Increased demand for phenolic resins for use in the electronics, automotive as well as building markets is projected to drive the global phenolic resin market growth. In addition, the global population coupled with expanding industrialization will increase the production of photoresists for use in the semiconductor industry. Moreover, phenolic resin is also a critical material additive in the production of engineered wood. Increase in residential and non-residential construction sector will boost the demand for phenolic resins during the forecast period.
Eswara Prasad
Manager, Materials & Chemicals at Allied Market Research
According to a new report published by Allied Market Research, titled," Phenolic Resin Market by Type, Application, And End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global phenolic market was valued at $8.2 billion in 2020, and is projected to reach $12.6 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
The global phenolic resins market was valued at $8.2 billion in 2020, and is projected to reach $12.6 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
Phenolic resin has emerged as a major additive in applications such as building material, paints, coatings, circuit board, adhesives, and insulation panels among others. This trend is projected to continue during the forecast period, as the high-end mechanical and thermal properties make it a resin an inevitable choice for many industrial applications. The largest end use of phenolic resin is in the lumber markets, where it is used as an adhesive in the production of particle board and plywood. The furniture industry is ever evolving with new aesthetic designs and patterns being launched. This increases the demand for furniture raw materials, of which wood constitutes the majority contribution. Moreover, wood panels made from modified phenolics superior properties compared to those developed from conventional phenolic resins.
However, the present price fluctuation in fuel prices and increasing focus on minimizing health issues caused due to phenolic resin products raises a concern among consumers. This could hamper the use of phenolic resins during the forecast period. Although, this concern could be sorted by the development of bio-based feedstock that use sustainable materials such as Lignin for phenolic resin production. Phenolic resins have been produced from bioresources and used as adhesives in the wood industry. Natural chemicals can significantly reduce the harmful impacts on the environment and human health.
The global phenolic resin market is segmented on the basis of type, application, and end-use industry. Based on the type, the global phenolic resin is divided into Resol and Novolac.
Based on the type, the Novolac resin segment accounted for the largest market share in 2020, owing to its wide range of end use applications in electronics, construction, automotive, and paints.
Applications of phenolic resins include adhesives & binding, foundry, molding, laminates, coatings, foam, and others.
Adhesives & binding segment accounted for the largest revenue share in the global phenolic resins market in 2020. Phenolic resin-based adhesives and binders have a wide spectrum of applications such as in automotive, rubber, furniture, aerospace, and machine tools.
End-use industry of phenolic resins includes electrical & electronics, automotive, lumber, building & construction, and others. Electrical & Electronics segment accounted for the largest share in 2020, owing to use of phenolic resins for photoresists and circuit board applications.
Based on the region, the global phenolic resin market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest market share in the global phenolic resin market, and is projected to grow at a CAGR of 5.0%. Increasing construction and automotive markets in countries such as India and China have benefited the global phenolic resin market.
Key players engaged in the development and production of phenolic resins are Allnex GMBH, Asahi Yukizai Corporation, ASK Chemicals, Bakelite Synthetics, Gunei Chemical Industry Co. Ltd., Kolon Industries Inc., Kraton, Prefere Resins Holding GmbH, Seiko PMC Corporation, and Sumitomo Bakelite Co. Ltd.
Key findings of the study
Impact Of Covid-19 On The Global Phenolic Resin Market
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Phenolic Resin Market by Type (Resol and Novolac), Application (Adhesives & Binding, Foundry, Molding, Laminates, Coatings, Foam, and Others) and End-use Industry (Electrical & Electronics, Automotive, Lumber, Building & Construction, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
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