The Phenolic Resins Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Phenolic Resins Global Market Report 2024, 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..
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.
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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
Major companies operating in the phenolic resins market are innovating products, such as the REZIANCE brand portfolio, to provide reliable services to customers. The REZIANCE brand portfolio is a phenolic resins and specialty solutions for casting and industrial applications. For instance, in March 2022, ASK Chemicals Group, a Germany-based provider of industrial resins and materials, launched the REZIANCE brand portfolio. The REZIANCE brand portfolio includes high-performance phenolic resins and specialty solutions. It is designed to provide various industries such as friction, abrasives, refractories, impregnation, wood, paints, and coatings.
The phenolic resins market report table of contents includes:
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