The global phenolic resins market size is expected to reach USD 16.04 Billion
by 2025, according to a new report by Grand View Research, Inc. It is
anticipated to expand at a CAGR of 5.3% during the forecast period. Upsurge in
the efficiency in building materials has generated higher demand for insulating
materials to regulate HVAC, which is projected to propel the growth.
The North America phenolic resins market
consists of two major developed economies, namely, U.S. and Canada. Owing to
the high demand from various end-use industries, U.S. is leading the regional
market and is anticipated to register a CAGR of 3.4% during the forecast
period.
Prominent companies are putting their step
forward into strategic alliances to accelerate their presence across the value
chain worldwide, either by assimilating into supply or by product
manufacturing. Surge in consumer awareness about new products has compelled new
participants to provide high product quality with advanced technologies
creating a hype in the industry.
The market has been experiencing
development in terms of innovative technologies such as an inline MIVI process
viscometer that enables ease in monitoring the overall polymerization reaction.
This is turn helps analyze accurate viscosity and temperature parameters and
evades mass damage and solidification. This innovation has piloted in
self-cleaning equipment for corrosive materials.
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https://www.grandviewresearch.com/industry-analysis/phenolic-resins-market
https://www.grandviewresearch.com/industry-analysis/phenolic-resins-market
Further key findings from the report suggest:
· Numerous agencies such as Registration,
Evaluation, Authorisation and Restriction of Chemicals (REACH), European
Phenolic Resins Association (EPRA), and the U.S. Environmental Protection
Agency (EPA) are the key bodies majorly governing the phenolic resins market
and consumer health and safety
· In terms of volume, novolac segment is
expected to expand at a CAGR of 3.7% owing to its excellent fire and corrosion
resistance properties along with carbon residue, which is anticipated to surge
the demand from various industrial sectors
· Demand for aesthetic and durable products
is anticipated to witness steady rise due to increasing disposable income of
the consumers in emerging economies
· Downward revision of GDP growth rates and
saturation of the end-use industry are expected to slower the growth in the
developed economies in near future
· Impetus towards provision of greater
quality products and heavy investments in the R&D activities to retain
customer loyalty will help develop new products and processes, which will
accelerate the product demand
Grand View Research has segmented the
global phenolic resins market on the basis of product, application, and region:
Phenolic Resins Product
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
Novolac
·
Resol
·
Liquid Resol Resins
·
Solid Resol Resins
·
Others
Phenolic Resins
Application Outlook (Volume, Kilo Tons; Revenue, USD Million. 2014 - 2025)
·
Wood Adhesives
·
Molding
·
Insulation
·
Laminates
·
Paper Impregnation
·
Coatings
·
Others
Phenolic Resins Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
