The
global PhenolicResins market size was valued at USD 9.30 billion in 2015 and is
expected to reach USD 16.0 billion by 2025, with a CAGR of 5.4%. The global
phenolic resins industry is anticipated to witness stable growth owing to
rising demand from transportation and construction sector. Phenolic resins find
their applications in numerous segmentson account of their properties such as
good heat resistanceand flame retardancy, low smoke and toxicity, high mechanical
strength and easy blending with other polymers to attain high performance.
Product demand is expected to rise owing to of increasing use of fire retardant
constituents in crucialaircraft and automotive components.
Crude
oil is the primary raw material used in the manufacturing of phenolic resins
and hence price instabilityis expected to have a direct influence on demand for
phenolic resins. In order to ensure conformance to environmental standards
regarding formaldehyde emissions, significant funding and investments have to
be made and this may slowdown the market growth. However, the positive side is
that there is an increasing adoption of nanotechnology in phenolic resins
production that aims to improve their functional and structural characteristics
and expand their scope of application.
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Product Insights
Novolac
resins and resol resins are the two majorvarieties of phenolic resins. Novolac
resins, are expected to gain prominence in the forecast period owing to its
ability to mould easily. They have a widespread usage across various segments
as electrical laminates, hardeners and photo resistors in structural laminates
for theelectronic circuit board and aerospace industries
Resol
resins constituted for a major chunk of the market share on account of growing
demand from wood adhesion and laminates sector. Furthermore, considerable
demand from applications such asoriented strand boards (OSB) and production of
engineered laminated composite lumber (LCL) also contributed to the large
demand for resol resins in the past few years. It is expected to continue the
similar trend over the forecast period from 2014 to 2020.
Application Insights
Phenolic
resins provide services tonumerous end-use industries such as automotive,
aerospace and constructionvia applications in laminates, insulation, wood
adhesives and moulding compounds.
Wood
adhesives were the dominant application on account of increased use in plywood
and particleboard adhesives owing to phenolic resins which form chemical bonds
with the phenol-like lignin wood. These products are capable of retaining
moisture and hence are preferred for exterior plywood applications.
Moulding
compounds are expected witness high growth. This can be attributed to the
ability of phenolic resins to providefire safety and amplify vehicular
efficiency. Rising demand from the automotive segment is anticipated to play a
critical role in the phenolic resins growth over the forecast period. They are
used in numerous components in automobiles including cooling system, air supply
system brake, suspension, powertrainand fuel system.
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New
product developments in molding compounds by the use of carbon fiber or long
glass fiber is expected to provide market opportunities in displacing ceramics,
metals and filled high-performance thermoplastic resin systems in applications
where fuel efficiency and weight reduction play a vital role such as aircraft
and industries. Molding materials that contain long fibers and carbon fibers
are characterized by newly introduced phenolic reinforced structures that
exhibit highmechanical strength and high impact strength at high temperatures
for additional displacement of ceramics and metals.
Fiber-reinforced
composites with phenolic resins is anticipated to flourish owing to increase in
new aircraft by Airbus (787, A380, and A350) and Boeing. Theserequirecargo
liners, aircraft interiors,light weight paneling, increased volume in honeycomb
manufacture for aircraft and potential use of high-density phenolic foam as a
replacement for balsa sandwich panels. Additionally, the development of carbon
foam is anticipated to witness expansion into composite associated areas such
as light weight paneling and tooling.
Regional Insights
Asia
Pacific emerged as the market leader in phenolic resins market on account of
widespread use in construction applications and growing consumption of moulding
compounds in India and China. China is a large phenolic resins marketand a
significant consumer at a global level. Within North America, U.S. is one of
the leading consumers in wood adhesive applications of phenolic resins. In
addition, demand for thermal insulation productsis expected to be on a rise on
account of the legislation implemented in various countries and regional
associations for constructing energy efficient buildings. Further, growing use
of composites in marine, mass transit and aerospace is anticipated to boost the
phenolic resins market.
Competitive Insights
Key
market players have expanded their manufacturing facilities to sufficethe
growing demand. As an instance, in 2013, Ludwigshafen Verbund site had a new
plant set up as a part of BASF modernization and expansion of production
facility. Other majorparticipants in the market include Hitachi Chemical Co.
Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., SI Group, Inc.,
Prefere Resins, DIC Corporation, Momentive Specialty Chemicals Inc., Sumitomo
Bakelite Co. Ltd., Dujodwala Paper Chemicals Ltd., and Mitsui Chemicals Inc.
Market Segment:
Phenolic
Resins Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Novolac
• Resol
• Others
Phenolic
Resins Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2025)
• Wood Adhesives
• Molding Compounds
• Insulation
• Laminates
• Paper Impregnation
• Coatings
• Others
Phenolic
Resins Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• North America
• U.S.
• Canada
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Asia Pacific
• China
• India
• Japan
• Southeast Asia
• Latin America
• Mexico
• Brazil
• Middle East & Africa (MEA)
• Saudi Arabia
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