The global Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Phenolic resins are thermosetting polymers that are produced by the reaction of phenol or substituted phenol with aldehydes such as formaldehyde. They have excellent heat resistance and good electrical properties. Phenolic resins are used in applications such as wooden boards, laminates, molds & casting, friction materials and others due to their good adhesion, heat resistance, dielectric properties and dimensional stability.
Market key trends:
One of the key trends in the phenolic resins market is the growing demand from healthcare industry. Phenolic resins are increasingly being used in healthcare applications such as medical equipment, prosthetics, and others due to their non-toxic, heat resistance and dimensional stability properties. They are suitable for fabricating medical devices that come in contact with the human body. Their chemical and heat resistance also make them ideal for sterilization purposes. Thus, the expanding healthcare industry worldwide is expected to drive the demand for phenolic resins during the forecast period.
The global phenolic resins market is segmented into product and application. Based on product, the market is bifurcated into resole and novolac. The resole segment dominates the market and accounts for around 60% share owing to widespread application in laminates, adhesives, foundry, and insulation. Resoles are used in the production of insulation and laminates due to their thermal resistance and bonding properties.
The global Phenolic Resins Market Share is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from construction and automotive industries.
Asia Pacific dominates the global phenolic resins market and is expected to maintain its dominance over the forecast period. This is attributed to rapid industrialization and urbanization in countries such as China and India. North America is projected to exhibit significant growth due to high demand for laminates and wood adhesives in construction and automotive industries.
Key players operating in the phenolic resins market are 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. BASF SE is one of the leading players and offers phenolic resins under the brand name ‘Phenolid.’