Phenolic Resins Market To Witness Stable Growth Owing To Rising Demand From Transportation And Construction Sector Till 2025 | Million Insights

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According to new report available with Million Insights, resol resins constituted for a major chunk of the phenolic resins market share on account of growing demand from wood adhesion and laminates sector.

The global Phenolic Resins Market size was valued at USD 9.30 billion in 2015 and is expected to reach USD 16.0 billion by 2025, with a CAGR of 5.4%. The global phenolic resins industry is anticipated to witness stable growth owing to rising demand from transportation and construction sector. Phenolic resins find their applications in numerous segmentson account of their properties such as good heat resistanceand flame retardancy, low smoke and toxicity, high mechanical strength and easy blending with other polymers to attain high performance. Product demand is expected to rise owing to of increasing use of fire retardant constituents in crucialaircraft and automotive components.

Crude oil is the primary raw material used in the manufacturing of phenolic resins and hence price instabilityis expected to have a direct influence on demand for phenolic resins. In order to ensure conformance to environmental standards regarding formaldehyde emissions, significant funding and investments have to be made and this may slowdown the market growth. However, the positive side is that there is an increasing adoption of nanotechnology in phenolic resins production that aims to improve their functional and structural characteristics and expand their scope of application.

Full Research Report On Global Phenolic Resins Market Analysis available at: https://www.millioninsights.com/industry-reports/phenolic-resins-market

Product Insights

Novolac resins and resol resins are the two majorvarieties of phenolic resins. Novolac resins, are expected to gain prominence in the forecast period owing to its ability to mould easily. They have a widespread usage across various segments as electrical laminates, hardeners and photo resistors in structural laminates for theelectronic circuit board and aerospace industries

Resol resins constituted for a major chunk of the market share on account of growing demand from wood adhesion and laminates sector. Furthermore, considerable demand from applications such asoriented strand boards (OSB) and production of engineered laminated composite lumber (LCL) also contributed to the large demand for resol resins in the past few years. It is expected to continue the similar trend over the forecast period from 2014 to 2020.

Application Insights

Phenolic resins provide services tonumerous end-use industries such as automotive, aerospace and constructionvia applications in laminates, insulation, wood adhesives and moulding compounds.

Wood adhesives were the dominant application on account of increased use in plywood and particleboard adhesives owing to phenolic resins which form chemical bonds with the phenol-like lignin wood. These products are capable of retaining moisture and hence are preferred for exterior plywood applications.

Moulding compounds are expected witness high growth. This can be attributed to the ability of phenolic resins to providefire safety and amplify vehicular efficiency. Rising demand from the automotive segment is anticipated to play a critical role in the phenolic resins growth over the forecast period. They are used in numerous components in automobiles including cooling system, air supply system brake, suspension, powertrainand fuel system.

New product developments in molding compounds by the use of carbon fiber or long glass fiber is expected to provide market opportunities in displacing ceramics, metals and filled high-performance thermoplastic resin systems in applications where fuel efficiency and weight reduction play a vital role such as aircraft and industries. Molding materials that contain long fibers and carbon fibers are characterized by newly introduced phenolic reinforced structures that exhibit highmechanical strength and high impact strength at high temperatures for additional displacement of ceramics and metals.

Fiber-reinforced composites with phenolic resins is anticipated to flourish owing to increase in new aircraft by Airbus (787, A380, and A350) and Boeing. Theserequirecargo liners, aircraft interiors,light weight paneling, increased volume in honeycomb manufacture for aircraft and potential use of high-density phenolic foam as a replacement for balsa sandwich panels. Additionally, the development of carbon foam is anticipated to witness expansion into composite associated areas such as light weight paneling and tooling.

Regional Insights

Asia Pacific emerged as the market leader in phenolic resins market on account of widespread use in construction applications and growing consumption of moulding compounds in India and China. China is a large phenolic resins marketand a significant consumer at a global level. Within North America, U.S. is one of the leading consumers in wood adhesive applications of phenolic resins. In addition, demand for thermal insulation productsis expected to be on a rise on account of the legislation implemented in various countries and regional associations for constructing energy efficient buildings. Further, growing use of composites in marine, mass transit and aerospace is anticipated to boost the phenolic resins market.

Competitive Insights

Key market players have expanded their manufacturing facilities to sufficethe growing demand. As an instance, in 2013, Ludwigshafen Verbund site had a new plant set up as a part of BASF modernization and expansion of production facility. Other majorparticipants in the market include Hitachi Chemical Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., SI Group, Inc., Prefere Resins, DIC Corporation, Momentive Specialty Chemicals Inc., Sumitomo Bakelite Co. Ltd., Dujodwala Paper Chemicals Ltd., and Mitsui Chemicals Inc.

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Market Segment:

Phenolic Resins Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
        • Novolac
        • Resol
        • Others

Phenolic Resins Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
        • Wood Adhesives
        • Molding Compounds
        • Insulation
        • Laminates
        • Paper Impregnation
        • Coatings
        • Others

Phenolic Resins Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
        • North America
            • U.S.
            • Canada
        • Europe
            • Germany
            • France
            • Italy
            • Spain
            • UK
        • Asia Pacific
            • China
            • India
            • Japan
            • Southeast Asia
        • Latin America
            • Mexico
            • Brazil
        • Middle East & Africa (MEA)
            • Saudi Arabia

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals-and-materials

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