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| Phenolic Resins Market |
Phenolic resins are thermosetting resins that are manufactured by the condensation reactions of phenol or substituted phenol with an aldehyde, usually formaldehyde. They are used extensively in the building and construction industry due to their high strength, heat resistance, dimensional stability, and low cost. Phenolic resins are used in applications like wood adhesives, laminates, molds & casting, and insulation. They are ideal for roofing insulation due to their fire resistance and dimensional stability. With rapid urbanization and infrastructure development activities globally, the demand for housing and commercial buildings has increased significantly. This rising construction activities is expected to drive the demand for phenolic resins in various building materials like exterior sidings, window components, and decking.
The global
Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends
The increasing demand from the construction industry has accelerated the growth
of the phenolic resins market over the forecast period. Rapid urbanization has
fuelled infrastructure development and residential construction globally.
Phenolic resins find wide usage in various construction materials due to their
durability, fire resistance and dimensional stability. They are used to produce
exterior siding, roof insulation boards and components for doors and windows.
With growing construction of commercial and residential buildings, the
consumption of phenolic resins is expected to increase significantly. Their
increasing demand is projected to remain the key trend in the global phenolic
resins market during the forecast period from 2023 to 2030.
Segment Analysis
The global Phenolic Resins market is segmented into Novolac and Resole. The
Resole segment currently dominates the market and accounts for over 55% share
globally due to widespread use in applications such as wood adhesives and
laminates. Resole resins have better water resistance and heat stability making
them suitable for exterior applications.
Key Takeaways
The global Phenolic
Resins Market Share is expected to witness high growth over the
forecast period of 2023 to 2030. The market size for Phenolic Resins in 2023
stood at US$ 16052.98 Mn and is anticipated to grow substantially in the coming
years.
Regional analysis
Asia Pacific currently holds the largest share in the global Phenolic Resins
market owing to high production and consumption of laminates, wood adhesives
and molded products in countries such as China and India. The region is
estimated to witness the fastest growth during the forecast period due to
growth in the construction and automotive industries in emerging economies.
Key players
Key players operating in the Phenolic Resins market are Allresist GmbH, BASF
SE, Dow Chemical Company, Huntsman International LLC, and Momentive Performance
Materials Inc. Allresist GmbH specializes in photoresist and photosensitive
coatings for the semiconductor and printed circuit board industries. BASF SE is
a leading chemical company known for Phenol and formaldehyde resins.
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