Phenolic Resin Market Size is projected to reach USD 15.01 Billion By 2021

Posted July 7, 2020 by armaan007

Phenolic Resin Market expected to be valued at USD 15.01 Billion by 2021, at a CAGR of 5.8%, during 2016–2021

The report "Phenolic Resin Market by Type (Resol Resin, Novolac Resin), Application (Wood Adhesives, Molding, Insulation), End-use Industry (Automotive, building & construction, Furniture) - Global Forecasts to 2021", published by MarketsandMarkets, the global market is estimated to be valued at USD 11.30 Billion in 2016 and is projected to grow at a CAGR of 5.8% to reach USD 15.01 Billion by 2021.

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The growing automotive industry in the Asia-Pacific region and the increasing demand from end-user industries is leading to the growth of the global phenolic resin market.

Resol resin to register the highest CAGR in the global phenolic resin market, from 2016 to 2021 

The global phenolic resin market is segmented by type, namely, resol resin, novolac resin, and others. The market for resol resin is expected to grow at the highest CAGR in the global phenolic resin market from 2016 to 2021. The higher CAGR for resol resin over other types is due to the rising demand from the wood adhesives, molding, and others applications. It offers advantages such as, superior heat resistance, high flexibility, mechanical strength, and moldability, and excellent friction properties.

Molding to be the fastest growing application of the global phenolic resin market during the forecast period 

The molding application is projected to be the fastest growing application in the global phenolic resin market during the forecast period mainly due the rising demand for phenolic resin in the manufacture of appliances, enclosures, housewares, and in the transportation application. The demand for molding is estimated to witness the highest CAGR in the Asia-Pacific region due to the increasing demand for phenolic molding compounds for their strengthening efficiency and providing safety from fire in automobiles.

Asia-Pacific to be the fastest growing market for phenolic resin during the forecast period 

The Asia-Pacific region phenolic resin market is expected to witness the highest CAGR from 2016 to 2021. The growing population in the Asia-Pacific region, coupled with the rising disposable incomes is driving the market for phenolic resin. In addition, increased demand for phenolic resin in key countries such as China and India, are contributing to the growth of the phenolic resin market in the region.

Currently, the global phenolic resin market is led by various market players such as, Hexion Inc. (U.S.), Hitachi Chemical Co., Ltd. (Japan), Sumitomo Bakelite Co., Ltd. (Japan), SI Group, Inc. (U.S.), DIC Corporation (Japan), BASF SE (Germany), Kolon Industries, Inc. (South Korea), Shandong Laiwu Runda New Material Co., Ltd. (China), Dujodwala Paper Chemicals Ltd. (India), and Changshu South-East Plastics Co., Ltd. (China), among others.

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Issued By Markets And Markets
Country India
Categories Automotive , Construction , Industry
Tags Phenolic Resin , Phenolic Resin Market , Phenolic Resin Industry , Phenolic resin manufacturers , Phenolic resin companies , COVID , Coronavirus , Phenolic Resin end users
Last Updated July 7, 2020