Phenolic Resin Market Expected to Reach $12.26 Billion by 2030 | In-depth analysis with top key players
Allied Market Research released a report titled, “Phenolic Resin Market by Type (Resol and Novolac), Application (Adhesives & Binder, Foundry, Casting, Laminates, Coatings, Foam & Others), and End-Use Industry (Electrical & Electronics, Automotive, Wood, Building & Construction , Others): Global Opportunities Analysis and Industry Forecast 2021-2030”. According to the report, the world Phenolic resin industry generated $8.2 billion in 2020 and is expected to generate $12.6 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
Main determinants of growth
Demand for abrasive and friction materials, automotive industry demand for coatings and parts, and electronics and power industry demand for phenolic laminates are driving the growth of the global phenolic resin market. However, dependence on petroleum raw materials and environmental issues are hampering the growth of the market. On the other hand, biobased alternatives present new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global phenolic resins market.
- The demand for phenolic resins has declined from its end-use industries such as automotive, industrial, and construction.
- However, the market is expected to recover quickly by the first quarter of 2022.
the novolac segment to maintain its leading status throughout the forecast period
Based on product type, the novolac segment held the highest market share in 2020, accounting for almost three-fifths of the global phenolic resins market, and is expected to maintain its leading status throughout the forecast period. Moreover, the same segment is expected to show the highest CAGR of 4.5% from 2021 to 2030, due to its wide range of end-use applications in electronics, construction, automotive and paints. .
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Electrics & electronics segment to maintain its leading position during the forecast period
On the basis of end use, the electrical and electronics segment accounted for the largest share in 2020, contributing more than a quarter of the global phenolic resins market, and is expected to maintain its leading position during the forecast period. . This is due to the use of phenolic resins to make phenolic electrical laminates. However, the lumber segment is expected to show the highest CAGR of 5.0% from 2021 to 2030, owing to the increase in demand for wooden furniture.
Asia-Pacific, followed by Europe and North America to maintain dominance by 2030
Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in terms of 2020 revenue, accounting for nearly two-fifths of the global phenolic resins market . In addition, the same region is expected to witness the Fastest CAGR by 5.0% over the forecast period, due to increased construction and automotive activities in countries such as India and China.
Main market players
- Allnex GMBH
- Asahi Yukizai Company
- ASK Chemicals
- Bakelite synthetics
- Gunei Chemical Industry Co.,Ltd
- Kolon Industries Inc.
- Prefere Resins Holding GmbH
- Seiko PMC Corporation
- Sumitomo Bakelite Co.Ltd.
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