Phenolic Resins Market Will Hit USD 14 Billion, Globally by 2020
Zion Research has published a new report titled “Phenolic Resins (Resols, Novolac and Others) Market for Wood-adhesives, Molding Compounds, Laminates, Insulation and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020” According to the report, the global phenolic resins marketwas valued at approximate USD 10.0 billion in 2014 and is expected to reach approximately USD 14.0 billion by 2020, growing at a CAGR of around 5.5% between 2015 and 2020. In terms of volume, global phenolic resins market stood at approximately 4.7 million tons in 2014.
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Phenolic resins are type of synthetic polymers obtained by polymerization reaction of phenol and formaldehyde under the presence of heat. Phenol and formaldehyde are the key raw materials used in the production of phenolic resins. Properties of phenolic resins can be modified by changing the catalyst during chemical reaction. Phenolic resins have wide ranging applications in host of industries such as automotive, construction, electronics, etc. Phenolic resins possess superior physical and chemical properties such as high mechanical strength, low smoke, good heat resistance, high blending and flame resistance, etc.
Strong demand from automotive industry has been remained key growth driver for phenolic resins market. Strong growth prospectus of automotive industry in Asia Pacific, especially from India and China is driving demand for laminates, insulation, and molding compound. Phenolic resin is widely used in various components used in automotive industry as well as lamination and insulation. This in turn expected to trigger growth of phenolic resins market in the region. Moreover, phenolic resins are widely used in tires manufacturing for tackifying, curing, reinforcing, bonding as well as adhesives. Price volatility of raw material is expected to be major restraint for phenolic resins market. Moreover, increasing environmental concerns are also expected to present major challenge for phenolic resins manufacturers.
Resols and novlacs are key product segment of phenolic resins market. Resols was one of the major product segments of the phenolic resins market accounting for over 45% shares of the total volume consumed in 2014. Resols exhibit superior cross-linking capabilities and strong bond strength. Owing to this, resols are mainly used in wood adhesives and laminates. However, Novolacs posses better chemical properties such as good chemical stability and it forms linear linkages. Novolacs resins are mainly used into molding applications, manufacturing of friction materials such as brake-pads, clutch plates, and brake shoes, etc. Novolacs resins are expected to exhibit fastest CAGR during the forecast period.
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On the basis of application, the global phenolic resins market can be segmented as wood-adhesives, insulation, rubber, and laminates. Wood adhesives dominated the application market of phenolic resins with around 30% share in total volume consumption in 2014. Wood adhesives are in high demand owing to strong growth of construction as well as furniture industry. However, demand for phenolic resins from laminates is expected to witness fastest growth rate during the next five years.
Asia Pacific dominated the phenolic resins market in 2014, with over 35% share in total volume consumed. Asia Pacific is expected to witness strong growth of end-user industries of phenolic resins such as automotive, construction, electronics, etc. This in turn expected to trigger demand for phenolic resins in the region. Asia Pacific is followed by North America and Europe respectively.
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Key market participants operating in this industry include, BASF SE, Georgia Pacific Chemicals LLC, Chang Chun Plastics Co. Ltd., Sumitomo Baketile, Mitsui Chemicals Inc., Momentive Specialty Chemicals Inc. (U.S.), SI Group (U.S.), Sumitomo Bakelite Co., Ltd (Japan), Kolon Industries, Inc. (Korea) and others.
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