Phenolic resins are synthetic polymers derived from the reaction between phenol and formaldehyde, under the influence of heat. Phenolic resins exhibit diverse properties such as high tensile strength, high heat resistance, light weight, low toxicity of smoke, and high moldability, owing to which they are increasingly used in wood-adhesives, molding compounds, insulation, rubber, and laminates, among others. Phenolic resins also find application in niche segments such as off-shore oil drilling and mass transit because of their beneficial physical and chemical properties. Multiple factors aid the expansion of the phenolic resins market on a global scale. Transparency Market Research has published a new report titled “Phenolic Resins Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019” to study and evaluate such growth drivers, market restraints, and prospective opportunities. This is a 90-page report and presents an executive-level blueprint of the global phenolic resins market.
Based on findings sourced through in-depth primary and secondary research, the report forecasts the global phenolic resins market to exhibit a 5.6% CAGR between 2013 and 2019. While in 2012 the global phenolic resins market stood at US$9.19 billion, it is expected to reach US$13.36 billion in 2019. Surging demand for phenolic molding compounds in the automotive industry is identified as the key growth driver fuelling this multi-billion-dollar market. Due to its intrinsic physical properties, molding compounds are used in the production of seats, suspensions, and bottom plates in the automotive industry. These compounds also find application in automobile tire manufacturing.
The report segments the global phenolic resins market into Resol resins, Novolac resins, and others based on the product type. Accounting for a market share exceeding 48%, Resol resins dominated the global phenolic resins market in 2012. Meanwhile, much of the demand generated for Novolac resins is registered by the markets for molded composites and laminates. On a regional perspective, the global phenolic resins market can be segmented into Europe, North America, Asia Pacific, and Rest of the World. Asia Pacific held the largest share of the global phenolic resins market in 2012, followed by North America. The findings of the report reveal that North America and Asia Pacific collectively accounted for 65% of the global demand registered from the market in 2012.
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However, during the forecast period, the countries encompassed within the Rest of the World region are anticipated to register robust growth in terms of demand for phenolic resins. Rapid industrialization and greater application scope in the region will provide lucrative opportunities for phenolic resins manufacturers. The phenolic resins market is highly fragmented with a bevy of players vying for the largest share in the market. The market at present is dominated by regional players such as BASF SE, Georgia Pacific Chemicals, Mitsui Chemicals Inc. and Sumitomo Bakelite Co. Ltd.