by Phenolic resins, also known as phenol–formaldehyde resins, are synthetic polymers that are produced from the reaction of phenol or substituted phenol with formaldehyde. Phenolic resins are thermosetting resins that offer high heat resistance, dimensional stability, and electrical properties. They are primarily used in applications that require high heat resistance such as insulation, abrasion-resistant laminates, wood adhesives, molding compounds, and friction materials. Phenolic resins provide strong adhesion and water resistance to bonded products such as plywood, particle board, fiberboard, and laminates. Their high heat resistance and electrical properties make them suitable for use in electrical equipment, automobile components, and household appliances. Rising construction activities, furniture manufacturing, and automotive production have been driving the demand for phenolic resins in recent years.
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
Growing demand for bio-based phenolic resins: Increasing awareness about environmental protection and sustainability has boosted research on bio-based feedstock for producing phenolic resins. Bio-based phenolic resins derived from lignin, tannin, etc. offer similar properties as conventional petroleum-based resins but with reduced environmental footprint. Major players are focusing on developing resins from renewable sources such as peptides, carbohydrates, and terpenes to replace formaldehyde-based resins.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Phenolic Resins market is low as it requires high initial capital investment and the market is dominated by few established players.
Bargaining power of buyers: The bargaining power of buyers in the Phenolic Resins market is high as the product is a commodity and buyers can easily switch between manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and switching costs are low.
Threat of new substitutes: The threat of substitutes is moderate as some new bio-based resins have emerged as alternatives to phenolic resins.
Competitive rivalry: The competitive rivalry in the Phenolic Resins market is high due to presence of many global players competing on basis of product quality, price and innovation.
Key Takeaways
The global Phenolic Resins Market Share is expected to witness high growth over the forecast period of 2023 to 2030. 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.
Regionally, Asia Pacific region dominates the Phenolic Resins market currently and is expected to grow at the fastest pace during the forecast period. This can be attributed to growth in construction activities in emerging economies such as China and India.
Key players operating in the Phenolic Resins market are Allresist GmbH, BASF SE, Dow Chemical Company, Huntsman International LLC, and Momentive Performance Materials Inc. Among these, BASF SE holds the leading share in the global Phenolic Resins market. The company offers wide range of phenol-formaldehyde and resorcinol-formaldehyde resin products used in wood adhesives, molding compound, laminates, and others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
