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Phenolic resin market forecast at $17.9 billion by 2030

Pune India – Phenolic Resin Market Report is Expected to Grow from $13 Billion in 2022 to $17.92 Billion by 2030 at a CAGR of 4.1 % according to GreyViews.

The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the phenolic resin market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the phenolic resin market are present across various countries in the above-mentioned regions.

The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, application, end-user, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.

The significant players operating in the global phenolic resin market are BASF SE, Georgia Pacific Chemicals LLC, Hitachi Chemical Co. Ltd., Chang Chun Plastics Co. Ltd., Kolon Industries Inc., Mitsui Chemicals Inc., Prefere Resins, Sumitomo Bakelite Co., Ltd, SI Group, Inc., and Momentive Specialty Chemicals, Inc. among other. To achieve a substantial market share in the worldwide phenolic resin market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Wood adhesives, insulations, coatings, laminates, molding, paper impregnation, and other applications such as abrasives, carbon binders, composites, friction materials, sound-roof bonding felt, and tires & rubbers are all typical uses for phenolic resins. Increased domestic manufacturing of wood-based cabinets, furniture, wall panels, and related building materials, as well as increased residential housing utilizing similar engineered wood products, is expected to create profitable prospects for phenolic resins during the forecast period. The United States leads the North American market and is predicted to grow at a substantial rate due to rising demand for phenolic resins from various application industries such as construction, automotive, and electrical & electronics. Furthermore, with the country’s government increasing construction spending and expanding demand for electric vehicles, the market is expected to surge across the country during the forecast period. Phenolic resins are critical in the automobile industry for lightweight vehicles, fuel efficiency, better safety, emission reduction, insulation, and flexibility and creativity in automotive design. As a result, demand for phenolic resins in automotive applications has increased dramatically in recent years and is projected to continue in the future.