San Francisco, 19 December 2018: The Report Phenolic Resins Market Analysis By Product (Novolac & Resols), By Application
(Wood Adhesives, Molding Compounds, Insulation, Laminates, Paper Impregnation
& Coatings), Competitive Landscape, And Segment Forecasts, 2018 - 2025
According to a report
published by Grand View Research, Inc.; the global phenolic resins market is expected
to accomplish a valuation of around USD 16.0 billion by 2025. Increasing demand
for rubber and friction materials from transportation segment is anticipated to
drive the market. Technological advancements in ablative phenolics for
aerospace applications are anticipated to further propel growth over the
forecast period (2018 to 2025).
Implementation of sustainability
standards and rising awareness about resource conservation is driving the
demand for green materials. Development of lignin and corn-based renewable
feedstock is anticipated to create growth opportunities for the market. Efforts
to develop high quality products to retain customer loyalty is anticipated to
drive R&D activities. Manufacturers of phenolic resins focus on developing
new products and processes that can conserve resources. However, presence of
strict regulatory policies may hinder market growth to an extent.
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The worldwide phenolic resins
market is segmented on the basis of product, application, and region. As per
product, the market is divided into novolac, resol, and others. Novolac segment
led with nearly 50% of the market share
in terms of volume in 2015. The segment is anticipated to expand at about 5.2%
CAGR from 2016 to 2025. These resins are extensively used as a curing agents or
hardeners in epoxy applications to complete demand for adhesives, laminates,
coatings, and molding materials. Also, they can be used as conventional
high-solid varnishes, or as marine and maintenance coatings by cold blending
with oils or reacting with several other oils.
The resol segment is further
classified into solid and liquid resol resins. The segment is projected to expand
at a higher CAGR of 5.7% over the forecast period due to their wide scope of application
in fiber bonding, abrasives, and foamed plastics. They are also used in aqueous
solutions for clipboard production. Furthermore, application in manufacturing impregnated
decorative laminates used in household applications is anticipated to bode well
for th segment growth. Solid resol held nearly 80% of the total revenue share
in 2015.
As per application, the market
for phenolic resins is categorized into wood adhesives, insulation, molding,
paper impregnation, laminates, coatings, and others. Molding segment is projected
to showcase fastest CAGR of over 6% over the forecast period. Heat resistant and
anti-corrosive properties of the product are anticipated to propel the demand. The
wood adhesives segment is expected to hold the largest market share in the forthcoming
years owing to high demand from construction, woodworking and furniture sectors.
North America is the leading consumer of these adhesives.
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Grand View Research at: www.grandviewresearch.com/industry/plastics-polymers-and-resins
Geographically, the phenolic
resins market can be divided into North America, Europe, Asia Pacific, Latin
America, and Middle East and Africa (MEA). Latin America is anticipated continue
witnessing significant growth during the forecast period. Rising demand and
export activities coupled with the presence of low-cost labor and technologies
are expected to drive the regional market. Asia Pacific held more than
one-third of market share in terms of volume in 2015. Strong presence of
end-use industries such as automotive, electronics, and construction can drive
the regional demand. High consumer awareness regarding versatile application
and low cost of phenolic resins is expected to support regional growth.
Demand for lightweight
composites from automotive industry due to strict regulatory policies is expected
to impel demand from Asia Pacific region. Moreover, companies from developed
regions such as North America and Europe are shifting their production base to
developing countries of Southeast Asia. This is expected to boost the regional
growth. Expanding woodworking and furniture sectors are also estimated to
provide profitable opportunities for regional manufacturers.
Prominent companies operating
in the phenolic resins market include Ashland Inc.; Arclin Inc.; Hexcel Corp.;
Kolon Industries Inc.; and SI Group Inc.
Access
Press Release of Phenolic Resins Market@
www.grandviewresearch.com/press-release/global-phenolic-resins-market
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.
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