A recent report published by Infinium Global Research on the phenolic resin market provides in-depth analysis of segments and sub-segments in the global as well as regional phenolic resin market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional phenolic resin market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global phenolic resin market. According to the report, the global phenolic resin market is projected to reach approx. USD 19.46 Billion by 2027 from USD 13.2 Billion in 2020, growing with a CAGR of 5.9% over the forecast period of 2021-2027.
Phenolic resins are a group of the most versatile polymers, good for high-temperature applications where parts must meet fire safety standards. Phenolic resins are utilized in an extensive range of industrial applications, including electronics, ballistics, mine ventilation, offshore water pipe systems, aerospace, rail, and mass transit, and continue to be developed into more and more applications.
Advanced properties of the phenolic resin are the major driving factor for the global phenolic resins market. Phenolic resins offer properties such as low density, low thermal conductivity, outstanding corrosion and chemical resistance, a high strength-to-weight ratio, and improved design flexibility. It also offers properties such as cost-effective production of complex 3D structures, exceptional fatigue, and impact properties, enhanced acoustic performance, radar/sonar transparency, and low maintenance. Furthermore, the growing wood industry and rise in residential and commercial building construction in developing countries are also driving the demand for the global phenolic resins market. The projected economic growth is backed by improving infrastructure in both emerging and advanced economies. China is the most promising region in terms of expenditure on infrastructure development. The rapid urbanization in the country is also aiding infrastructure development. However, volatility in raw material prices hampers the market growth. Moreover, the development and the range of applications of phenolic resins are expected to provide opportunities in the market. The impact of the Covid-19-pandemic over the world strains all areas of life and work worldwide as well as all classes of population in different countries. The pandemic has negatively impacted the global phenolic resins market. The industry is changing due to Covid-19, whereby the impact of this pandemic is different in the various market segments. The end-use industries such as Automobiles, Electric and Electronics, Furniture, and Construction are disrupted due to pandemics which directly impacted the global phenolic resin market.
Geographically, Asia Pacific is anticipated to hold a premium share in the global phenolic resin market and is expected to continue its dominance over the forecast period. The growing industrialization in Asian countries such as China, India, and South Korea stimulates the growth of the phenolic resin market in the Asia-Pacific region. In addition, the expanding aerospace and defense industry in the Asia-Pacific region contributes to the growth of the Asia-Pacific phenolic resin market. The adoption of liquid-based phenolic resins in adhesives applications driving the demand in the North American region.
The report on global phenolic resin market covers segments such as product, application, and end user. On the basis of product, the sub-markets include novolac, resoles, and modified. On the basis of application, the sub-markets include wood adhesives, insulation, molding compounds, lamination, and others. On the basis of end user, the sub-markets include automobile, electric and electronics, furniture, construction, and others.
The report provides profiles of the companies in the market such as Hexion Inc, Hitachi Chemical Co., Ltd., Sumitomo Bakelite Co., Ltd., SI Group, Inc., DIC Corporation, BASF SE, Kolon Industries, Momentive Specialty Chemicals, Dujodwala Paper Chemicals, and Georgia-Pacific Chemicals LLC.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of phenolic resin market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.