The global phenolic resins market is projected to reach USD 16.0 billion by 2025, according to a new report by Grand View Research, Inc. Technological advancements have fostered the development of unique heat shields with ablative phenolics for aerospace applications, leading to greater market share in recent years.
Development of lignin and corn-based renewable feedstock have also presented new growth avenues in the industry. Increasing awareness regarding resource conservation and the implementation of stringent sustainability standards has positively impacted green materials demand, encouraging manufacturers to integrate such raw materials into their products.
Technological advancements have fostered novel processing methods that conserve greater amount of resources while producing phenolics, compelling new entrants to invest high in capital funds to maintain competitive margins in the industry.
Novolac emerged as the dominant product segment, occupying nearly 50% of the volume share in 2015. These resins are increasingly being designed for use as hardeners or curing agents in epoxy applications to meet the demand for laminates, adhesives, molding materials, and coatings. The segment is expected to grow at around 5.2% CAGR from 2016 to 2025.
Browse Research Report on Phenolic Resins Market:
Further key findings from the study suggest:
- Resols are expected to grow at a high CAGR of 5.7% in terms of volume from 2016 to 2025
- Solid resins are expected to remain a dominant sub-segment within resols, accounting for nearly 80% of the revenue share in 2015. The product is available in lumps, granular or powder form and is widely utilized as coatings, laminates, adhesives and other products
- Wood adhesives are expected to remain the dominant application for phenolics, with high demand generated from the furniture, woodworking and construction industries
- Molding compounds are likely to remain the fastest-growing application, with over 6% CAGR from 2016 to 2025. Growing petrochemicals industry, in China and India, is crucial to their application in manufacturing electrical equipment with enhanced efficiency and mechanical strength
- Asia Pacific was the largest consumer since the region is home to major end-use industries such as construction, electronics and automotive which are expanding at an exponential pace themselves
- Key companies operating in the industry are BASF SE, Momentive Specialty Chemicals, Sumitomo Bakelite Co. Ltd., Georgia-Pacific Chemicals, and Kolon Industries Inc. Other major participants may be listed as Owens Corning, Arclin Inc., Olympic Panel Products LLC, Ashland Inc., DIC Corporation, and Hexcel Corporation
View press release of this research report by Grand View Research:
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.
For more information: www.grandviewresearch.com
