Albany, NY -- (SBWire) -- 12/06/2018 --The global market for phenolic resins is highly competitive in nature and fragmented in nature, owing to the presence of a large number of players operating in it around the world, states a new market intelligence report by Transparency Market Research. Some of the leading players in the global phenolic resins market are BASF SE, Sumitomo Bakelite Co., Ltd., Mitsui Chemicals Inc., and Georgia Pacific Chemicals LLC. These players are making notable efforts to enhance their market penetration by focusing on technological developments and innovations. In addition to this, the increasing investments by the leading players and the rising research and development activities are anticipated to enhance the competitive environment of the global phenolic resins market throughout the forecast period.

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According to the market research study by Transparency Market Research, in 2012, the global market for phenolic resins was worth US$9.19 bn and is predicted to reach a value of US$13.36 bn by the end of 2019. The market is likely to record a steady 5.60% CAGR between 2013 and 2019.

Asia Pacific and North America to Register High Growth in Coming Years

The global market for phenolic resins has been classified on the basis of geography into the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. In the last few years, Asia Pacific held a large share of the global market and is likely to retain its leading position throughout the forecast period, thanks to the rising contribution from China and India. This region is further estimated to be followed by North America, which is likely to witness a promising growth in the next few years. Furthermore, the increasing disposable income among consumers is considered as one of the key factors estimated to encourage the growth of the phenolic resins market in the next few years. The key players in the market are estimated to focus on emerging nations, who holds potential growth opportunities in the near future.

The global market for phenolic resins has been categorized on the basis of product into novolac resins, resol resins, and others. In the last few years, the resol resins segment led the global market by accounting for a large share. According to the study, this segment is predicted to retain its leading position in the next few years. The high growth of this segment can be attributed to the growing demand from the rising molded composites and laminates market. Furthermore, the rising number of applications is further projected to accelerate the growth of the overall market in the next few years.

Rising Demand from Tire Industry to Encourage Growth

The rising demand for phenolic resin from the tire industry is considered as one of the key factors estimated to accelerate the growth of the global phenolic resins market throughout the forecast period. The rapidly developing automotive industry, especially in Asia Pacific is projected to encourage the growth of the global phenolic resins market in the coming years. In addition to this, the rising awareness among consumers regarding the advanced properties of phenolic resin is further estimated to support the growth of the overall market in the coming few years.

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On the other hand, the rising environmental rules and regulations is estimated to restrict the growth of the global phenolic resins market throughout the forecast period. Nonetheless, the rising need for fuel-efficient and lightweight vehicles and the increasing adoption of nanotechnology are expected to offer promising growth opportunities for the market players in the next few years.

This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Phenolic Resins Market (Resol, Novolac and Others) for Wood-adhesives, Molding Compounds, Laminates, Insulation and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019."