by The global Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Phenolic resins, also known as phenol–formaldehyde resins, are synthetic polymers that are produced from the reaction of phenol or substituted phenol with formaldehyde. They have heat and chemical resistance along with good elasticity and dimensional stability. They are widely used as wood adhesives in manufacturing of plywood, laminated wood products, particle boards and molded furniture items. In electrical and electronics industry, they are used as insulating materials in transformers and motor components. They also find application as bonding agents in abrasives, abrasive wheels, grinding wheels, cutting discs. Their superior properties make them preferred materilas for use in automotive parts, specialized papers and as coatings.
Market key trends:
One of the key trends in phenolic resins market is growing automotive industry. Phenolic resins have gained increased preference in automotive industry owing to their non-corrosive and heat resistant properties. They are used in manufacturing of automobile components that require high heat resistance such as gearboxes, engine covers, brake pads and chassis parts. Growing vehicle production across regions such as Asia Pacific and Central and South America is expected to drive the demand for phenolic resins over the forecast period. Another key trend is increasing use of bio-based phenolic resins. Manufacturers are developing bio-based phenolic resins from biomass waste materials like bark, wood and agricultural residues to reduce dependence on petrochemical feedstock and lower carbon footprint. This is anticipated to present new opportunities for market players over the coming years.
Porter’s Analysis
Threat of new entrants: Low- to medium barriers to entry exist in the form of high capital requirements for setting up new production facilities and the need to attain economies of scale.
Bargaining power of buyers: The bargaining power of buyers is medium. Buyers have moderate influence over suppliers due to the availability of substitute products.
Bargaining power of suppliers: The bargaining power of suppliers is medium. A large number of raw material producers exist globally.
Threat of new substitutes: The threat of substitutes is medium. Alternatives exist in the form of epoxy, unsaturated polyester, and other thermoset resins.
Competitive rivalry: High due to the presence of numerous global and regional players. Players compete based on product quality, pricing, and innovation.
Key Takeaways
The global Phenolic Resins Market Share is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from the construction and automotive industries.
Regional analysis: Asia Pacific dominates the global phenolic resins market and is expected to witness the fastest growth during the forecast period. Rapid industrialization and infrastructural development activities in China, India, Indonesia, and Thailand are driving the phenolic resins market in Asia Pacific.
Key players operating in the Phenolic Resins market are BASF SE, Chang Chun Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., Prefere Resins, Mitsui Chemicals Inc., Sumitomo Bakelite Co., Ltd, Hitachi Chemical Co. Ltd., SI Group, Inc., and Momentive Specialty Chemicals, Inc. BASF aims to expand its production capacities to cater to the rising demand from various end-use industries across regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
