Phenolic resins find widespread application in the construction industry for insulating, bonding, and decorating purposes owing to their excellent heat resistance, anti-corrosion, and chemical resistance properties. Phenolic resins are durable synthetic polymers that are used in various applications such as decorative laminates, wood adhesives, foundry core and mold systems, abrasive materials and frictional materials.
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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand from construction industry has been a key trend shaping the phenolic resins market. Phenolic resins are extensively used in construction applications such as insulation and decoration due to their excellent heat resistance. They are commonly used as bonding and insulating agents in residential and commercial construction. Rapid urbanization and infrastructure development activities across developing regions has augmented the demand for phenolic resins from construction industry. Phenolic resins provide durability and strength to buildings and structures, which is fueling their increasing adoption. The global construction industry has shown healthy growth over last few years and is expected to continue this trajectory going forward, propelling the demand for phenolic resins.
Strength: Phenolic resins are considered thermosetting polymers that demonstrate exceptional heat resistance and adhesiveness. They also exhibit high resistance to staining, abrasion and chemical corrosion.
Weakness: The manufacturing process of phenolic resins involves the use of toxic and hazardous chemicals like formaldehyde. This poses environmental and health hazards. Phenolic resins also demonstrate brittleness at low temperatures.
Opportunity: The growing construction industry in Asia Pacific is expected to boost the demand for phenolic resins in applications such as building & construction, plywood, laminates, and molding compounds. Growing demand for ecofriendly products is also expected to drive market expansion.
Threats: Stringent environmental regulations regarding the use of formaldehyde in resins pose a threat. Substitute materials like epoxy and melamine resins also pose competition.
The Global Phenolic Resins Market Size is expected to witness high growth. During the forecast period of 2023-2030, the market is projected to grow at a CAGR of 5.9%. By 2030, the market size is estimated to reach US$ 27,903.15 Mn.
Asia Pacific dominates the global phenolic resins market and is expected to maintain its dominance over the forecast period. Rapid urbanization and infrastructure growth in countries like China, India are driving the demand for construction materials in the region. North America and Europe are also significant markets due to high demand from industrial applications like automotive, electrical & electronics etc.
Key players operating in the Phenolic Resins market are ABB Ltd, Schneider Electric SE, Siemens AG, and Eaton Corporation plc. These companies are focusing on capacity expansions and new product launches to strengthen their market position. For instance, in 2022, Siemens launched a new phenolic resin based insulator called RISolid to address issues related to pollution and power leaks in transmission and distribution systems.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it