Global phenolic resin market is expected to surpass an overall valuation of US $19.13 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The phenolic resin market is fueled predominantly by its high-growth application avenues, including insulating materials and wood adhesives. The material’s excellent characteristics enable it to stake a lucrative position in the wood adhesives industry, which in turn is driven by increasing spending on wooden furniture products by the construction industry and consumers.
Phenolic resins are also known as formaldehyde resins, which are synthetic thermoplastic polymers that are derived from phenols. These materials are feedstock to a variety of applications such as coatings, wood adhesives, molding compounds, lamination, insulation, foundry, frictional materials, abrasives, and paper impregnation among others.
The construction industry strongly influences consumption of adhesives and wood products. Construction market across the globe has shown tremendous growth over the past years, and this growth is expected to continue over the forthcoming years.
Currently, China is the largest construction market in the world, and also the biggest consumer of phenolic resin. Although the country saw the first-ever housing output decline in 2018, its evolution into a consumer & services driven economy has introduced numerous new opportunities for new types of construction.
From a regional perspective, the Asia Pacific is classified as the biggest regional market for phenolic resins. Demand for the materials in the molding compounds segment is anticipated to grow rapidly across China, along with other Asian countries, for usage in electrical and mechanical components required in a plethora of end-use applications.
The developing countries across Central and South America along with a number of Eastern European countries are anticipated to witness significant growth in wood adhesives market.
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Increasing demand for feature-packed and modern consumer electronics together with growing urbanization has augmented use of phenolic resins throughout the electronics industry. Moreover, rising disposable income levels of consumers is fueling construction spending as well as expenditures on several luxury items such as modern-day gadgets and furniture. Going forward, such consumer trends are slated to drive phenolic resin market rapidly.
The phenolic resin industry is subject to relatively strict regulations as phenol, the raw material phenolic resins are derived from, is a petrochemically derived product. Some regulations pertaining to the market include the Japan Society of Occupational Safety, for listing concentrations of raw materials used for manufacturing phenolic resins, and the Industrial Safety and Health Act, which is related to labelling.
The global phenolic resins industry boasts of a relatively competitive market landscape with a number of multinationals operating across the global value chain. Key phenolic resin market players include Momentive Specialty Chemicals, BASF SE, SI Group, Hitachi Chemical Co., Ltd, DIC Corporation, Mitsui Chemicals Inc., and Sumitomo Bakelite Co, Ltd. among others.