According to a research report published by Spherical Insights & Consulting, the Global Phenolic Resin Market Size Expected to Grow from USD 15.2 Billion in 2023 to USD 22.4 Billion by 2033, at a CAGR of 3.95% during the forecast period 2023-2033.

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Phenolic resin, commonly known as phenolic formaldehyde resin or phenoplast, is a synthetic resin that is manufactured by combining polymerizing phenol and formaldehyde. Phenolic resin is a versatile material with excellent heat and flame retardance, high strength, and long-term stability. It’s widely used in various applications, including electric laminates, adhesives, fiber-reinforced composites, and automotive brakes due to its cost-effectiveness and versatility. Phenolic resins are typically opaque and range from pale amber and dark brown to black. Phenolic resins, available in various forms like flakes, films, and liquids, are general-purpose thermosets with limited application in a narrow market niche. The fillers most commonly used to enhance the performance of phenolic resins include wood flour, cellulose, minerals (mica, clay), silica, carbon and glass fibers, talc, fabric fibers, synthetic fibers, paper, and aramid fibers. Phenolic resins are increasingly used in various industries owing to their enhanced properties such as high heat resistance, low toxicity of smoke, and ability to blend with polymers. However, the production of phenolic resins relies on raw ingredients like phenol and formaldehyde, which can be influenced by oil price fluctuations. To maintain a competitive edge, manufacturers must innovate and improve performance.

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Phenolic Resin Market Size, By Product (Novolac and Resol), By Application (Wood Adhesives, Molding, Insulations, and Laminates), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033             

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The novolac segment is expected to hold the largest share of the global phenolic resin market during the projected timeframe.

Based on the product, the global phenolic resin market is categorized as novolac and resol. Among these, the novolac segment is expected to hold the largest share of the global phenolic resin market during the projected timeframe. Novolac phenolic resins are known for their thermal and chemical resilience, making them suitable for industries like paints, adhesives, and molding compounds, and their use in aerospace and automobile manufacturing has increased demand.

The molding segment is expected to hold the largest share of the global phenolic resin market throughout the projected timeframe.     

Based on the application, the global phenolic resin market is categorized as wood adhesives, molding, insulations, and laminates. Among these, the molding segment is expected to hold the largest share of the global phenolic resin market throughout the projected timeframe. Phenolic resins are versatile in molding methods like compression and injection, making them suitable for various sectors. They are particularly popular for electrical insulation, particularly in the automotive industry, where they are used to mold brake, engine, and interior components.

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North America is projected to dominate the global phenolic resin market over the forecast period.

North America is projected to dominate the global phenolic resin market over the forecast period. This is attributed to increase the in demand from industries like automotive, construction, electronics, and aerospace. The automobile industry and the building industry are utilizing these resins in automobile components and building materials.

Asia Pacific is expected to grow at the fastest CAGR growth of the global phenolic resin market during the forecast period. This is ascribed to industrialization, infrastructure expansion, and economic growth in countries like China, India, Japan, and South Korea. This growth is driven by industries like automotive, electronics, construction, and consumer goods, requiring phenolic resins for adhesives, coatings, and composite materials.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global phenolic resin market are DIC CORPORATION, Kolon Industries, Inc., Sumitomo Bakelite Co. Ltd., Hexcel Corporation, Georgia-Pacific Chemicals, KRATON CORPORATION, Hexion, Bostik, Inc., SI Group, and Inc., and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development

• In September 2020, Hexion Inc. (“Hexion” or the “Company”) announced that it has entered into a definitive agreement to sell its Phenolic Specialty Resin, Hexamine, and European-based Forest Products Resins businesses for approximately $425 million to Black Diamond and Invest industrial. The consideration consists of $335 million in cash and certain assumed liabilities with the remainder in future proceeds based on the performance of the business.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global Phenolic Resin market based on the below-mentioned segments:

Global Phenolic Resin Market, By Product

• Novolac
• Resol

Global Phenolic Resin Market, By Application

• Wood Adhesives
• Molding
• Insulations
• Laminates

Global Phenolic Resin Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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