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Phenolic resin also called as phenol formaldehyde resin are synthetic polymers obtained by reaction of phenol or substituted phenol with formaldehyde. They have been widely used in manufacturing of molded products, coatings, adhesives, and other products. The application areas of phenolic resins are broadly categorized into foundry, wood adhesives, insulation, molding, abrasives, and others.
Increasing demand for novolac resins from automotive sector id one of the prime factor driving the market growth. Boost in production of passenger cars owing to the rising expenditure of consumers shall aid the growth. Additionally, manufacturing of panels, wall panels, engineered products, wood products for residential housing is expected to fuel the market growth.
However, formaldehyde is one of the precursor for phenolic resins. There are various stringent regulations imposed by government authorities regarding the formaldehyde emission. This is expected to hinder the market growth.
Key Market Driver -
Increasing demand from automotive sector.
Key Market Restraint -
environmental regulations and guidelines regarding raw materials.
Based on type, the global phenolic resin market is segmented into novolac resin, resol resin and others. Based on application, market is segmented into wood adhesives, molding, insulation, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global phenolic resin market consists of global & regional players operating. Some of the key players in the market include
Hexion Inc, Sumitomo Bakelite Co. Ltd, DIC Corporation Inc, BASF SE, SI Group Inc., Hitachi Chemical Co. Ltd., and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The global market is dominated by Asia Pacific attributed to the growing automotive industries. Expansion of capacities of automobile manufacturers like Tata Motors, GM, VW, Hyundai, and others. North America is estimated to exhibit significant growth attributed to the high demand from residential application areas. Europe is expected to hold significant growth due to demand for automotive brake pads, disc brakes, drum linings, and other parts. Latin America & Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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