Market Overview:

Phenolic resins phenolic formaldehyde or phenol resins are synthetic polymers obtained by the synthesis of phenolic or substituted phenol by formaldehyde. Typically used as a base for Bakelite, these chemical resistance resins were the very first commercial synthetic moisturizers. Used as a skin protective agent, these chemical-resistant resins have excellent skin protection properties and do not yellow easily. Formaldehyde is a colorless, odorless, and caustic chemical that is derived from natural gas and used in most of the artificial preservatives in food.



The global phenolic resins market is estimated to be valued at US$ 21,365.5 million in 2028 and is expected to exhibit a CAGR of 5.5 % over the forecast period (2021-2028).


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Market Dynamics:

Increasing demand from the automotive industry and rapid growth in the construction sector is driving the growth of the phenolic resins market. According to the India Brand Equity Foundation, India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023, to ensure sustainable development in the country.



Market Drivers:

High demand for phenolic from the automotive industry and thus growth in the automotive industry is projected to fuel the market growth. It is widely used in single-vehicle due to its heat resistance, lightweight, fire retardancy, and impact resistance property. Increasing production of automobiles across the developing region is a prime factor propelling the market growth. Thus, the growing demand for phenolic resins from the automotive industry is augmenting the market growth.

Increasing the use of phenolic resin in impregnated materials due to growing strict rules and regulations for promoting energy efficiency is escalating market growth. Also, the growing demand for low-density materials that provide thermal insulation and outstanding durability is again propelling the market growth of phenolic resin. Increasing use of this material in green building spaces for the commercial and residential sectors is also projected to foster market growth.



Detailed Segmentation:

Global Phenolic Resins Market, By Product Type:

Resole

Novolac

Others

Global Phenolic Resins Market, By Application:

Wood adhesive

Molding Compounds

Laminates

Insulation

Others



Major players operating in the market include BASF SE, Chang Chun Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., Prefere Resins, Mitsui Chemicals Inc., Sumitomo Bakelite Co., Ltd, Hitachi Chemical Co. Ltd., SI Group, Inc., and Momentive Specialty Chemicals, Inc.



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