Phenolic Resins Market Overview:
According to Market Research Future’s (MRFR) new analysis, the worldwide phenolic market will develop steadily over the next nine years. Phenolic resins are considered a polymer category. They are one of the most well-known polymer-based industrial materials, despite being one of the oldest. On the back of increased application potential, R&D focus on the segment remains high. Phenolic resins are now a multibillion-dollar business with a strong growth trajectory.
Over the next few years, the global supply of phenolic resins is predicted to rise at a steady pace. The demand is being fueled by rapid industrialisation and urbanisation in emerging economies. Phenolic resins are used in a wide range of industrial applications. This is primarily due to the phenolic resins’ extremely desirable properties. They have a high mechanical strength, are heat resistant, emit little smoke, and are non-toxic. Lamination, construction, wood adhesive, automobile, and moulding compound were just a few of the common application verticals for phenolic resin.
In the production of electrical components, phenolic resins such as paper phenolics are employed. Phenolic micro-balloons, high-speed bearings, binding agents, and other industrially created items all employ phenolic resins as a raw ingredient. The application base of phenolic resins has grown dramatically over the years, fueling global demand. Meanwhile, providers are always looking for fresh sources to match the demand. The fabrication of flame retardant materials for automobiles and aeroplanes has become a major user of phenolic resins. In the next years, the aforementioned reasons are projected to boost the worldwide phenolic resins market’s expansion.
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Global Phenolic Resins Market: Segmental Analysis
MRFR’s study also includes a through segmental analysis of the global phenolic market based on type and application. By type, the market has been segmented into resoles and novolacs. By application, the market has been segmented into construction, automobile, laminates, wood adhesives, molding and others.
Global Phenolic Resins Market: Regional Analysis
The phenolic resins market has been covered across Asia Pacific, Europe, North America, Latin America and the Middle East & Africa (MEA). Countries such as India, China, Mexico and Brazil are undergoing robust industrialization, making these countries highly attractive market for various types of industrial materials including phenolic resins. Phenolic market in APAC is expected to witness a healthy growth in the near future. In North America and Europe, the mature nature of the market is likely to govern the business environment. With brexite nearing, certain socio-political uncertainties are likely to have a momentary effect on the market in Europe. In addition, protectionism stance from advance economies and the ongoing trade war between the U.S. and China may influence the market equation.
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Global Phenolic Resins Market: Competitive Landscape
Some of the top-notch companies operating in the global phenolic resins market include, Georgia Pacific Chemicals, Kolon Industries, Mitsui Chemicals, SI Group, Sumitomo Bakelite, Hitachi Chemical, DIC Corporation, and BASF.
Industry News
- Japanese chemicals company Mitsui Chemicals has recently entered into a business partnership with Tokyo based technology company NTT Communication. The collaboration will be focused on improving production processes autonomously for Mitsui chemicals using NTT’s refine systems. This move is expected to allow Mitsui to stay competitive and relevant. The chemical company remains focused on innovation through integration of Information and Communication Technology (ICT) into its workflow.
- SK Capital Partners, a private investment firm specialising in chemicals, pharmaceuticals, and speciality materials, has announced the acquisition of SI Group. The SI Group specialises in the development and production of high-performance intermediates and additives. SI Group will be combined with Addivant, which has been an SK Capital portfolio firm since 2013.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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