Market Overview:
Phenolic resins are synthetic polymers that are produced by the reaction of phenol or substituted phenol with an aldehyde such as formaldehyde. They have heat resistance and excellent dielectric properties due to which they are used in applications such as insulation, laminates, wood-flooring, countertops, and electronic housing. Phenolic resins provide properties like durability, weather resistance, dimensional stability and heat resistance. Their fire retardancy and heat resistance have made them popular material in applications related to construction, automotive and electronics industries.
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 key trends:
One of the key trends in the phenolic resins market is the growing demand from the construction industry. Phenolic resins are used in various construction applications such as wood panels, floor tiles, insulation and roofing which is driving the market growth. The growing construction activities across both developing and developed economies supported by rising disposable income is expected to fuel demand for phenolic resins over the forecast period. Another key trend is increasing demand for eco-friendly phenolic resins. Manufacturers are focused on developing bio-based phenolic resins from renewable resources such as vegetable oils, tannins and lignin, to reduce dependence on petroleum-based feedstock. This is expected to support the growth of green phenolic resins market in the coming years.
Porter’s Analysis
Threat of new entrants: The specialty resins industry requires significant R&D investments and economies of scale which make it difficult for new players to enter the market.
Bargaining power of buyers: The presence of many established producers of phenolic resins limits the bargaining power of buyers.
Bargaining power of suppliers: Suppliers of raw materials like phenol and formaldehyde have some bargaining power due to their specialized production process.
Threat of new substitutes: New substitute materials like epoxy resins, unsaturated polyesters and other thermoset polymers pose a threat to phenolic resins market.
Competitive rivalry: The global phenolic resins market is fragmented in nature with the presence of large multinational players.
Key Takeaways
The Global Phenolic Resins Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from emerging applications like electrical & electronics and automotive industries. The market size for 2023 is US$ 16052.98 Mn.
Regional analysis: Asia Pacific dominated the phenolic resins market in the past and is estimated to witness the fastest growth during the forecast period. China, Japan and India are some of the major consumers of phenolic resins in Asia Pacific due to growing electrical & electronics and construction industries.
Key players: 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 SE is one of the largest producers of phenolic resins worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it