According to Fact.MR's recently published report on phenolic resins, the global market is expected to reach a valuation of USD 14,685.1 million in 2022, with a compound annual growth rate (CAGR) of around 5.4% between 2022 and 2032. Furthermore, Fact.MR projects the global phenolic resins market to exceed USD 24,782.1 million by the end of 2032. This growth is attributed to the building and construction as well as the electrical and electronics industries.

Producers are focusing more on expanding their manufacturing facilities worldwide as a result of increased research and development in the phenolic resins industry to boost tensile strength and adhesion. The automotive and construction industries have seen a surge in demand due to the creation of a phenolic resin type that is resistant to flames and high temperatures.

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Due to a notable increase in the price of raw materials on the international market, certain industry participants have intentionally boosted the cost of their phenolic resin goods. Additionally, they are presenting a new technology called cello bond phenolic resin, which has applications in tunnel construction, aerospace interiors, and many other areas. It is resistant to flames and generates no harmful fumes.

The producers of plywood and laminate have been drawn to the market by the inert reactivity of phenolic resins with chemicals. Additionally, the market's demand has been fuelled by the renovation of infrastructure in nations like China, Russia, India, and the Netherlands.

Guidelines influencing the demand for phenolic resins have caused numerous construction projects to be halted, and the epidemic has affected downstream sectors by disrupting supply chains worldwide.

Which Factors are Expected to Drive Demand for Phenolic Resins Over the Coming Years?

“High Demand for Phenolic Resins from Construction Industry”

Over the past few decades, the market for phenolic resins has expanded significantly due to the steadily expanding construction industry. Furthermore, because of their excellent binding qualities, phenolic resins have become more and more profitable to utilize as an adhesive ingredient in the furniture sector.

Novolac is a phenolic resin type that is highly sought after in the furniture industry and is considered to be a great binding agent. Because Novolac resin is easy to use as an adhesive and has a low heat resistance, it is a top choice for plywood manufacturers.

APAC's expanding infrastructure has created a chance for phenolic resin manufacturers. APAC's phenolic market is anticipated to expand by 1.7 times during the course of the forecast period, owing to the growing use of molding, wood additives, and laminates in the building sector.

According to Fact.MR's trend analysis, the APAC area has grown at the fastest rate in the world, reaching US$ 3.7 billion by the end of 2021 at a CAGR of 4.7%.

The market for phenolic resins is expanding at an alluring rate as a result of rising demand from a variety of manufacturers brought about by improved qualities including high mechanical strength, high heat resistance, low smoke toxicity, high moldability, and the capacity to mix with polymers.

Competitive Landscape

3M Company, DIC Corporation, Owens Corning, Arclin Inc., Olympic Panel Products LLC., Hardwoods Inc., Arizona Chemical, Kolon Industries, Georgia-Pacific Chemicals, Ashland, Hexcel Corporation, American Micro Industries Inc. are key suppliers of phenolic resins.

Market players such as 3M and Arizona Chemicals are continuously performing research & development to increase the strength of phenolic resins to be used in fire retardants, sealant coatings, etc.
DIC Corporation’s phenolic resins PHENOLITE is gaining huge attention across industries due to its improved properties such as flame resistance, cost-effective, high tensile strength, and chemical resistance.
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Key players in the Phenolic Resins Market

3M Company
DIC Corporation
Ashland
Hexcel Corporation
Arizona Chemical
Kolon Industries
Georgia-Pacific Chemicals
Owens Corning
Arclin Inc.
Key Takeaways from Phenolic Resins Market Study

Global phenolic resins market is projected to grow at a CAGR of 5.4% during the forecast period to reach USD 24,782.1 million by the end of 2032
By product type, resol resin is projected to provide an absolute $ opportunity worth USD 5,725.7 million over the forecast period
Insulation on the other hand is anticipated to account for 26.8% of market share by 2032, grow with a CAGR of around 6.4% over the forecast period
North America is projected to capture around 32.8% of the global phenolic resins market share by 2032 and be valued at USD 8,135.6 million by 2032
Europe to provide absolute dollar opportunity worth USD 2,864.5 million by 2032 end growing at a CAGR of 5.2% during 2022-32
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