Phenolic Resins Market Overview
Phenolic resins are synthetic polymers which are formed by step-growth polymerization. They are known for their outstanding heat resistance and belong to the category of thermo set resins. Phenolic resins find their application in a myriad of industrial products. Phenolic resins are used in molding, insulation, laminated veneer lumber, laminates, sand binders, coatings, foams, abrasives and others.
They are widely used as wood adhesives owing to high bonding strength, heat resistance, excellent water resistance and chemical stability. Being relatively inexpensive and highly versatile, they are used intensively in automotive, electrical, construction and appliance industries. Some features typical of phenolic resins are high strength level, high mechanical stability, excellent fire, and smoke, and low toxicity, superior electrical and thermal insulating capabilities which are driving the market. Market Research Future (MRFR), projects that the global phenolic resins market will grow steadily during the forecast period 2015-2027. Increasing application of phenolic resins in end-user industries has contributed to the growth of the market.
Growing R&D activities and increased customization offer lucrative growth opportunities. Increasing demand for phenolic resins in aerospace, transportation and automotive industry has further driven the growth of the market. Due to its versatile nature, more and more industries are trying to integrate phenolic resins into their products to improve their performance. However, environmental regulations regarding formaldehyde emissions might hamper the growth of the market. Phenolic resins are made up of phenol which is a petroleum-based product. Declining fossil fuel reserve coupled with the high price of petroleum might constrain the use of phenolic resins. Furthermore, fluctuations in the price of raw materials, threat from alternatives, high manufacturing, and processing and production costs are major hindrances to the market.
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The global phenolic resins market has been segmented based on types and applications. By types, the market has been segmented into novolacs and resoles and by applications, the market has been segmented into automobiles, construction, wood adhesives, laminates, molding and others.
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The global market for phenolic resins is highly competitive and fragmented with a large number of players operating in the industry. Hitachi Chemical, BASF, DIC Corporation, Georgia Pacific Chemicals, Kolon Industries, Mitsui Chemicals, SI Group, Georgia Pacific Chemicals, Sumitomo Bakelite and others are the major players operating in the industry. The existing market participants are implementing various strategies such as collaboration, partnerships, product launches and mergers to gain substantial competitive edge over other players.
The North America market for phenolic resins is estimated to propel owing to increased industrial activity, rebounding housing activities, and developing applications of phenolic resins in the motor vehicle market in the region. Asia-pacific market for phenolic resins is expected to grow considerably during the forecast period owing to ongoing industrialization and rapid constructional and infrastructural activities in developing economies. The Europe market too is favorable for phenolic resins owing to factors such as well-established infrastructure, availability of skilled workforce, high level of economic stability, investment in R&D, however, the market can be influenced due to shift in base of industries from Europe to emerging economies like Asia. The Middle East & Africa market is not so consolidated due to poor socio-economic conditions and a lack of skilled workforce.
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