Phenolic Resins Market Expected to Register High Revenue Growth Through 2020
Deerfield Beach, FL -- (SBWIRE) -- 08/25/2017 -- Zion Market Research has published a new report titled "Phenolic Resins (Resols, Novolac and Others) Market for Wood-adhesives, Molding Compounds, Laminates, Insulation and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020" According to the report, the global phenolic resins market was valued at approximate USD 10.0 billion in 2014 and is expected to reach approximately USD 14.0 billion by 2020, growing at a CAGR of around 5.5% between 2015 and 2020. In terms of volume, global phenolic resins market stood at approximately 4.7 million tons in 2014.
Phenolic resins are type of synthetic polymers obtained by polymerization reaction of phenol and formaldehyde under the presence of heat. Phenol and formaldehyde are the key raw materials used in the production of phenolic resins. Properties of phenolic resins can be modified by changing the catalyst during chemical reaction. Phenolic resins have wide ranging applications in host of industries such as automotive, construction, electronics, etc. Phenolic resins possess superior physical and chemical properties such as high mechanical strength, low smoke, good heat resistance, high blending and flame resistance, etc.
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Phenolic resins are synthetic polymers produced through reaction between phenol and formaldehyde. Owing to their superior physical and chemical properties, phenolic resins are widely used in host of industries in various applications such as wood-adhesives, insulation, rubber, and laminates. Properties of phenolic resins can be modified to suit any specific applications by altering the catalysts used during manufacturing. Phenolic resins exhibit excellent chemical and physical properties such as heat resistance, eclectic resistance, high tensile strength, mold ability, light weight, lower smoke and toxicity level. Key application market for phenolic resins includes wood adhesive, laminates, electronics, aviation, mass transit, foundry materials and power generation industries among others. Phenol and formaldehyde are the key raw materials used in the manufacturing of phenolic resins.
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Based on product types, phenolic resins can be classified as resols and novolacs. Resols comprises more of formaldehyde, while novolac are mainly comprises of excess of phenols. Resols was the major product segment and dominated phenolic resins market with around 48% share in total volume consumption in 2014. However, novolacs is expected to witness strong growth and exhibit fastest CAGR during the forecast period.
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Key applications of phenolic resins include molding compounds, wood-adhesives, insulation, rubber, and laminates. Wood-adhesives was the major application segment for phenolic resins with over 34% share of the total volume consumed in 2014. The other significant applications include abrasives, friction materials, and rubber additives. Molding compounds accounted for the second largest market share followed by laminates. Despite of smaller market share, insulation is one of the important application markets for phenolic resins.
Asia-Pacific was the major contributor to the total revenue generated by the global phenolic resins market in 2014. The region accounted for around 35% of the global consumption and is expected to grow at rapid pace in the near future due to growth in the manufacturing sector as well as construction industry. North America was the second largest consumer of phenolic resins in 2014, followed by Europe.
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There are some key players developed their position in the global such as BASF SE, Georgia Pacific Chemicals LLC, Chang Chun Plastics Co. Ltd., Sumitomo Baketile, Mitsui Chemicals Inc., Momentive Specialty Chemicals Inc. (U.S.), SI Group (U.S.), Sumitomo Bakelite Co., Ltd (Japan), Kolon Industries, Inc. (Korea) and others.
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