October 26, 2020
According to the research report titled ‘Phenolic Resins Market Share, Size, Trends, Industry Analysis Report By Product, By Application; By End-Use; By Regions, Segments Forecast, 2020 – 2026’ available with Market Study Report, global phenolic resins market is projected to register a CAGR of 5.4% over the forecast period, subsequently reaching a valuation of USD 18.1 billion by the year 2026.
Industry experts claim that beneficial attributes of phenolic resins such as superior mechanical strength, heat & chemical as well as moisture resistance, diversity and durability are augmenting the growth of global phenolic resins market.
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Moreover, rising product adoption for aesthetic appeal in aerospace components and architecture, introduction of innovative impregnated materials, and flourishing transportation, retail, and aerospace sectors in Thailand, Indonesia, India, and Mexico are further fueling the market expansion.
Escalating research & development activities in the business sphere along with increasing focus of major players towards providing customized products to the clientele are stimulating the global phenolic resins market outlook.
Based on product type, global phenolic resins industry is divided into solid, liquid, resol, novolac, and others. With regards to application reach, the market is split into abrasives, electronics, rubber & tire, friction material, refractory materials, coatings, paper impregnation, laminates, insulation, molding, wood adhesives, and others.
The end-user terrain of global phenolic resins market comprises of furniture, electrical & electronics, automotive, building & construction, and others.
From a regional frame of reference, the industry is fragmented into Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America. The country-level bifurcation of the market comprises of Saudi Arabia, Brazil, Mexico, South Korea, South East Asia, India, China, Japan, Turkey, Russia, Spain, Italy, UK, Germany, France, Canada, and the U.S.
Leading players that outline the global phenolic resins industry trends are Red Avenue New Materials Group Co. Ltd., Shandong Yushiju Chemical Co. Ltd., Zhejiang Hangmo Synthetic Materials Inc., Zhejiang Hangmo Synthetic Material Co. Ltd., Kangnam Chemical Co. Ltd., Chang Chun Petrochemical Co. Ltd., Gun-Ei Chemical Industry Co. Ltd., Asahi Kasei Corporation, Hexion Inc., SI Group Inc., Hitachi Chemical Co. Ltd., Sumitomo Bakelite Company Limited, Kolon Industries Inc., Georgia-Pacific Chemicals LLC, Arizona Chemical Company LLC (Kraton Corporation), Hexcel Corporation, DIC Corporation, Ashland Inc., Olympic Panel Products LLC, Arclin Inc., BASF SE, and Owens Corning.