Global Phenolic Resins Market Size, Drivers, Trends, Opportunities And Strategies – Includes Phenolic Resins Market Size
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The growing need for lightweight, eco-friendly synthetic structures in the automotive industry are expected to drive innovation in phenolic resins manufacturing, thus driving the market during the forecast period.
The global phenolic resins market is expected to grow from $12.45 billion in 2022 to $13.3 billion in 2023 at a compound annual growth rate (CAGR) of 6.8The phenolic resins market size is expected to grow to $16.63 billion in 2027 at a CAGR of 5.7%.
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Global Phenolic Resins Market Segments Include:
- By Type: Resol, Novolac, Others Types
- By Application: Wood Adhesives, Molding, Insulation, Laminates, Paper Impregnation, Friction Materials, Refractory Materials, Other Applications
- By End-User: Building and Construction, Furniture, Automotive, Electrical and Electronics, Other End Users
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global phenolic resins market in 2021.
Major Market Players in the phenolic resins market include Dainippon Ink and Chemicals Corporation, Hexion LLC, Chang Chun Plastics Co. Ltd., Mitsui Chemicals Inc., Hitachi Chemical Co. Ltd.
Technological advancements are a key trend gaining popularity in the phenolic resin market. Major companies operating in the phenolic resin market are focused on developing new technological solutions to strengthen their position in the market. For instance, in September 2020, Allnex, a Germany-based producer of industrial coating resins and additives for various industries, launched PHENODUR PR 616/65B, a new, eco-friendly phenolic resin for interior and exterior coatings. The resins are made using technology that contains neither Bisphenol-A nor Bisphenol-F and a very low free monomer content and the level of free formaldehyde thus making the resin eco-friendly.
The Phenolic Resins Global Market Report 2023 provides a phenolic resins market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The phenolic resins market forecast analyzes phenolic resins market size, phenolic resins market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Phenolic resins are resins made from the polymerization of phenol and formaldehyde. The resins are known for high chemical, water, and temperature stability. Therefore, they are used in many commercial applications such as electronic circuits, automotive tires, and other automotive parts. Phenolic resins are not re-moldable but are recyclable.
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