Phenolic Resins Global Market Report 2024

Phenolic resins are synthetic resins produced through the polymerization of phenol and formaldehyde. Renowned for their excellent chemical, water, and temperature stability, these resins find widespread use in various commercial applications, including electronic circuits, automotive tires, and other automotive components. Notably, phenolic resins exhibit high stability under adverse conditions but lack remoldability, making them recyclable.

The primary types of phenolic resins include resol, novolac, and others. Resol is employed in diverse applications requiring resistance to high temperatures and chemical concentrations, such as adhesives, abrasives, coatings, tires, and foams. Resol resin is formed when a basic (alkaline) catalyst is utilized in the production of phenolic resin. This type of resin offers resistance to high temperatures, water, and chemicals. Various applications of phenolic resins encompass wood adhesives, molding, insulation, laminates, paper impregnation, coatings, refractory materials, friction materials, rubber, tires, and more. Industries such as building and construction, furniture, automotive, electrical and electronics utilize phenolic resins across different end-user applications.

The phenolic resins market research report is one of a series of new reports that provides phenolic resins market statistics, including phenolic resins industry global market size, regional shares, competitors with a phenolic resins market share, detailed phenolic resins market segments, market trends and opportunities, and any further data you may need to thrive in the phenolic resins industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 is attributable to several factors, including the expansion of the automotive and construction industries, increased demand for durable and fire-resistant materials, growth in the electrical and electronics sector, adherence to regulatory standards for fire safety, and advancements in composite material development.

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 the development of sustainable and eco-friendly resin formulations, an increased presence in aerospace and aviation applications, expanded use in renewable energy solutions, ongoing research and development in bio-based resins, and adoption in consumer goods and appliances. Additionally, there is a trend towards customized phenolic resins tailored for specific industries. Major trends in the forecast period include the emergence of bio-phenolic resins derived from lignin and biomass, advancements in composite materials featuring phenolic resins, the utilization of phenolic resins in fire-resistant coatings and materials, 3D printing applications with phenolic resins, and a focus on recycling and upcycling of phenolic resins.

The increasing demand for lightweight and environmentally friendly synthetic structures in the automotive sector is a driving force behind the phenolic resin market's growth. The automotive industry, involved in the design, manufacturing, distribution, and sales of automobiles, prioritizes the use of lightweight materials to enhance fuel efficiency. Phenolic resins play a crucial role in producing lightweight automotive components such as tires, brake pedals, and other under-the-hood parts. According to the US Office of Energy Efficiency and Renewable Energy, a 10% reduction in automobile weight can improve fuel efficiency by 6%-8%, potentially saving about 5 billion gallons of fuel annually by 2030 if lightweight materials are used in a quarter of the US fleet. Thus, the automotive industry's shift towards lightweight materials is propelling the phenolic resin market.

The growing demand for construction activities is anticipated to drive the phenolic resins market in the future. Construction activities encompass a range of tasks involved in constructing, renovating, or building structures like buildings, infrastructure, and facilities. Phenolic resins find application as coatings and paints in constructing steel structures and concrete floors. For example, in November 2021, the Office for National Statistics reported a 15.3% increase in the value of new construction work in Great Britain, amounting to $122,296 million (Euro 115,579). This surge in construction demand is a key driver for the growth of the phenolic resins market.

Leading companies in the phenolic resins market are innovating their product offerings, exemplified by the introduction of the REZIANCE brand portfolio. Developed by ASK Chemicals Group, a Germany-based provider of industrial resins and materials, the REZIANCE brand portfolio includes high-performance phenolic resins and specialty solutions catering to various industries such as friction, abrasives, refractories, impregnation, wood, paints, and coatings.

In the pursuit of providing enhanced chemical resistance, major companies in the phenolic resins market are developing innovative products. PPG Industries Inc., a US-based paint and coating manufacturing company, introduced the phenolic epoxy tank coating in March 2022. This coating, designed to offer extremely high chemical resistance to a wide range of aggressive cargoes, is a biocide-free, two-component, high-build, amine-adduct-cured novolac phenolic epoxy coating applied using electrostatic spray.

In a strategic move, in May 2022, Bakelite Synthetics, a US-based producer of thermoset specialty resins, solutions, and compounds, acquired Georgia-Pacific’s Chemicals for an undisclosed amount. This acquisition is expected to enhance Bakelite's value proposition by expanding its product portfolio and geographical reach. Georgia-Pacific Chemicals, the acquired entity, is a US-based company specializing in the manufacture of formaldehyde-based phenolic resins.

Major companies operating in the phenolic resins market include 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.

North America was the largest region in the phenolic resins market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the phenolic resins market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the phenolic resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The phenolic resins market consists of sales of modified resin, solid resoles and liquid resoles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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