Phenolic Resins Market size was valued at USD 9.30 billion in 2015 and is expected to reach USD 16.0 billion by 2025, with a CAGR of 5.4%. The global phenolic resins industry is anticipated to witness stable growth owing to rising demand from transportation and construction sector. Phenolic resins find their applications in numerous segmentson account of their properties such as good heat resistanceand flame retardancy, low smoke and toxicity, high mechanical strength and easy blending with other polymers to attain high performance. Product demand is expected to rise owing to of increasing use of fire retardant constituents in crucialaircraft and automotive components.
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The key driving factors responsible for the growth of Phenolic Resins market :
Crude oil is the primary raw material used in the manufacturing of phenolic resins and hence price instabilityis expected to have a direct influence on demand for phenolic resins. In order to ensure conformance to environmental standards regarding formaldehyde emissions, significant funding and investments have to be made and this may slowdown the market growth. However, the positive side is that there is an increasing adoption of nanotechnology in phenolic resins production that aims to improve their functional and structural characteristics and expand their scope of application.
Product Insights
Novolac resins and resol resins are the two majorvarieties of phenolic resins. Novolac resins, are expected to gain prominence in the forecast period owing to its ability to mould easily. They have a widespread usage across various segments as electrical laminates, hardeners and photo resistors in structural laminates for theelectronic circuit board and aerospace industries
Resol resins constituted for a major chunk of the market share on account of growing demand from wood adhesion and laminates sector. Furthermore, considerable demand from applications such asoriented strand boards (OSB) and production of engineered laminated composite lumber (LCL) also contributed to the large demand for resol resins in the past few years. It is expected to continue the similar trend over the forecast period from 2014 to 2020.
Application Insights
Phenolic resins provide services tonumerous end-use industries such as automotive, aerospace and constructionvia applications in laminates, insulation, wood adhesives and moulding compounds.
Wood adhesives were the dominant application on account of increased use in plywood and particleboard adhesives owing to phenolic resins which form chemical bonds with the phenol-like lignin wood. These products are capable of retaining moisture and hence are preferred for exterior plywood applications.
Moulding compounds are expected witness high growth. This can be attributed to the ability of phenolic resins to providefire safety and amplify vehicular efficiency. Rising demand from the automotive segment is anticipated to play a critical role in the phenolic resins growth over the forecast period. They are used in numerous components in automobiles including cooling system, air supply system brake, suspension, powertrainand fuel system.
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Greater demand for lightweight & hardwearing materials for end-use manufacturing for example packaging, foot ware, electronics & appliances, furniture, automobile, construction has motivated the development in the current ages.
Polyurethane (PU) is extensively employed in internal constituents, cushion foams, and additional lightweight portions of the automobile to adopt savings in energy & fuel.
Yet, the subdivision of Elastomers is projected to develop as the speedily developing above the period of prediction.
This permits greater suppleness, and confrontation to shock and impression for the uses of greater performance.
The polyurethane industry on the source of Area with respect to Trades in terms of intake, Profits, Market stake and Development percentage for the duration of the prediction could span North America [U.S.A, Canada and Mexico], Europe [France, Spain, Germany, U.K., Italy, Russia], Asia Pacific [India, Japan, China, South Korea], Central & South America [Brazil], Middle East & Africa [Saudi Arabia].
By the source of geography, the Asia Pacific was the leading provincial market due to the huge group of skillful labor force, raw materials, and the backing of native administration.
ReportCrux Market Research has published a new report titled “Cannabis Extract Market Segmented by Product (Tinctures, Oils); by Extract type (Cannabis Isolates, Full spectrum); by Type of nature (Conventional, Organic); by Distribution (Indirect, Direct); by Application (Pharmaceutical, Textile & Paper, Cosmetics and Other) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
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Legalization of marijuana in some countries has helped in declining the black-market sales, as well the tax charged by the government is also helping to create higher revenue opportunities.
This is expected to rise the demand for tinctures in the future and hence is expected to grow at the faster CAGR of 15.6% during the forecast period of 2020 to 2027.
The full spectrum segment dominated the market.
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