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Phenolic Resins Market 2024-2033: Size, Share, Key Trends, and Growth Forecast
Phenolic Resins Global Market Report 2024
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According to The Business Research Company's, The phenolic resins market size has grown strongly in recent years. It will grow from $13.34 billion in 2023 to $14.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growth in automotive and construction industries, demand for durable and fire-resistant materials, expansion of electrical and electronics sector, regulatory standards for fire safety, development of composite materials.
The phenolic resins market size is expected to see strong growth in the next few years. It will grow to $18.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to sustainable and eco-friendly resin formulations, growth in aerospace and aviation applications, increased use in renewable energy solutions, research and development in bio-based resins, adoption in consumer goods and appliances, customized phenolic resins for specific industries.. Major trends in the forecast period include bio-phenolic resins from lignin and biomass, advanced composite materials with phenolic resins, fire-resistant coatings and materials, 3d printing with phenolic resins, recycling and upcycling of phenolic resins..
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Market Drivers and Trends:
The growing need for lightweight, eco-friendly synthetic structures in the automotive industry is driving the phenolic resin market going forward. The automotive industry is concerned with designing, manufacturing, distributing, and sales of automobiles. Automotive manufacturers are constantly using lightweight materials to improve fuel efficiency. Phenolic resins are used in the manufacturing of lightweight tires, brake pedals, and other under-the-hood automotive parts. For instance, according to the US Office of Energy Efficiency and Renewable Energy, a government organization working to build a clean energy economy for America, a 10% reduction in the weight of an automobile can increase fuel efficiency by 6%-8%, and the use of lightweight materials in one-quarter of the U.S. fleet could save about 5 billion gallons of fuel annually by 2030. Therefore, the growth of lightweight materials in the automotive industry is propelling the phenolic resin market.
Major companies operating in the phenolic resins market are innovating products, such as the REZIANCE brand portfolio, to provide reliable services to customers. The REZIANCE brand portfolio is a phenolic resins and specialty solutions for casting and industrial applications. For instance, in March 2022, ASK Chemicals Group, a Germany-based provider of industrial resins and materials, launched the REZIANCE brand portfolio. The REZIANCE brand portfolio includes high-performance phenolic resins and specialty solutions. It is designed to provide various industries such as friction, abrasives, refractories, impregnation, wood, paints, and coatings.
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Major Key Players of the Market:
Dainippon Ink and Chemicals Corporation, Hexion LLC, Chang Chun Plastics Co. Ltd., Mitsui Chemicals Inc., Hitachi Chemical Co. Ltd., Prefere Resins Holding GmbH, Kolon Industries Inc., SI Group Inc., Sumitomo Bakelite Co. Ltd., BASF SE, Arizona Chemical Company LLC, Kangnam Chemical Co. Ltd., Seiko PMC Corporation., Bakelite Synthetics, Jinan Shengquan Group Share Holding Co. Ltd., Ashland Global Holdings Inc., Georgia-Pacific Chemicals LLC, Hexcel Corporation, Akrochem Corporation, Arclin Inc., Swanson, Kraton Corporation, American Micro Industries Inc., Momentive Specialty Chemicals Inc., Plenco Closures Pvt. Ltd., Red Avenue Chemical Co. Ltd., Shandong Laiwu Runda New Material Co. Ltd., Owens Corning, Hardwoods Inc., 3M Company, Capital Resin Corporation, Kessler Chemicals, KPL International Ltd., PTTGC America LLC, Phenolic Associates Inc.
Phenolic Resins Market 2024 Key Insights:
• The phenolic resins market size is expected to see strong growth in the next few years. It will grow to $18.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Phenolic Resins Powering Eco-Friendly Lightweight Automotive Solutions
• Innovative Products To Provide Reliable Services
• North America was the largest region in the phenolic resins market in 2023
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