Phenolic Resin Market Segmentation by Type (Resol, and Novolac); by Application (Adhesives & Binding, Foundry, Molding, Laminates, Coatings, Foam, and Others); by End Use Industry (Electrical & Electronics, Automotive, Lumber, Building & Construction, Others)-Global Demand Analysis & Opportunity Outlook 2031
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Product Code:
RP-ID-10070765 -
Published Date:
21 Oct 2022 -
Region:
Global
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Category:
Chemicals -
Publisher:
Pub-ID-54
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
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The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.
Market Overview:
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Global Phenolic Resin Market Highlights Over 2022 – 2031
The global phenolic resin market is estimated to garner around USD 12 billion in revenue by 2031 by growing at a CAGR of nearly 4% over the forecast period, i.e., 2022 – 2031. The growth of the market is attributed to their increasing demand for reinforcing rubber products and tires, electrical insulation coatings, and bonded and coated abrasives, as they are good friction materials with superior heat resistance and good adhesive performance, high moldability, mechanical strength, low toxicity of smoke, and ability to blend with polymers. The global production of natural and synthetic rubber amounted to around 28 million metric tons in 2020.
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Additionally, increasing need for lightweight and fuel-efficient vehicles, the growing metal fabrication, automotive, and industrial machinery industry, and the continuous growth of the global electronics and power industry are the factors also expected to boost the market growth.
The COVID-19 pandemic had a negative impact on the phenolic resin market owing to the halting of various industries across the globe due to supply shortages, lockdowns, and production delays. The demand for new vehicles also declined during the lockdown period which affected production.
However, dependency on petroleum feed stock, and environmental concerns related to the production of phenolic resins are the key factors restraining the growth of the market.
The market is segmented by type into resol, and novolac, out of which, novolac segment is anticipated to hold the major share over the forecast period owing to their wide range of applications in electronics, construction, automotive, and paints.
Global Phenolic Resin Market Regional Synopsis
Regionally, the global phenolic resin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness significant growth over the forecast period on the back of the high consumption of phenolic resins from end users such as consumer electronics, transportation, furniture, etc. Furthermore, growing investment in building & construction, and automotive industry in the region is also boosting the demand for phenolic resins.
Market Segmentation
Our in-depth analysis of the global phenolic resin market includes the following segments:
By Type
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Resol
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Novolac
By Application
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Adhesives & Binding
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Foundry
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Molding
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Laminates
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Coatings
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Foam
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Others
By End Use Industry
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Electrical & Electronics
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Automotive
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Lumber
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Building & Construction
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Others
Growth Drivers and Challenges Impacting the Growth of the Global Phenolic Resin Market
Growth Drivers
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Enhanced properties of phenolic resin for reinforcing rubber products and tires, electrical insulation coatings, and bonded and coated abrasives
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Increasing need for lightweight and fuel-efficient vehicles
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Growing metal fabrication, and automotive and industrial machinery industry
Challenges
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Dependency on petroleum feed stock
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Environmental concerns related to the production of phenolic resins
Key Companies Dominating the Global Phenolic Resin Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global phenolic resin market that are included in our report are Allnex GMBH, ASAHI AV Europe GmbH, ASK Chemicals, Bakelite Synthetics, Gunei Chemical Industry Co., Ltd., Kolon Industries Inc., KRATON CORPORATION, Prefere Resins Holding GmbH, SEIKO PMC CORPORATION, SBHPP, and others.
Latest Developments in the Global Phenolic Resin Market:
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September 2020: SI Group, Inc. announced expansion of capacity levels at its Nanjing, China facility which will increase production by more than 50%. This will make the site a regional hub for best-in-class tackifier, and reinforcing resin production and technology.
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December 2021: Allnex GMBH announced launch of a new low-bake resin for the Agriculture & Construction Equipment (ACE) market with excellent blooming resistance, the CRYLCOAT 2435-6.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Geography Analysis:
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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FREQUENTLY ASKED QUESTIONS
Enhanced properties of phenolic resin for reinforcing rubber products and tires, electrical insulation coatings, and bonded and coated abrasives, increasing need for lightweight and fuel-efficient vehicles, and growing metal fabrication, and automotive and industrial machinery industry are the major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
Dependency on petroleum feed stock, and environmental issues related to the production of phenolic resins are estimated to hamper the market growth.
Asia Pacific region is anticipated to provide more business opportunities over the forecast period for the growth of the market.
The major players in the market are Allnex GMBH, ASAHI AV Europe GmbH, ASK Chemicals, Bakelite Synthetics, Gunei Chemical Industry Co., Ltd., Kolon Industries Inc., KRATON CORPORATION, Prefere Resins Holding GmbH, SEIKO PMC CORPORATION, SBHPP, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end use industry, and by region.
The novolac segment is anticipated to hold largest market size in value and display significant growth opportunities.
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- Allnex GMBH
- ASAHI AV Europe GmbH
- ASK Chemicals
- Bakelite Synthetics
- Gunei Chemical Industry Co., Ltd.
- Kolon Industries Inc.
- KRATON CORPORATION
- Prefere Resins Holding GmbH
- SEIKO PMC CORPORATION
- SBHPP