Phenolic Resin Market is Forecast to Reach US$ 7.2 Billion in 2028, Says Stratview Research

The Phenolic Resin Market is likely to rise at a CAGR of 3.6% during 2023-2028, to reach US$ 7.2 billion in 2028, states Stratview Research.

DETROIT, Oct. 12, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the Phenolic Resin Market which provides a comprehensive analysis of the global and regional industry forecast, current and emerging trends, segment analysis, and competitive landscape.

 

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Report Highlights

 

Segment Insights on the Phenolic Resin Market

The global Phenolic Resin Market is segmented based on application type, resin type, and region.

Based on Application Type - The market is segmented into wood adhesives, molding compounds, laminates, refractory, insulation, and others. Wood adhesives dominated the market and are expected to remain the dominant application during the forecast period, owing to rising wood-based panel production, increasing demand for phenolic resin in wood adhesive applications, and increasing usage of wood panels in different applications. 

Based on the Resin Type - The market is segmented into resole and novolac. Resole is expected to remain the dominant as well as the fastest-growing resin type in the market during the forecast period owing to its excellent combination of properties, such as high strength and durability, water resistance, heat resistance, resistance to a wide range of chemicals, and ease of use.

To know the attractive segments, click here for a free sample pdf:

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Which Region Offers the Best Opportunity and Growth?

The report suggests that Asia-Pacific is expected to remain the largest as well as the fastest-growing market for phenolic resins during the forecast period. This growth is majorly attributed to the following – 

• Growing investment in various industries, including automotive, construction, electrical, and electronics, and rising disposable income.
• China is the leading producer and consumer of phenolic resin. India and Japan are the other key countries in the region.

Europe and North America are the other two major phenolic resin markets and will likely exhibit healthy growth rates over the next five years. 

Phenolic Resin Market Drivers

Some of the key drivers listed in the report are given below.

• The increasing growth rate of automotive, aerospace, construction, electronics, and packaging industries, growing demand for phenolic resins for different applications.
• In addition, key properties of phenolic resin, such as high strength, durability, water, chemical, heat, and fire resistance, and dimensional stability.

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Top Companies in the Phenolic Resin Market?

The market is highly fragmented, with several local, regional, and global players. Most of the major players compete on some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the phenolic resin market.

• Bakelite Synthetics
• Jinan Shengquan Group Share-Holding Co., Ltd.
• Sumitomo Bakelite Co., Ltd.
• Prefere Resins Holding GmbH
• Shandong Yushiju Chemical Co., Ltd.
• Dynea SA

What Deliverables Will You Get in this Report?

 Related reports which might be useful:

• Phenolic Resin Market for Wood Processing
• Phenolic Resin Market for Laminates

About us –

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