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Phenolic Resins

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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Global Phenolic Resin Market Outlook – Asia Pacific is set to register the
fastest growth rate in global phenolic resins market owing to rapid
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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