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Phenolic Resins Market Expected to Witness a Significant Growth of USD 16.0 Billion by 2025

Technological advancements have fostered the development of unique heat shields with ablative phenolics for aerospace applications, leading to greater market share in recent years. The Global Phenolic Resins Market is projected to reach USD 16.0 billion by 2025, according to a new report by Grand View Research, Inc.
 

Development of lignin and corn-based renewable feedstock have also presented new growth avenues in the industry. Increasing awareness regarding resource conservation and the implementation of stringent sustainability standards has positively impacted green materials demand, encouraging manufacturers to integrate such raw materials into their products.

Technological advancements have fostered novel processing methods that conserve greater amount of resources while producing phenolics, compelling new entrants to invest high in capital funds to maintain competitive margins in the industry.

Novolac emerged as the dominant product segment, occupying nearly 50% of the volume share in 2015. These resins are increasingly being designed for use as hardeners or curing agents in epoxy applications to meet the demand for laminates, adhesives, molding materials, and coatings. The segment is expected to grow at around 5.2% CAGR from 2016 to 2025.

Resols are expected to grow at a high CAGR of 5.7% in terms of volume from 2016 to 2025. Wood adhesives are expected to remain the dominant application for phenolics, with high demand generated from the furniture, woodworking and construction industries.

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Solid resins are expected to remain a dominant sub-segment within resols, accounting for nearly 80% of the revenue share in 2015. The product is available in lumps, granular or powder form and is widely utilized as coatings, laminates, adhesives and other products.

Top Players of Phenolic Resins Market:

Key companies operating in the industry are BASF SE, Momentive Specialty Chemicals, Sumitomo Bakelite Co. Ltd., Georgia-Pacific Chemicals, and Kolon Industries Inc. Other major participants may be listed as Owens Corning, Arclin Inc., Olympic Panel Products LLC, Ashland Inc., DIC Corporation, and Hexcel Corporation.

Market Segmentation of Phenolic Resins Market:

The Global Phenolic Resins Market segmented on the basis of Product, Application & Region.

By Product:

    Novolac
    Resol

By Application:

    Wood Adhesives
    Molding Compounds
    Insulation
    Laminates
    Paper Impregnation
    Coatings

By Region:

    North America
    Europe
    Asia Pacific
    Latin America
    Middle East & Africa (MEA)

Inquire about Phenolic Resins Market with Our Experts @ https://www.grandviewresearch.com/inquiry/707

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