Phenolic Resins Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Novolacs, Resoles), By Application (Coatings, Composites, Adhesives), By End-Use Industry (Automotive, Aerospace, Electronics, Others), And By Geography – Forecast From 2020 To 2025

Published:  Jun 2021 Report Code: KSI061612835 Pages: 100

The phenolic resins market is expected to grow at a CAGR of 5.92% to reach a market size of US$17.384 billion in 2025 from US$12.313 billion in 2019. Phenolic resins are synthetic polymers that are widely used in molding compounds, wood adhesives, and laminates. The growing construction industry is one of the major drivers of the phenolic resins market. Stringent emission regulations are promoting the utilization of lightweight composites in the automotive sector, further fueling the market growth during the forecast period. Wide application of phenolic resins in various end-use industry verticals including automotive, electrical and electronics, and aerospace industries, and many more are propelling the market growth in the forecast period. Furthermore, companies worldwide are investing in research and development for the development of innovative phenolic resins. For example, Hexion Inc., in May 2017, announced the expansion of the company’s technology center in Edmonton, Alberta. The expanded R&D facility is poised to focus on the development of advanced resin chemistry for the production of panels to be complemented with the company’s existing EcoBind™ lower-emitting resin technology.  The lab is focused on the emerging phenolic resin technology substituting phenol with bio-based raw materials like lignin. Such bio-based materials are present in abundance and have strong potential to serve as an adhesive substitute in wood panel production.

On the basis of geography, North America and Europe are expected to hold a significant market share due to the adoption of early innovations. The construction spending in the North American region, the market is projected to propel in the forecast period. On the other hand, the Asia Pacific region will witness a high market growth rate and is assumed to be the fastest-growing region during the forecast period due to the presence of a large consumer base, especially in the emerging economies of India and China. The rising investments in infrastructural development in APAC countries leading to the increasing construction activities at home, hospitality, and commercial and industrial sector, and the growing disposable income are further providing an impetus for boosting the growth of the global phenolic resins market in the forecast period. This is due to the fact that with the growing urbanization, a huge demand for phenolic resins is widely being realized. Also, the growing electronics industry and the growing automotive industry with the purchase of new vehicles is further propagating the market growth in the forecast period.

The growing electronics industry is fueling the market demand in the forecast period.

The market is expected to fuel the growing adoption of electronic products among a wide range of customers worldwide. The growth is majorly driven due to the increase in the penetration of mobile phones, consumer electronics, IT, and office automation products, this has further raised the interests of many players to either set up new manufacturing facilities or expand their production capacities at the global level. Examples of the major market players in global electronics include Samsung, Motorola, and Cisco among others. In addition, the booming demand for electronics is attributed to the growing miniaturization trend and the advent of surface mount technology (SMT). Modern devices like tablet PCs, display panels, and mobile phones are manufactured utilizing SMT.

The Asia Pacific is expected to show a high market growth in the global electronics industry owing to being among the fastest-growing region among all the regions of the world. According to NITI Aayog, the Government of India estimates the total hardware production in the year 2014-2015 accounted for an estimated value of USD 32.46 billion. Segments include consumer electronics, electronic components, industrial electronics, computer hardware, communication and broadcast equipment, and strategic electronics, further showing favorable growth prospects during the forecast period. In addition, the adoption of electric household appliances, especially in the emerging economies of the world such as the Asia Pacific region is further propelling the market growth owing to the rising disposable income and increasing middle-class population coupled with the rise in family income. Also, the manufacturers of these appliances are working on providing smart and automatic devices to their customers by the integration of electronics with intelligent sensors and machine programming, thus reducing human work and providing superior home care.

Additionally, the United States from the North American region has been an early technology adopter and one of the leading countries in the electrical and electronic industry, thus, it is projected to have a significant potential for phenolic resins in the forecast period. The successful market growth here is attributed to the strict regulations by US Federal Agencies for use of electrical and electronic equipment in addition to successful business models. Also, the high tech-savvy population adopting smart electrical and electronic devices for carrying out their daily activities is further contributing to a stable electronics market growth in the United States by the end of the forecast period. 

With the growing air traffic, there is an increasing demand for new aircraft, hence, the evolving air travel industry is further propagating the market demand over the next five years.

The rise in the number of air passengers rose from 3.048 billion in 2013 to 4.233 billion in 2018 (source: The World Bank). This has further given rise to the need for the manufacturing of new aircraft, further providing strong market potential during the forecast period. The growing demand for new aircraft is primarily attributed to rising disposable income and the adoption of high living standards, especially in the emerging economies of the world in comparison to the developed economies of the world. Additionally, the availability of cheap air tickets is propelling the increasing use of flights as a regular means of transport.

phenolic resins market

Furthermore, growing tourism and globalization is also supporting the need for the development of new aircraft with the growing number of air passengers, augmenting the market growth during the forecast period. The growing middle-class population, increasing consumer spending on air services, evolving business airline models in order to bring more value to passengers and keep pace with the evolving air travel industry is further providing an opportunity for the market to thrive in the forecast period. According to the Airports Council International, the passenger traffic worldwide is expected to increase to 20 billion by 2039 with a CAGR of 4.1 percent during the period 2017-2040.

Phenolic Resins Market Scope:

Report Metric Details
 Market size value in 2019  US$12.313 billion
 Market size value in 2025  US$17.384 billion
 Growth Rate  CAGR of 5.92% from 2019 to 2025
 Base year  2019
 Forecast period  2020–2025
 Forecast Unit (Value)  USD Billion
 Segments covered  Type, Application, End-Use Industry, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered BASF SE, The Chemical Company, Hexion Inc., Prefere Resins Holding GmbH, INEOS Capital Limited, SI Group, Inc., DIC Corporation, Sumitomo Bakelite Co., Ltd., Ashland, Georgia-Pacific Chemicals, KOLON Industries, Inc.
 Customization scope  Free report customization with purchase

 

Segmentation:

  • By Type
    • Novolacs
    • Resoles
  • By Application
    • Coatings
    • Composites
    • Adhesives
  • By End-Use Industry
    • Automotive
    • Aerospace
    • Electronics
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Others
    • Middle East and Africa
      • UAE
      • Israel
      • Saudi Arabia
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • Australia
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the phenolic resins market size by 2025?
A1. The phenolic resins market is expected to reach a market size of US$17.384 billion in 2025.

 
Q2. What are the growth prospects for the phenolic resins market?
A2. The global phenolic resins market is expected to grow at a CAGR of 5.92% over the forecast period. 


Q3. What is the size of the global phenolic resins market?
A3. Phenolic Resins Market was valued at US$12.313 billion in 2019. 


Q4. What factors are anticipated to drive the phenolic resins market growth?
A4. The growing construction industry is one of the major drivers of the phenolic resins market. 


Q5. Which region holds the largest market share in the phenolic resins market?
A5. North America and Europe are expected to hold a significant share in the phenolic resins market due to the adoption of early innovations.

1. Introduction
1.1. Market Definition
1.2. Market Segmentation
 
2. Research Methodology
2.1. Research Data
2.2. Assumptions
 
3. Executive Summary
3.1. Research Highlights
 
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
 
5. Phenolic Resins Market Analysis, by Type
5.1. Introduction
5.2. Novolacs
5.3. Resoles
 
6. Phenolic Resins Market Analysis, by Application
6.1. Introduction
6.2. Coatings
6.3. Composites
6.4. Adhesives
 
7. Phenolic Resins Market Analysis, by End-Use Industry
7.1. Introduction
7.2. Automotive
7.3. Aerospace
7.4. Electronics
7.5. Others
 
8. Phenolic Resins Market Analysis, by Geography
8.1. Introduction
8.2. North America
8.2.1. North America Phenolic Resins Market, By Type, 2019 to 2025
8.2.2. North America Phenolic Resins Market, By Application, 2019 to 2025
8.2.3. North America Phenolic Resins Market, By End-Use Industry, 2019 to 2025
8.2.4. By Country
8.2.4.1. United States
8.2.4.2. Canada
8.2.4.3. Mexico
8.3. South America
8.3.1. South America Phenolic Resins Market, By Type, 2019 to 2025
8.3.2. South America Phenolic Resins Market, By Application, 2019 to 2025
8.3.3. South America Phenolic Resins Market, By End-Use Industry, 2019 to 2025
8.3.4. By Country
8.3.4.1. Brazil
8.3.4.2. Argentina
8.3.4.3. Others
8.4. Europe
8.4.1. Europe Phenolic Resins Market, By Type, 2019 to 2025
8.4.2. Europe Phenolic Resins Market, By Application, 2019 to 2025
8.4.3. Europe Phenolic Resins Market, By End-Use Industry, 2019 to 2025
8.4.4. By Country
8.4.4.1. UK
8.4.4.2. Germany
8.4.4.3. France
8.4.4.4. Others
8.5. Middle East and Africa
8.5.1. Middle East and Africa Phenolic Resins Market, By Type, 2019 to 2025
8.5.2. Middle East and Africa Phenolic Resins Market, By Application, 2019 to 2025
8.5.3. Middle East and Africa Phenolic Resins Market, By End-Use Industry, 2019 to 2025
8.5.4. By Country
8.5.4.1. United Arab Emirates
8.5.4.2. Israel
8.5.4.3. Saudi Arabia
8.5.4.4. Others
8.6. Asia Pacific
8.6.1. Asia Pacific Phenolic Resins Market, By Type, 2019 to 2025
8.6.2. Asia Pacific Phenolic Resins Market, By Application, 2019 to 2025
8.6.3. Asia Pacific Phenolic Resins Market, By End-Use Industry, 2019 to 2025
8.6.4. By Country
8.6.4.1. Japan
8.6.4.2. China
8.6.4.3. India
8.6.4.4. Australia
8.6.4.5. Others
 
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
 
10. Company Profiles
10.1. BASF SE
10.2. The Chemical Company
10.3. Hexion Inc.
10.4. Prefere Resins Holding GmbH
10.5. INEOS Capital Limited
10.6. SI Group, Inc.
10.7. DIC Corporation
10.8. Sumitomo Bakelite Co., Ltd.
10.9. Ashland
10.10. Georgia-Pacific Chemicals
10.11. KOLON Industries, Inc.

BASF SE

The Chemical Company

Hexion Inc.

Prefere Resins Holding GmbH

INEOS Capital Limited

SI Group, Inc.

DIC Corporation

Sumitomo Bakelite Co., Ltd.

Ashland

Georgia-Pacific Chemicals

KOLON Industries, Inc.

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