Phenolic Resin Market Worth $ 14.4 Billion By 2026
CHICAGO, December 7, 2021 / PRNewswire / – According to the report “Phenolic Resin Market by type (Resol, Novolac), application (wood adhesives, laminates, foundry and moldings, paper impregnation, coatings, insulation), end-use industry and region (North America, Europe, APAC, MEA, South America) – Global forecasts until 2026 “, published by MarketsandMarkets â¢, the phenolic resin market is expected to reach $ 14.4 billion by 2026, at a CAGR of 4.3% between 2021 and 2026. The phenolic resin market is expected to grow from $ 11.7 billion in 2021 to $ 14.4 billion by 2026, at a CAGR of 4.3% over the forecast period. The growth of the phenolic resins market is attributed to the increased demand from various industries due to their improved properties such as high heat resistance, high moldability, mechanical strength, low smoke toxicity and the ability to stand. mix with polymers. For example, they are widely used in auto parts and electrical switches due to their high heat resistance. The low thermal conductivity makes phenolic resins suitable for use in insulation materials.
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Resol is the largest type of phenolic resin.
Resol is the preferred type of phenolic resin used in various end use industries due to its cost effectiveness, improved properties and a wide range of applications. Some of the main applications of the resol resin are oriented strand board plywood (OSB), engineered laminated composite lumber (LCL), engineered woods and adhesives. Growing demand from the automotive and building and construction industries is contributing to the growing demand for resol resin across the world.
Wood glues are the main application of phenolic resin.
The application of wood glue is one of the fastest growing applications for phenolic resin. The growth of the construction industry mainly drives the increase in demand for wood adhesives. The plywood sub-segment holds the maximum market share in the wood adhesives segment. Asia Pacific represents the largest share of the wood glue segment. With the presence of growing economies such as India, South Korea, and Indonesia, the demand for phenolic resins in the region is expected to increase significantly.
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APAC is the fastest growing market for phenolic resin.
APAC is expected to be the fastest growing phenolic resin market. The growth of the APAC phenolic resin market can be attributed to the growing investment in building and construction and automotive industry in the region. In addition, phenolic resin manufacturers are targeting this region as it is the most important regional market. China is the leading producer and consumer of phenolic resins in the region. The other major markets in the region are emerging economies such as Japan, India, and Thailand.
Most active players in the phenolic resin market:
Bakelite Synthetics (USA), Sumitomo Bakelite Company Limited (Japan), SI Group Inc. (United States), Jinan Shengquan Group Share Holding Co., Ltd., (China), Ashland Global Holdings, Inc. (United States), BASF SE (Germany), Georgia-Pacific Chemicals (United States), DIC Corp (Japan), Hexcel Corporation (US), Akrochem Corporation (US). are the major players operating in the phenolic resin market.
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Polymer Foam Market by resin type (PU, PS, PO, phenolic), foam type (rigid, flexible), end-use industry (building and construction, packaging, automotive, furniture and bedding, footwear, sports and leisure) and region
Wood Adhesives Market by type of resin (natural and synthetic), technology (solvent-based, water-based, solvent-free), application (floor and terrace, plywood, furniture, cabinet, particle board, window and door)
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