Market Overview

Phenolic resins are polymers that have excellent heat and electrical resistance properties. It is majorly used as molding materials, abrasives, adhesives, laminates, friction materials, and insulators materials. Phenolic resins can be classified into resol and novolac. Resol is produced under normal conditions, with excess formaldehyde, whereas novolac is created under acidic conditions by using excess phenol.

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 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.

However, the volatile price of raw materials is expected to restrict growth of the market.

Detailed Segmentation:

Global Phenolic Resins Market, By Product Type:

Resole

Novolac

Others

Global Phenolic Resins Market, By Application:

Wood adhesivs

Molding Compounds

Laminates

Insulation

Others


Key companies covered as a part of this study 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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