Phenolic Resins Market Size & Growth Analysis to 2030

The global phenolic resins market size is expected to register a significant CAGR of ~ 5% during the forecast period from 2022 to 2028. The significant demand for the product in various applications, such as wood adhesive, laminates, molding, coatings, and others is a primary factor driving the market growth. The significant growth in the automotive industry coupled with the growing demand for lightweight and fuel-efficient vehicles is further anticipated to boost the market growth. Furthermore, the properties associated with the product such as lightweight, heat resistance, impact resistance, and fire retardancy are further anticipated to increase the demand in the automotive industry, which is fueling the market. Moreover, the increasing use of the product in wood cabinet manufacturing, furniture, and construction is expected to propel the market over the forecast period.

Market Drivers:

Growing demand from end-use industries: Phenolic resins find extensive applications in various end-use industries such as automotive, construction, electrical and electronics, and aerospace. The increasing demand for these products in these sectors, driven by factors like urbanization, infrastructure development, and technological advancements, is a significant driver for the phenolic resins market.

Increasing awareness about environmental regulations: Phenolic resins are known for their excellent fire-resistant properties, which make them suitable for applications requiring flame retardancy. With stricter regulations and standards regarding fire safety, there is a growing demand for phenolic resins as they offer effective fire protection. This is particularly evident in industries such as construction and transportation.

Growth in the automotive industry: The automotive industry is a major consumer of phenolic resins, especially in applications like brake pads, interior components, and under-the-hood parts. The expanding automotive sector, driven by increasing vehicle production and demand for lightweight materials, is driving the growth of the phenolic resins market.

Development of eco-friendly phenolic resins: There is a growing focus on developing eco-friendly and sustainable materials in various industries. As a result, manufacturers are investing in research and development to produce phenolic resins with reduced formaldehyde emissions and improved sustainability profiles. The development of eco-friendly phenolic resins is driving market growth, as it meets the demand for environmentally responsible solutions.

Increasing construction activities: The construction industry plays a significant role in the demand for phenolic resins, particularly in applications such as adhesives, laminates, and insulation materials. The growth in construction activities, driven by urbanization, infrastructure development, and renovation projects, is fueling the demand for phenolic resins.

Technological advancements and product innovations: Ongoing technological advancements and product innovations are driving the growth of the phenolic resins market. Manufacturers are continuously developing new formulations and improving the performance characteristics of phenolic resins, such as enhanced thermal stability, mechanical strength, and chemical resistance. These advancements attract new applications and drive market growth.

Emerging economies and industrialization: The phenolic resins market is experiencing significant growth in emerging economies due to rapid industrialization, urbanization, and infrastructure development. Countries such as China, India, and Brazil are witnessing increased demand for phenolic resins in various industries, driven by expanding manufacturing and construction sectors.

Market Snapshot:

Market Insights:

By product, the novolac segment dominated the global phenolic resins market in 2021

The global phenolic resins market is bifurcated into product, application, end-use, and geography. On the basis of product, the market is further segmented into novolac, resol, and others. The novolac segment is accounted to hold a significant revenue share of the market in 2021 and expected to grow at the same trend over the forecast period. The properties associated with the product such as fire resistance, thermal resistance, chemical resistance, high strength, flexibility, etc, are expected to increase the demand in various applications, which is driving the segment growth. On the flip side, the resol segment is expected to grow at a significant CAGR over the forecast period due to its wide range of applications.

By application, the wood adhesive segment is expected to hold the largest market share by 2028

On the basis of application, the market is segmented into wood adhesives, molding, insulations, laminates, and others. The wood adhesives segment dominated the global phenolic resins market in 2021 and estimated to hold a significant market share of around 1/4 of the market. The notable growth in the construction industry is one of the prominent factor driving the segment growth. The growing demand for wood adhesives in various applications such as plywood, particle board, high-density fiberboard, medium-density fiberboard, wafer boards, etc, is expected to propel the segment growth over the forecast period. Moreover, the properties associated with the product such as moisture resistance, water durability, and low free monomers are expected to increase the demand for the product in wood adhesives.

To know more about the study, request sample papers

The phenolic resins comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2022 to 2028. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The phenolic resins market research report presents the analysis of each segment from 2019 to 2028 considering 2021 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2022 to 2028.

Historical & Forecast Period

• 2019-20 – Historical Year
• 2021 – Base Year
• 2022-2028 – Forecast Period

Market Segmentation:

By Product Type:

• Novolac
• Resol
• Others

By Application:

• Wood adhesives
• Molding
• Insulations
• Laminates
• Paper impregnation
• Coatings
• Others

By End-Use:

• Building & Construction
• Furniture
• Automotive
• Electrical & Electronics
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

By region, the Asia Pacific is expected to hold the largest market share by 2028

Geographically, the Asia Pacific dominated the global phenolic resins market in 2021 and expected to hold the largest revenue share of around 1/3 market share by the end of the analysis period. The increasing demand for the product in the construction and automotive industry is a significant factor to drive market growth in the region. Furthermore, the growing economical conditions, increasing disposable income, and the presence of some prominent players are further anticipated to fuel the market growth at a higher CAGR over the forecast period. Moreover, the rapid growth in urbanization and the growing demand for automobiles are projected to propel the market growth in the Asia Pacific.

The phenolic resins market report comprises dedicated sections centering on the regional market revenue and trends. The phenolic resins market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The phenolic resins market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Phenolic resins market estimates have also been provided for the historical years 2019 & 2020 along with forecasts for the period from 2022 – 2028.

Competitive Assessment:

Some of the notable market players operating in the global phenolic resins market are DIC CORPORATION, Kolon Industries, Inc., Sumitomo Bakelite Co., Ltd., Bakelite Synthetics, and Hexcel Corporation. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• DIC CORPORATION
• Kolon Industries, Inc.
• Sumitomo Bakelite Co., Ltd.
• Bakelite Synthetics
• Hexcel Corporation
• Georgia-Pacific Chemicals
• KRATON CORPORATION
• Hexion
• Bostik, Inc.
• SI Group, Inc.

Key Questions Answered by Phenolic Resins Market Report

• Global phenolic resins market forecasts from 2022-2028
• Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2022-2028 covering 15 major countries from the regions as mentioned above
• Phenolic resins submarket forecasts from 2022-2028 covering the market by product, application, end-use, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level phenolic resins markets from 2022-2028
• Competitive Landscape and market positioning of the top 10 players operating in the market