The phenolic resins market is projected to grow at a CAGR of 3.85% during the forecast period, reaching a total market size of US$14.237 billion in 2024. Phenolic resins are synthetic polymers which are widely used in molding compounds, wood adhesives, and laminates. Growing construction industry is one of the major drivers of the phenolic resins market. Strict emission regulations promoting the use of lightweight composites in the automotive sector is further fueling the growth of the phenolic resins market. Geographically, APAC is projected to hold significant market share owing to the booming electronics industry and rising investments in infrastructural development in APAC countries.
Growing construction industry
Stringent regulations promoting the use of lightweight composites
Volatility in crude oil prices
In October 2017, Hexion announced the completion of the expansion of R&D facility in Edmonton, Alberta to develop bio-based resins for wood panels along with the focus on emerging phenolic resin technology.
The major players profiled in the phenolic resins market include BASF SE, The Chemical Company, Hexion, INEOS Group, SI Group, DIC CORPORATION, Sumitomo Bakelite Co., Ltd., Ashland, Georgia-Pacific Chemicals LLC, and Kolon Industries, Inc.
By End-Use Industry
United States of America
Middle East and Africa