Phenolic Resin Market 2020 Key Players, Share, Trends, Sales, Segmentation and Forecast to 2026
New York, NY 7 April 2020: The Global phenolic resins market size is expected to reach USD 19.37 billion by 2026 growing at a CAGR of 5.4% during the forecast period according to a new study published by Polaris Market Research. The report “Phenolic Resins Market Share, Size, Industry Report By Product Type (Resol, Novolac), By Application (Molding Compounds, Wood Adhesives, Insulation, Laminates, Foundry, Paper Impregnation), By End-use (Building & Construction, Automotive, Electrical & Electronics, Furniture), By Regions, Segments & Forecast, 2019 – 2026” provides a comprehensive analysis of present market insights and future market trends.
Phenolic resins also known as formaldehyde resins are synthetic thermoplastic polymers derived from phenols. These resins are the source to an array of applications including wood adhesives, coatings, molding compounds, insulation, lamination, paper impregnation, foundry, abrasives, frictional materials and many others.
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The global market is concentrated in high growth applications such as wood adhesives and insulation materials. They are used in wood adhesives due to their extremely favorable characteristics. These characteristics are leveraged by the construction industry which determines to a large extent the consumption of wood products and adhesives.
The construction market has grown multi-fold in almost all countries of different global regions and will remain the same over forecast period. China is the biggest contributor to market and has the largest construction market in the world. Though China witnessed a large downturn in housing output in 2018, its make over to a services and consumer driven economy resulted in many growth opportunities in new and innovative types of construction.
A unilateral demand for modern and sophisticated consumer electronics products along with rapidly multiplying urban civilization has paved the way for increasing use of the product in the electronics industry. Increasing disposable incomes have increased consumer spending in mammoth construction projects and on lavish electronic products and expensive gadgets. These consumer trends are qualified to drive market. The industry is tied down to regulatory frameworks and as phenol; the raw material for phenolic resin is a petrochemical derivative. There is an adverse environmental impact and this could hamper growth for phenolic resin market.
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Asia Pacific is the largest regional market. Demand in molding compounds segment is expected to grow rapidly as the use in mechanical and electronic components with different end-users is likely to impact high growth. The developing countries of South and Central America along with East European countries are likely to digest largest growth in wood adhesives.
Global industry is moderately competitive with large number of multinationals spread across the value chain. According to Polaris Market Research, the key players in market include BASF SE, Momentive Specialty Chemicals, Hitachi Chemical Co., Ltd., SI Group, Mitsui Chemicals, Inc., DIC Corporation and Sumitomo Bakelite Co, Ltd.
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