The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
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Persistence Market Research delivers comprehensive information in the global phenolic resins market, in its latest report, which includes global industry analysis 2014-2018 and forecast 2019-2029. The global phenolic resins demand is expected to remain steady and grow with a CAGR value of ~4% in the forecast period.
The phenolic resins market is primarily driven by its demand from coatings, insulation and lamination products, and adhesives applications. The demand growth is expected to be driven by the growth of end-use applications. Phenolic resins have highly characterized in term of high mechanical strength, low toxicity, good heat resistance, and low smoke formation property.
Manufacturers have been developing products, which meet a diverse & demanding set of requirements. For instance, they have been using phenolic resins for the formulation of adhesives and coatings to adjust surface prevention and surface treatment of the product. Phenolic resins are used in moulding compounds such as billiard balls and laboratory countertops across several end-use industries. Moreover, the growth in applications of phenolic resins in electronic and furniture industries is also expected to help boost the market.
Phenolic Resins Market Analysis by Product Type
On the basis of product type, the market is segmented into novolac, resoles, and modified phenolic resins. The novolac phenolic resin segment is projected to be prominent in the market with a healthy growth rate during the forecast period. Novolac phenolic resins are those resins in which the molar excess of phenol is more as compared to formaldehyde, which makes them less toxic as compared to resole phenolic resins. In resole phenolic resins, molar excess of formaldehyde is more as compared to novolac. These are extensively used in various types of adhesives and moulded compounds for the automotive and construction industries.
Phenolic Resins Market Analysis by Application
The market is segmented into adhesives, insulation, moulding compounds, lamination, and others (coatings, binders etc.). The adhesives segment is expected to have a significant growth rate during the forecast period, and hold prominent market share throughout the forecast period. High traction of adhesives for surface treatment, binding agents, across various end-use industries such as engineered wood products, construction, and automotive transportation are projected to significantly drive the demand for phenolic resins across the globe during the forecast period. Moreover, with the advanced developments in science and technology, the demand for lightweight and eco-friendly composites for various applications is growing extensively, which is projected to contribute significantly to the market growth.
Phenolic Resins Market Analysis by End Use
On the basis of end use, the market is segmented into automotive & transportation, construction, furniture, electric and electronics, and others. Furniture and construction together are projected to hold a prominent share in the global phenolic resins market, and register a significant growth during the forecast period.
Phenolic Resins Market Analysis by Region
By regional perspective, the market is segmented into North America, Europe, Latin America, East Asia, South Asia, Oceania, and Middle East and Africa. Europe is estimated to account for a significant share in the global phenolic resins market, while East Asia is projected to witness a significant growth during the forecast period. Growing local production and consumption of phenolic resins for various applications across several end-use industries are projected to significantly drive the market growth. Europe, North America, and East Asia collectively held ~75% share of the total phenolic resins market in the year 2018. Emerging economies such China, the U.S., and Germany are expected to experience high value growth between 2019 and 2029.
- DIC Corporation
- Hexion LLC
- Chang Chun Plastics Co. Ltd.
- Mitsui Chemicals Inc.
- Georgia Pacific Chemicals LLC
- Prefere Resins
- Kolon Industries, Inc.
- SI Group
- Sumitomo Bakelite Co. Ltd
- BASF SE
- Hitachi Chemical Co. Ltd.
- Plastics Engineering Company
- RPM International Inc.
- KCC Corporation
- Altex Coatings Inc.
- Nippon Paint Marine Coatings Co., Ltd.
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