Phenolic resin is also known as phenol formaldehyde resin formed by polymerization reaction. It is synthetic thermosetting resin used in various industries such as coatings, adhesives, and others. This resin is excellent wood adhesive for plywood and/or particleboard as the lignin component of wood forms chemical bond with the resin. Phenolic resin is used for various purpose such as foundry, molding, wood adhesives, binding, lamination, etc. It is widely used as insulating material owing to its low thermal conductivity property.
Rising industrialization, coupled with growing paints & coatings and automotive industries owing to its properties is a factor proliferating demand for phenolic resin. Additionally, increasing demand for phenolic resin in electrical and electronics sector owing to its heat resistant property has a positive impact on the global market. Furthermore, rapid urbanization, coupled with high disposable income has a positive impact on the global phenolic resin market. Stringent rules and regulations on disposal of plastics is a factor challenging growth of the global phenolic resin market.
Increasing development and adoption of sustainable products and rising demand for lightweight and fuel-efficient vehicles in various countries are factors which in turn offer new opportunities for players operating in the global phenolic resin market. Increasing demand for phenolic resin fiber in automotive and construction industries across the globe is an ongoing trend observed in the global phenolic resin market.
Phenolic resin is segmented by type such as resole resin, novolac resin, and others. Increasing demand for resole resin in various applications such as coating, lamination, etc. owing to its excellent mechanical strength and flexibility. Phenolic resin is segmented on the basis of application such as automotive, building & construction, furniture, electrical & electronics, and others. Increased demand for phenolic resin in automotive industry to use in brake linings, oil filters, brake pads, and others owing to its various properties such as high friction resistance, heat resistant, adhesive performance, etc.
The market is segmented on the basis of region such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Rapid industrialization, coupled with increasing demand for phenolic resin in various end-use industries such as paints & coatings, construction, automotive, and others are factors augmenting demand for phenolic resin fiber in the Asia Pacific region. Increasing government initiatives and fundings in various countries such as China and India has a positive impact on the phenolic resin market in the region. Growing building & construction and automotive industries in countries such as the UK, Germany, and France which in turn proliferate growth of the Europe phenolic resin market. Increasing demand for phenolic resin in automotive, furniture, and other industries has a positive impact on the phenolic resin market in the North America region.
Some of the prominent players operating in the global phenolic resin market include Ashland, BASF, DIC, Hexion, Hitachi Chemicals, Sumitomo Bakelite, allnex group, Capiton, Chemovate, DynaChem, Fenolit d.d., Georgia-Pacific Chemicals, Kolon Industries, LERG, MITSUI CHEMICALS AMERICA, Romit Resins, Shandong Laiwu Runda New Material, SHENGQUAN GROUP, SI Group, and Sprea Misr.