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Phenolic Resins Market

Phenolic Resins Market

Phenolic Resins Market Analysis By Type (Phenolic Resol Resins, Phenolic Novolac Resins & Others) By Application (Insulation Paper, Impegration, Wood Adhesives, Laminates & Molding) By End-Use, By Region – Global Market Insights 2022 to 2032

Phenolic Resins Market
FACT7338MR

Phenolic Resins Market Outlook (2022-2032)

Worldwide sales of phenolic resins have reached US$ 14.69 billion in 2022, and, as per detailed analysis, the global phenolic resins market is projected to register 5.4% CAGR to reach a valuation of US$ 24.78 billion by 2032.

Report Attributes

Details

Phenolic Resins Market Size (2021A)

US$ 14.11 Billion

Estimated Market Value (2022E)

US$ 14.69 Billion

Forecast Market Value (2032F)

US$ 24.78 Billion

Global Market Growth Rate (2022-2032)

5.4% CAGR

North America Market Share (2021)

~ 31.9%

North America Growth Rate (2022-2032)

5.7% CAGR

U.S. Growth Rate (2022-2032)

5.7% CAGR

Top 5 Companies’ Market Share

~62.8%

Key Companies Profiled

  • 3M Company
  • DIC Corporation
  • Ashland
  • Hexcel Corporation
  • Arizona Chemical
  • Kolon Industries
  • Georgia-Pacific Chemicals
  • Owens Corning
  • Arclin Inc.
  • Olympic Panel Products LLC.
  • Hardwoods Inc.
  • American Micro Industries Inc.

Phenolic resins account for around 2% of the global synthetic polymers market, but have the potential to contribute close to 5% of overall synthetic resin demand going forward.

The global resins market has been proliferating since the past few decades due to increased use in various applications. Resins, being easy to mould and withstand high tension, is the choice for many manufacturers for the replacement of expensive reinforced fibre.

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Consumption Analysis of Phenolic Resins (2017-2021) Vs. Market Outlook (2022-2032)

As per the analysis done by Fact.MR, a market research and competitive intelligence provider, it was observed that the global phenolic resin market expanded at a CAGR of 4.2% and accounted for US$ 14.11 billion by the end of 2021.

The global phenolic resins market is going to be attractive for producers in the long run with an expected growth rate of 5.4%, accounting for an absolute dollar opportunity of around US$ 10.1 billion.

Additionally, the North American region is a prominent market for phenolic resins, acquiring around 31.9% of the global market share at the end of 2021, and is expected to grow by 1.7X its market value by the end of 2032.

The market has been driven by high demand for resol resins over the years, which has captured 47.1% of the type of resin used. These types of resins dominate the market due to their high binding properties and are used as gluing agents in the furniture and construction industry.

Which Factors are Expected to Drive Demand for Phenolic Resins Over the Coming Years?

“High Demand for Phenolic Resins from Construction Industry”

With the ever-growing construction industry, the market for phenolic resins has been proliferating over the past decades. Moreover, the furniture industry has increased the lucrative use of phenolic resins as an adhesive agent due to their high binding properties.

Novolac is a type of phenolic resin that is reputed as an excellent binding agent and is in high demand in the furniture industry. Novolac resin is a prime choice for plywood manufacturers due to its low resistance to heat, and is easy to be used as an adhesive.

Growing infrastructure in the APAC region has poised an opportunity for producers of phenolic resins. The phenolic market in the APAC region is expected to grow 1.7X over the forecast period, considering the increased use of wood additives, laminates, and molding in the construction industry.

Trends followed by Fact.MR have revealed that the APAC region reached US$ 3.7 billion by the end of 2021 at a CAGR of 4.7%, and has exhibited the highest growth rate across the globe.

The phenolic resins market is attractively growing due to increased demand from various manufacturers due to enhanced properties such as high moldability, high heat resistance, low toxicity of smoke, mechanical strength, and ability to blend with polymers.

Additionally, increased research and development in the field of replacing natural fibers with increased tensile strength and heat resistance has been a driving factor for the sales of phenolic resins.

Phenolic resins market forecast by Fact.MR

Country-Wise Analysis

Why is the United States a Prominent Consumer of Phenolic Resins?

The United States phenolic resins markets have been developing at a CAGR of 3.6% till 2021, and is forecasted to be one of the most attractive market for phenolic resins over the coming years. The U.S is a leading producer of automotive accessories and electronic & electrical components, and has acquired nearly 87.8% of the phenolic resin market share in North America.

The U.S. stands out in the market of phenolic resins for rising demand from the automotive and aerospace industries. The U.S. is home to leading aircraft manufacturers such as Boeing, Lockheed Martin, and United Technology. As phenolic resins are used for thermal jacketing aircraft, the U.S. poses to be a prominent demand generator for phenolic resins.

The U.S. market reached a valuation of US$ 3.95 billion in 2021, and is expected to create an absolute $ opportunity of US$ 3.04 billion during the forecast period.

Will APAC Provide Lucrative Opportunities for Phenolic Resin Manufacturers?

The APAC phenolic resins market is the largest market in terms of consumption due to the presence of highly populated countries such as India and China. India, being a developing country, is pacing up to strengthen its infrastructure.

Phenolic resins are a major component in construction and also in the automotive industry, and are used as adhesive and binding agents, where APAC stands prominently to generate high demand for phenolic resin over the coming years.

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Category-wise Analysis

Why are Resol Resins Set to Remain Highly Attractive?

Resol resins is the most attractive category in the market due to their diversified use in construction, furniture, automotive, electrical & electronics, and much more.

This category registered a CAGR of 4.5% till 2021 with a market value of US$ 6.64 billion, and is expected to surge ahead at a CAGR of 6.2%. Hike in the market for resol resins is due to increase in application in adhesives, plywood and laminate composites.

Additionally, demand is driven by rapid growth in the automobile and construction & building industries.

The resol resins market is followed by Novolac resins at an attractive CAGR of 4% during the historical period, and is projected to grow 1.6X over the forecast period and create an absolute dollar opportunity of US$ 3.37 billion. This is due to extensive use of novolac resins in adhesives due to their excellent binding properties.

Which Phenolic Resin Application is Predicted to Bring in High Revenue?

The insulation application stands out in the market with a valuation of US$ 3.42 million at the end of 2021.

Insulation application of phenolic resins is likely to be attractive due to increased end uses in the automobile and electrical & electronics sectors, which is creating demand and driving the market at a CAGR of 6.4%.

The insulation application is set to capture around 20.4% market share. This application is facing direct competition from the paper impetration application, which is poised to grow 1.8X, creating an absolute dollar opportunity of US$ 2.47 billion.

Phenolic resin application in electrical & electronics, building & construction, and furniture gives tough competition to the other categories and stands out with an aggregate market value share of 71%. Due to high use of automotive across the globe, demand for phenolic resins is set to witness steady growth over the coming years.

Competition Landscape

3M Company, DIC Corporation, Owens Corning, Arclin Inc., Olympic Panel Products LLC., Hardwoods Inc., Arizona Chemical, Kolon Industries, Georgia-Pacific Chemicals, Ashland, Hexcel Corporation, American Micro Industries Inc. are key suppliers of phenolic resins.

  • Market players such as 3M and Arizona Chemicals are continuously performing research & development to increase the strength of phenolic resins to be used in fire retardants, sealant coatings, etc.
  • DIC Corporation’s phenolic resins PHENOLITE is gaining huge attention across industries due to its improved properties such as flame resistance, cost-effective, high tensile strength, and chemical resistance.

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Phenolic Resins Industry Research by Category

  • Phenolic Resins Market by Type :

    • Resol Resins
    • Novolac Resins
    • Other Product Types
  • Phenolic Resins Market by Application :

    • Insulation
    • Paper Impegration
    • Wood Adhesives
    • Laminates
    • Molding
    • Other Applications
  • Phenolic Resins Market by End Use :

    • Electrical & Electronics
    • Building & Construction
    • Furniture
    • Automotive
    • Other End Uses
  • Phenolic Resins Market by Region :

    • North America 
    • Latin America 
    • Europe 
    • Asia Pacific 
    • Middle East & Africa 

- FAQs -

Currently, the global phenolic resins market is pegged at US$ 14.69 billion.
Phenolic resin utilization is anticipated to increase at a CAGR of around 5.4% through 2032.
Key suppliers of of phenolic resins have been investing in R&D to increase the tensile strength and flexibility of laminate and coating agents, and developing heat resistance and flame inhibition products.
Top companies manufacturing phenolic resins are 3M Company, DIC Corporation, Ashland, Hexcel Corporation, Arizona Chemical, Kolon Industries, Georgia-Pacific Chemicals, Owens Corning, Arclin Inc., Olympic Panel Products LLC., Hardwoods Inc., and American
The U.S. is estimated to hold around 87.8% of the North America phenolic resins market value.

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