The phenolic resins global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Phenolic Resins Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The phenolic resins market size has grown strongly in recent years. It will grow from $13.34 billion in 2023 to $14.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growth in automotive and construction industries, demand for durable and fire-resistant materials, expansion of electrical and electronics sector, regulatory standards for fire safety, development of composite materials.
The phenolic resins market size is expected to see strong growth in the next few years. It will grow to $18.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to sustainable and eco-friendly resin formulations, growth in aerospace and aviation applications, increased use in renewable energy solutions, research and development in bio-based resins, adoption in consumer goods and appliances, customized phenolic resins for specific industries.. Major trends in the forecast period include bio-phenolic resins from lignin and biomass, advanced composite materials with phenolic resins, fire-resistant coatings and materials, 3d printing with phenolic resins, recycling and upcycling of phenolic resins..
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Scope Of Phenolic Resins Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Phenolic Resins Market Overview
Market Drivers –
The growing need for lightweight, eco-friendly synthetic structures in the automotive industry is driving the phenolic resin market going forward. The automotive industry is concerned with designing, manufacturing, distributing, and sales of automobiles. Automotive manufacturers are constantly using lightweight materials to improve fuel efficiency. Phenolic resins are used in the manufacturing of lightweight tires, brake pedals, and other under-the-hood automotive parts. For instance, according to the US Office of Energy Efficiency and Renewable Energy, a government organization working to build a clean energy economy for America, a 10% reduction in the weight of an automobile can increase fuel efficiency by 6%-8%, and the use of lightweight materials in one-quarter of the U.S. fleet could save about 5 billion gallons of fuel annually by 2030. Therefore, the growth of lightweight materials in the automotive industry is propelling the phenolic resin market.
The phenolic resins market covered in this report is segmented –
1) By Type: Resol, Novolac, Others Types
2) By Application: Wood Adhesives, Molding, Insulation, Laminates, Paper Impregnation, Friction Materials, Refractory Materials, Other Applications
3) By End-User: Building and Construction, Furniture, Automotive, Electrical and Electronics, Other End Users
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Regional Insights –
North America was the largest region in the phenolic resins market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the phenolic resins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating 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., Prefere Resins Holding GmbH, Kolon Industries Inc., SI Group Inc., Sumitomo Bakelite Co. Ltd., BASF SE, Arizona Chemical Company LLC, Kangnam Chemical Co. Ltd., Seiko PMC Corporation., Bakelite Synthetics, Jinan Shengquan Group Share Holding Co. Ltd., Ashland Global Holdings Inc., Georgia-Pacific Chemicals LLC, Hexcel Corporation, Akrochem Corporation, Arclin Inc., Swanson, Kraton Corporation, American Micro Industries Inc., Momentive Specialty Chemicals Inc., Plenco Closures Pvt. Ltd., Red Avenue Chemical Co. Ltd., Shandong Laiwu Runda New Material Co. Ltd., Owens Corning, Hardwoods Inc., 3M Company, Capital Resin Corporation, Kessler Chemicals, KPL International Ltd., PTTGC America LLC, Phenolic Associates Inc.
Table of Contents
1. Executive Summary
2. Phenolic Resins Market Report Structure
3. Phenolic Resins Market Trends And Strategies
4. Phenolic Resins Market – Macro Economic Scenario
5. Global Phenolic Resins Market Size and Growth
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31. Global Phenolic Resins Market Competitive Benchmarking
32. Global Phenolic Resins Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Phenolic Resins Market
34. Phenolic Resins Market Future Outlook and Potential Analysis
35. Appendix
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