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Phenolic Resin market Segmentation:
by Product Type
• Resol resin
• Liquid Resol resin
• Solid Resol resin
• Novolac resin
• Others (Bio-phenolic resin, cresol resin, free-formaldehyde
• phenolic resin)
by Application
• Wood adhesives
• Foundry
• Molding
• Laminates
• Insulation
• Paper Impregnation
• Coatings
• Others
by End-use Industry
• Automotive
• Building & construction
• Furniture
• Electrical & electronics
• Others
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Phenolic Resin market Key Players include:
1.Hexion Inc.
2. Hitachi Chemical Co. Ltd.
3. Sumitomo Bakelite Co. Ltd.
4. BASF SE
5. SI Group Inc.
6. DIC Corporation Inc.
7. Kolon Industries Inc.
8. Shandong Laiwu new material Co. Ltd.
9. Changshu South-East Plastic Co., Ltd.
10. Mitsui Chemicals Inc.
11. Georgia Pacific Chemicals LLC
12. Prefere Resins
𝐅𝐨𝐫 𝐚 𝐝𝐞𝐞𝐩𝐞𝐫 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠, 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤: https://www.maximizemarketresearch.com/market-report/global-phenolic-resin-market/29453/
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2023)
Past Pricing and price curve by region (2018 to 2023)
Market Size, Share, Size & Forecast by Different Segment | 2024-2030
Market Dynamics - Growth Drivers, Regional analysis, Segment Analysis, Competitive landscape
Market Segmentation - A detailed analysis of the Offerings, Vertical, Application and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Key questions answered in Phenolic Resin market are:
1. Which region has the largest share in Phenolic Resin Market?
2. What is the growth rate of the Phenolic Resin Market?
3. What segments are covered in the Phenolic Resin market?
4. Who are the key players in the Phenolic Resin market?
5. What is the study period of this market?
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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