by The global Phenolic Resins Market is estimated to be valued at US$14,605.0 Mn in 2022 and is expected to exhibit a CAGR of 4.84% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Phenolic resins are synthetic polymers derived from phenol and formaldehyde. They are widely used in various industries such as automotive, construction, electronics, and packaging, among others. One of the key advantages of phenolic resins is their excellent heat resistance, flame retardancy, and electrical insulation properties. These properties make phenolic resins the preferred choice in applications such as brake pads, electrical insulation, laminates, and adhesives, among others. The growing demand from the automotive and construction industries for heat-resistant and flame-retardant materials is driving the growth of the phenolic resins for market.
- B) Market Key Trends:
The key trend driving the Phenolic Resins Market is the increasing demand for lightweight materials in the automotive industry. With the growing focus on fuel efficiency and reducing greenhouse gas emissions, automakers are increasingly using lightweight materials to reduce the overall weight of vehicles. Phenolic resins, with their high strength-to-weight ratio and excellent heat resistance, are being used in the manufacturing of lightweight components such as brake pads, engine components, and interior parts, among others. For example, phenolic resins are extensively used in the production of carbon-carbon composites, which are used in the aerospace industry to reduce weight and improve fuel efficiency.
- C) Porter’s Analysis:
Threat of new entrants: Low
Bargaining power of buyers: Medium
Bargaining power of suppliers: Low
Threat of new substitutes: Low
Competitive rivalry: High
- D) Key Takeaways:
– The global phenolic resins for market is expected to witness high growth, exhibiting a CAGR of 4.84% over the forecast period, due to increasing demand from the automotive and construction industries.
– Asia Pacific is the fastest-growing and dominating region in the phenolic resins for market, driven by the rapid industrialization and infrastructure development in countries like China and India.
– Key players operating in the global phenolic resins for market include TBASF SE, Chang Chun Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., Prefere Resins, Mitsui Chemicals Inc., Sumitomo Bakelite Co., Ltd, Hitachi Chemical Co. Ltd., SI Group, Inc., and Momentive Specialty Chemicals, Inc.
The global Phenolic Resins Market is witnessing high growth due to increasing demand from the automotive and construction industries. The use of phenolic resins as lightweight materials in the automotive industry is a key trend driving market growth. With low threat of new entrants and substitutes, and high competitive rivalry, the market is expected to remain lucrative for key players. The dominance of Asia Pacific in the market can be attributed to rapid industrialization and infrastructure development in the region. Overall, the phenolic resins for market is poised for significant growth in the coming years.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
