North America accounted for a significant share in phenolic resins market in 2018. Steadily growing electrical & electronics industry in the region has been fueling product demand from past few years and shall drive the market in the coming years. European market has witnessed moderate CAGR in past few years. Consumer good industry in the region created significant product demand in 2018. High disposable income and luxurious lifestyle were the major attributes behind it.
Phenolic Resins Market size will be driven by increasing transportation industry across the globe. Phenolic resins are used for rubber processing due to their properties such as high thermal resistance, strength and fire-resistant properties.
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Growing transportation business across the globe will drive the rubber processing industry growth which will in turn, accelerate phenolic resins market growth in near future. On account of increasing business activities and regional trade, transportation industry shall reap substantial benefits in the coming years. Moreover, product is highly used in wood adhesives and rapidly growing wood adhesive demand in construction industry will drive the phenolic resins market size over the forecast period.
Construction industry growth will be majorly driven by regions such as Asia Pacific and Middle East & Africa, owing to their increasing population and exponentially growing real estate & construction business in the region. Middle East construction industry will be driven by the factors such as higher market demands due to demographics, stronger support by the State and moderate increase in oil prices. This will ultimately drive product demand during the forecast timeframe.
Major product segments in phenolic resins market size include novolac and resol. among which novolac is likely to have a major share owing to its properties such as solvent resistance and hardness. Rapidly growing electrical & electronics industry will fuel novolac demand during the forecast period. Resol resins demand shall grow with a significant CAGR in near future. This can be attributed to the massively growing construction industry in emerging economies such as India, Brazil, South Africa, Saudi Arabia, etc.
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Phenolic resin market application segment includes wood adhesives, molding, insulation, laminates, paper impregnation, coatings and others. The use of phenolic resins in wood adhesives exhibits exceptional water resistance, moisture resistance and weather resistance which makes it desirable in construction business. Molding was another major application segment in phenolic resins market in 2018 and shall grow with a healthy CAGR in near future. Molding components are utilized in various end-user industries such as automotive commutator, electrical & electronics and household applications. Moreover, molding components find application in manufacturing, kitchen ware and electrical equipment. These increased applications are likely to fuel the molding components demand in coming years, eventually augmenting phenolic resin market size from 2019 to 2025.
Asia pacific is likely to be the largest and fastest growing region in the phenolic resins market over the forecast timespan. This can be attributed to the high growth rate in end-use industries such as automotive, consumer goods, aerospace and construction. Asia Pacific was the largest producer of automotive with more than 60% of global automotive production in the region in 2018. According to the OICA, China’s automotive production from 9,299,180 units in 2008 and grew to 27,809,196 in 2018. China alone was responsible for over 30% of global automotive production. This growing automotive production in the region is likely to help the phenolic resins market size to grow further in coming years.
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Many multinational giants and regional players are operating in the phenolic resins. Many multinational companies in the market are shifting their production bases to the Asia Pacific owing to the low labor cost and availability of the raw material. Major players operating in the phenolic resins market share includes BASF SE; Owens Corning; Arclin Inc.; Ashland Inc.; DIC Corporation; Olympic Panel Products; Hexcel Corp.; Arizona Chemical Company; Kolon Industries Inc.; Georgia Pacific Chemicals; Sumitomo Bakelite Co. Ltd.; Momentive Specialty Chemicals; Hitachi Chemical, SI Group Inc. and Shandong Laiwu Runda New Material Co., Ltd.
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