Phenolic resins have superior properties such as excellent thermal stability, high strength and stiffness, low thermal expansion, dimensional stability and electrical resistance. They are increasingly being used in construction, automotive, marine, medical, and aerospace applications. In the construction industry, phenolic resins are used to manufacture products such as ceiling tiles, doors, and flooring due to their excellent properties. They provide durable and economical building materials as they require low maintenance. The growing construction industry, especially in developing nations of Asia Pacific and Central & South America is expected to drive the demand for phenolic resins over the forecast period.
The global Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand from the construction industry is one of the key trends driving the phenolic resins market. Phenolic resins find wide applications in the manufacturing of roofing felt, insulation panels, laminates for doors, windows and partitions. They provide advantages such as durability, heat resistance, and electrical insulation. According to estimates, the global construction industry is expected to grow at 4-5% annually during the forecast period. Rapid urbanization and industrialization in developing countries is accelerating infrastructure development and residential construction activities. This is expected to boost the demand for phenolic resins significantly during the forecast period.
Segment Analysis
The global phenolic resins market is segmented based on type, application and geography. Based on type, the market is divided into novolac resins and resole resins. Among these, the resole resins segment dominates the market due to its widespread use in applications such as wood-adhesives, laminates, molding compounds, and insulation. Resole resins find greater applicability as they cure under acidic conditions and generate formaldehyde upon heating.
Key Takeaways
The Global Phenolic Resins Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The global Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region is expected to dominate the global phenolic resins market during the forecast period. This is attributed to abundant raw material availability and strong demand from the construction industry in China, India, and other developing Asia Pacific countries.
Key players: Key players operating in the phenolic resins market are ABB Ltd, Schneider Electric SE, Siemens AG, and Eaton Corporation plc.
For More Insights, Read: https://www.newswirestats.com/phenolic-resins-market-demand-growth-and-regional-outlook-by-2030/
Global phenolic resins market size was valued at USD 9.30 billion in 2015 and is expected to grow at an estimated CAGR of 5.4% from 2016 to 2022.
Technological advancements have fostered the development of unique heat shields with ablative phenolics for aerospace applications, leading to greater market share in recent years.Development of lignin and corn-based renewable feedstock have also presented new growth avenues in the industry.
Increasing awareness regarding resource conservation and the implementation of stringent sustainability standards has positively impacted green materials demand, encouraging manufacturers to integrate such raw materials into their products.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-phenolic-resins-2019-2023-676Novolac emerged as the dominant product segment, occupying nearly 50% of the volume share in 2015.
These resins are increasingly being designed for use as hardeners or curing agents in epoxy applications to meet the demand for laminates, adhesives, molding materials, and coatings.
The segment is expected to grow at around 5.2% CAGR from 2016 to 2025.Key companies operating in the industry are BASF SE, Momentive Specialty Chemicals, Sumitomo Bakelite Co. Ltd., Georgia-Pacific Chemicals, and Kolon Industries Inc. Other major participants may be listed as Owens Corning, Arclin Inc., Olympic Panel Products LLC, Ashland Inc., DIC Corporation, and Hexcel CorporationPhenolic Resins Report by Material, Application, and Geography Global Forecast to 2023 is a professional and comprehensive research report on the world?s major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, United Kingdom, Japan, South Korea and China).The report firstly introduced the Phenolic Resins basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on.
Then it analyzed the world?s main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc.
