What Fueled The Previous Growth In The Phenolic Resins Market?
The phenolic resins market has seen considerable growth due to a variety of factors.
• In the past few years, the market size of phenolic resins has witnessed significant expansion. The market is expected to increase from $14.17 billion in 2024 to $15.1 billion in 2025, with a compound annual growth rate of 6.6%.
Various factors have contributed to this growth during the historic period, such as the surge in the automotive and construction sectors, the increasing demand for durable and fire-resistant commodities, the widening of the electrical and electronic fields, regulations on fire safety standards, and the progression of composite materials.
What Is The Expected Growth In The Phenolic Resins Market Size?
The phenolic resins market is expected to maintain its strong growth trajectory in upcoming years.
• The market for phenolic resins is projected to experience substantial growth in the coming years, with its value set to reach $20.3 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.7%.
The surge during this projected period can be ascribed to factors such as eco-friendly resin formulations, development in aerospace and aviation sectors, increased application in renewable energy innovations, research, and evolution of bio-based resins, utilization in consumer commodities and appliances, and personalized phenolic resins for distinct industries. Key trends in this predicted period include the emergence of bio-phenolic resins sourced from lignin and biomass, the advancement of composite materials using phenolic resins, the development of fire-resistant coating and materials, usage of phenolic resins in 3D printing and the recycling or upcycling of phenolic resins.
What Main Forces Are Fueling Expansion In The Phenolic Resins Market?
The phenolic resin market is being propelled by the increasing demand for lightweight, environmentally friendly synthetic structures in the car manufacturing industry. The automobile industry, which involves the design, production, distribution, and sale of vehicles, is continually employing lightweight materials to enhance fuel efficiency. In the production of lightweight tyres, brake pedals, and other engine components, phenolic resins are crucial. The US Office of Energy Efficiency and Renewable Energy, a government agency committed to creating a green energy economy for the United States, states that a 10% decrease in a vehicle's weight can boost its fuel efficiency by between 6% and 8%. Furthermore, if lightweight materials were used in one-fourth of the American fleet, it could potentially save approximately 5 billion gallons of fuel per year by 2030. As a result, the increase in the use of lightweight materials within the car industry is fuelling the expansion of the phenolic resin market.
What Are The Primary Segments In The Global Phenolic Resins Market?
The phenolic resins market covered in this report is segmented –
1) By Type: Resol, Novolac, Others Types
2) By Application: Wood Adhesives, Molding, Insulation, Laminates, Paper Impregnation, Friction Materials, Refractory Materials, Other Applications
3) By End-User: Building and Construction, Furniture, Automotive, Electrical and Electronics, Other End Users
Subsegments:
1) By Resol: Low-Viscosity Resol Resins, High-Viscosity Resol Resins, Phenolic Novolac Resins
2) By Novolac: Liquid Novolac Resins, Solid Novolac Resins, Thermosetting Novolac Resins
3) By Other Types: Modified Phenolic Resins, Bakelite Resins, Phenolic Foam Resins
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Which Key Trends Are Driving Changes In The Phenolic Resins Market?
Leading businesses in the phenolic resins market are presenting innovative products such as the REZIANCE brand portfolio, in order to offer dependable services to their clients. The REZIANCE brand portfolio encompasses phenolic resins and distinct solutions for industrial applications and casting. In March 2022, the REZIANCE brand portfolio was introduced by ASK Chemicals Group, a German industrial resins and materials provider. This portfolio comprises high-grade phenolic resins and specialty solutions, and it is tailored to serve diverse sectors including friction, abrasives, refractories, impregnation, wood, paint, and coatings.
Who Are the Key Players in the Phenolic Resins Market?
Major companies operating in the phenolic resins market include:
• Dainippon Ink and Chemicals Corporation
• Hexion LLC
• Chang Chun Plastics Co. Ltd.
• Mitsui Chemicals Inc.
• Hitachi Chemical Co. Ltd.
• Prefere Resins Holding GmbH
• Kolon Industries Inc.
• SI Group Inc.
• Sumitomo Bakelite Co. Ltd.
• BASF SE
• Arizona Chemical Company LLC
• Kangnam Chemical Co. Ltd.
• Seiko PMC Corporation.
• Bakelite Synthetics
• Jinan Shengquan Group Share Holding Co. Ltd.
• Ashland Global Holdings Inc.
• Georgia-Pacific Chemicals LLC
• Hexcel Corporation
• Akrochem Corporation
• Arclin Inc.
• Kraton Corporation
• American Micro Industries Inc.
• Momentive Specialty Chemicals Inc.
• Plenco Closures Pvt. Ltd.
• Red Avenue Chemical Co. Ltd.
• Shandong Laiwu Runda New Material Co. Ltd.
• 3M Company
• Capital Resin Corporation
• Kessler Chemicals
• KPL International Ltd.
• PTTGC America LLC
• Phenolic Associates Inc.
What Is The Most Dominant Region In The Phenolic Resins Market?
North America was the largest region in the phenolic resins market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the phenolic resins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
