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Phenolic Resins Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

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Phenolic Resins Market report categorizes global market by product type, form, application, and end use industries - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016-2024
Phenolic Resins Market - Global Industry Insights,
Trends, Outlook, and Opportunity Analysis, 2018-2026
Phenolic resins or phenol formaldehyde resins are the synthetic polymers derived from the
reaction between formaldehyde and phenol. Phenolic resins were regarded as the first
commercial resins used in manufacturing of molded products such as laboratory countertops
and billiard balls. They are also used as coasting and adhesives. Various product types of
phenolic resin currently available in the market, include novolac resin, cresol, resol resin,
bio-phenolic resin, and formaldehyde-free phenolic resin. Various trade names associated
with these products include Bakelite, Aquarius, Maritex, Novo Text, and Oasis, etc.
Attributed to its properties such as moisture resistance, heat resistance, adhesion, and high
mechanical strength phenolic resins find prominent application in number of industrial
activities such as laminates, offshore oil drilling, molding compounds, insulation purposes,
hardeners, fire retardants, abrasives, friction materials, wood-adhesive, and others.
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Regulatory framework pertaining to phenolic resins include Japan Society of Occupational
Safety that marks the permissible concentration of phenol and formaldehyde for the
production of phenol resins and Industrial Safety and Health Act that has stated phenol and
formaldehyde as labeled substance which allows the usage of phenol resins in various
applications. Other agencies such as the U.S. Environmental Protection Agency (EPA),
European Phenolic Resins Association (EPRA), and, REACH are also some of regulatory
bodies for phenolic resins industry. These bodies ensure consumers’ health & safety by
limiting pollution, and hazardous emissions pertaining to this industry.
Novolac resin has emerged as the leading phenolic resin type owing to its increasing
application in maintenance coatings or as high-solid varnishes due to its high fire and
corrosion resistance attributes combined with high carbon residue.
Global Phenolic Resin Market Outlook – Asia Pacific is set to register the fastest growth
rate in global phenolic resins market owing to rapid urbanization
The global phenolic resin market is geographically segmented into North America, Europe,
Asia Pacific, Middle East, and Africa. Asia Pacific has been the dominant market of phenolic
resins in terms of consumption, thereby accounting for almost more than one-third share of
the global phenolic resin market. This region is expected to exhibit the fastest growth during
the forecast period (2016-2024), owing to the regulatory governing frameworks promoting
the usage of lightweight composites in the automotive industry. Other driving factors for the
significant growth in Asia Pacific include rapidly increasing population and rapid
urbanization. According to the recent trends, phenolic resin manufacturers are gradually
shifting their production bases from North America and Europe to emerging economies such
as Asia in order to capitalize upon economies of scale by tapping in on low cost labor and
extensive resource pools to increase production of phenolic resins.
The key players operating in the global phenolic resins market are BASF SE, Hitachi
Chemical Co. Ltd., Ludwigshafen Verbund, Sumitomo Bakelite Co. Ltd., Georgia Pacific
Chemicals LLC, SI Group, Prefere Resins, Momentive Specialty Chemicals Inc., DIC
Corporation, Kolon Industries Inc., and, Mitsui Chemicals Inc. These phenol resin players are
focusing on establishing strategic agreements and partnerships to broaden and strengthen
their production base in the value chain, either by forward integration in terms of supply of
raw materials, or manufacturing the product themselves. Recently, BASF SE has expanded
its South Korean production base, by doubling its phenol capacity. Few other companies such
as Kanoria and Momentive have entered into a joint venture to build new production plants in
India.
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