Pune, Maharashtra -- (SBWIRE) -- 10/11/2022 -- Phenolic Resin Market Overview:

A type of synthetic thermosetting resin is a phenolic resin. Initially, they were known as Bakelite. These are thin materials that have great corrosion resistance and can withstand higher temperatures. Low humidity absorption, strong dielectric strength, minimal toxicity, low smoke, and flame retardance are just a few of the qualities of phenolic resins. Phenolic resins are primarily utilized in phenolic foams, binders, laminates, insulation, wood adhesives, and other products.

According to the latest market research report published by the SNS Insider, the phenolic resin market is anticipated to cross USD 16.35 billion by 2028, with a steady CAGR of 4.5% during the forecast period of 2022–2028.

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Drivers, Restraints, Opportunities and Challenges

The market for phenolic resins will grow exponentially as a result of the automobile industry's continued technological improvements and the growing demand for friction and rubber products. Tire usage has increased as a result of the transportation sector's explosive growth. The preference for wood adhesives has been sparked by the expanding market penetration of innovative and visually pleasing wood goods. The increasing use of innovative nanotechnology and the rising demand for strong and lightweight phenolic compounds will be major drivers of industrial growth.

The demand for lightweight and fuel-efficient vehicles has skyrocketed as a result of ongoing improvements in the automotive and transportation sectors. The phenolic resin market's expansion is anticipated to be hampered by the fluctuating cost of the raw materials needed to make phenolic resins. Petroleum-based items are particularly vulnerable to price fluctuation, which could drive up the cost of the goods as a whole.

Impact of the COVID-19 Pandemic

In addition to having a considerable effect on the international economy, the coronavirus outbreak caused the abrupt closure of a huge number of firms globally. Due to a shortage of workers and raw materials, production activities in the building and construction and oil and gas industries were also put on hold. However, it is anticipated that the industry forecast will gain momentum in the upcoming years due to the gradual recovery of most industries, including the transportation and automotive sector.

Phenolic Resin Market Segmentation Analysis 2022

As an outcome of increased spending on construction activities, the resole phenolic resin market is anticipated to see significant gains in terms of product. Adoption will rise due to the product's good moldability, oil drilling, and friction, which will further fuel the surge in demand.

The application of wood adhesives occupies a sizable market share in the phenolic resin market, owing to the expanding construction sector and the consequent rise in demand for wood adhesives. In the wood adhesives section, the plywood sub-segment dominates.

By end-use, the building and automotive industries are expanding significantly as a result of the expansion of development initiatives in the world's main emerging nations.

Major Segments and Sub-Segment of Phenolic Resin Market are Listed Below:

By Type:
- Resol
- Novolac
- Others

By Application:
- Wood Adhesives
- Laminates
- Foundry & Moldings
- Paper Impregnation
- Coatings
- Insulations
- Others

By End-Users:
- Building & Construction
- Furniture
- Automotive
- Electrical & Electronics
- Others

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Regional Analysis

As a result of expanding transportation & automotive industry and the rising rate of auto production, Asia Pacific is expected to become a lucrative revenue source for the phenolic resins business. Phenolic resins are increasingly being used throughout the building and construction sector as a result of the expanding utility of adhesives and insulation as well as an increase in the number of construction activities. The regional market will expand as a result of significant developments in consumer goods, automotive, construction, and aerospace as well as the rising need for furniture. The region's largest manufacturer of phenolic resins is China. Other markets in the region include rising nations like Thailand and India, which help the phenolic resins market grow there.

Competitive Landscape Outlook

Some of the leading market players operating in the phenolic resin market include ASK Chemicals, Seiko PMC Corporation, Kolon Industries Inc., Gunei Chemical Industry Co., Ltd, Sumitomo Bakelite Co. Ltd., Asahi Yukizai Corporation, Allnex GMBH, and Prefere Resins Holding GmbH.

Table of Content – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Phenolic Resin Market Segment, By Type
9. Phenolic Resin Market Segment, By Application
10. Phenolic Resin Market Segment, By End-User
11. Regional Analysis
12. Company Profile
13. Competitive Landscape

14. Conclusion

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