The report provides estimate, forecast, and analysis of the phenolic resins market over a global and regional level. The research gives historic data of 2014 along with forecast from 2015 to 2020 based on both volume (Kilo Tons) and revenue (USD Million), whereas study provides significant information related to the market. The study also offers important market dynamics such as market drivers and restraints for the phenolic resins market along with their expected impact as they have on the demand over the forecast period. Additionally, the report includes the study of opportunities, which are available in the phenolic resins market on a global level.
According to the report, the global phenolic resins market was valued at approximate USD 10.0 billion in 2014 and is expected to reach approximately USD 14.0 billion by 2020, growing at a CAGR of around 5.5% between 2015 and 2020. In terms of volume, global phenolic resins market stood at approximately 4.7 million tons in 2014. Zion Market Research has published a new report titled “Phenolic Resins (Resols, Novolac, and Others) Market for Wood-adhesives, Molding Compounds, Laminates, Insulation and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020”
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Strong demand from automotive industry has remained key growth driver for phenolic resins market. Strong growth prospectus of the automotive industry in Asia Pacific, especially from India and China is driving demand for laminates, insulation, and the molding compound. Phenolic resin is widely used in various components used in automotive industry as well as lamination and insulation. This in turn expected to trigger the growth of phenolic resins market in the region. Moreover, phenolic resins are widely used in tires manufacturing for tackifying, curing, reinforcing, bonding as well as adhesives. Price volatility of raw material is expected to be the major restraint for phenolic resins market. Moreover, increasing environmental concerns are also expected to present the major challenge for phenolic resins manufacturers.
Results and novellas are key product segment of phenolic resins market. Resols was one of the major product segments of the phenolic resins market accounting for over 45% shares of the total volume consumed in 2014. Resols exhibit superior cross-linking capabilities and strong bond strength. Owing to this, resols are mainly used in wood adhesives and laminates. However, Novolacs posses better chemical properties such as good chemical stability and it forms linear linkages. Novolacs resins are mainly used for molding applications, manufacturing of friction materials such as brake pads, clutch plates, and brake shoes, etc. Novolacs resins are expected to exhibit fastest CAGR during the forecast period.
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On the basis of application, the global phenolic resins market can be segmented as wood-adhesives, insulation, rubber, and laminates. Wood adhesives dominated the application market of phenolic resins with around 30% share in total volume consumption in 2014. Wood adhesives are in high demand owing to the strong growth of construction as well as furniture industry. However, demand for phenolic resins from laminates is expected to witness fastest growth rate during the next five years.
Asia Pacific dominated the phenolic resins market in 2014, with over 35% share in total volume consumed. Asia Pacific is expected to witness strong growth of end-user industries of phenolic resins such as automotive, construction, electronics, etc. This in turn expected to trigger demand for phenolic resins in the region. Asia Pacific is followed by North America and Europe respectively.
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There are some key players developed their position in the global such as BASF SE, Georgia Pacific Chemicals LLC, Chang Chun Plastics Co. Ltd., Sumitomo Bakelite, Mitsui Chemicals Inc., Momentive Specialty Chemicals Inc. (U.S.), SI Group (U.S.), Sumitomo Bakelite Co., Ltd (Japan), Kolon Industries, Inc. (Korea) and others.