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The phenolic resin market size is estimated to grow at a CAGR of 5.21% between 2023 and 2028. The market size is forecast to increase by USD 4.16 billion. The market's growth depends on several factors such as the increasing demand for phenolic resins in the automotive industry, the growing need in developing nations for phenolic resins, and the advantages of phenolic resins boosting phenolic resin market growth.
This phenolic resin market report extensively covers market segmentation by product (novolac resin, resol resin, and others), application (molding, insulation, wood adhesives, laminates, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for phenolic resins in the automotive industry is the key factor driving market growth. The increase in demand for various molded products in the automotive industry, such as brake linings, clutch facing, and brake pads, will drive the demand for phenolic resins during the forecast period. In addition, the growing use of phenolic molding compounds to reduce fuel consumption and weight of the vehicle is expected to fuel the demand for phenolic resin molding compounds.
Moreover, the increase in the use of phenolic resins in applications such as wood adhesives, molding, and laminates is also expected to drive the phenolic resin market. The rise in the use of phenolic resins in impregnated materials signifies the larger growth in the global phenolic resin market due to the high promoting value of energy efficiency. Hence, these factors are expected to drive the growth of the global phenolic resin market during the forecast period.
The development of new products is the primary trend shaping market growth. Major phenolic resin players have raised their R&D spending to reduce their manufacturing and operation costs. Innovation and product extension to provide products with better efficiency and enhanced properties is a growing trend in this market. Companies such as Hexion have developed a new Bakelite phenolic resin for the manufacturing of coatings with ultra-low free formaldehyde (ULEF) content of less than 0.1% in 2017.
Furthermore, bakelite PF 7835 LB resin offers adhesion and substrate protection when used as a crosslinking agent for polyester and acrylic-based container coatings. These coatings are generally used as protective liners in tubes, food cans, aerosol cans, and other metal containers. Hence, such factors will drive the global phenolic resin market growth during the forecast period.
The harmful effects of phenol exposure is a challenge that affects market growth. People residing near landfills, hazardous waste sites, or phenol manufacturing plants are at a high risk of phenol exposure. Phenol is present in numerous consumer products that are swallowed, rubbed on, or applied to various body parts. These include throat lozenges, mouthwashes, gargles, and antiseptic lotions. Phenol has been found in drinking water, air, and tobacco smoke. The presence of phenolic waste in close proximity to residential areas can contaminate the nearby water resources.
Moreover, exposure to phenol at the workplace can occur through inhaling contaminated air. However, skin contact with phenol during its manufacture and use is considered the major route of exposure in the workplace. Long-term exposure may lead to severe causes such as liver/kidney damage, skin burns, tremors, and twitching. The level of harm depends on the amount of dose, duration, and work being done. Thus, such factors may impede the growth of the global phenolic resin market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Phenolic Resin Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The novolac resin segment is estimated to witness significant growth during the forecast period. Novolac resins are phenol-formaldehyde thermoplastic resins obtained through acid catalysis, which cannot react further without the addition of a cross-linking agent. Novolacs are commonly used as photoresists. Novolac resins are insoluble in water and are used in applications such as refractories, friction, abrasives, felt binding, wood molding, and electronics.
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The novolac resin segment was the largest segment and was valued at USD 7.30 billion in 2018. Novolac resins are widely used in insulation as they offer high heat resistance and high strength properties. The market for novolac resins is expected to grow at a high CAGR because of their water resistance, high heat resistance, chemical resistance, high strength, and other functionalities. Thus, due to these specifications, the use and demand of novolac resin boosts the growth of the global phenolic resin market during the forecast period.
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APAC is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is one of the fastest-growing markets for phenolic resins, which is majorly dominated by China and India are the key contributors to APAC market growth. The growing use of phenolic resins in molding components, which is used in infrastructure and construction in developing countries such as China and India, is expected to drive the phenolic resin market growth in APAC. Hence, such factors are expected to drive market growth in this region during the forecast period.
The outbreak of COVID-19 in 2020 negatively impacted the growth of the phenolic resin market in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of activities in different industries, such as construction, automotive, and other end-user industries of phenolic resins. Hence, as the manufacturing and industrial sectors in the APAC will grow in the future, it will drive the demand for phenolic resins, thereby boosting the growth of the regional phenolic resin market during the forecast period.
The phenolic resin market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Phenolic Resin Market Scope |
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Report Coverage |
Details |
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Page number |
175 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.21% |
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Market Growth 2024-2028 |
USD 4.16 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.86 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 53% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Akrochem Corp., Ashland Inc., Bakelite GmbH, BASF SE, Bostik Ltd., Chevron Corp., DIC Corp., DL Chemical, Georgia Pacific LLC, Hexcel Corp., Jinan Shengquan Group Share Holding Co Ltd, Kolon Industries Inc., Mitsui Chemicals Inc., PJSC LUKOIL, Shandong Laiwu Runda New Material Co. Ltd., Shell plc, SI Group Inc., Sumitomo Bakelite Co. Ltd., Prefere Resins Holding GmbH, and Sasol Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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