Phenolic resins is a polymer which bears the property of super resistant to heat and electricity. The usage of phenolic resin are found in abrasives, materials for molding, laminates, adhesives, insulators materials and friction materials. The classification of phenolic resin is – resole and novolac. Under normal conditions, resole is made with excess amount of formaldehyde and under acidic conditions; novolac is made with excess amount of phenol.
Globally, the market for phenolic resins are priced at US$ 14605.0 million in the year 2021, as per revenue, showing a CAGR of 4.84% in the predicted period from 2022 to 2030.
Drivers_MI
In the automotive industry, there is increased need for phenolic resins, and therefore growth in the automotive industry is estimated to boost the growth of the market. Phenolic resin is extensively used in vehicles owing to its property of resistant to heat, impact, lightweight and retardancy to fire. The rise in automobile production across the emerging regions is the main influencer fuelling the growth of the market.
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The extensive usage of phenolic resin in impregnated materials owing to increased stringent regulations for promotion in fields of efficient energy is accelerating the growth of the market. Furthermore, increasing need for materials of low-density which offers thermal insulation and better durability is fuelling the growth of the phenolic resin market. In the commercial and residential sectors, phenolic resin have increased usage in building green spaces and is estimated to raise the growth of the market.
The market of phenolic resin has seen threat due to the outbreak of COVID-19 pandemic since many manufacturing plants with other end users have ceased to operate to cut the transmission of the virus. Though, with lockdown and trade restrictions being uplifted, phenolic resins’ demand is anticipated to rise at a substantial leap, which will push the growth of the market.
Market Restraints_MI
The inconsistent raw materials’ price and is usage in the production of phenolic resin is anticipated to hamper the growth of the market. Phenolic resins, which are petroleum based polymers, is attained by means of reaction between benzene and propylene. Products, which are petroleum based, are vulnerable to volatility in prices which will raise the product price in general.
Market Trends_MI
The phenolic resins which are eco-friendly to nature are getting the due attention in the market. For example, the supplier of specialty chemicals, Allnex in September 2020, announced the introduction of PHENODUR R 616/65B which is a novel eco-friendly phenolic resin mainly needed for interior and exterior coatings. Allnex proposes in an array of additives, coating resins, and crosslinkers usage on wood, plastic, metal and other surfaces. The new product so launched is known to have a low content of free formaldehyde of < 0.1%.
The activities of repairing and remodeling are quite famous in regions across Asia Pacific. This is aggregating the resole resins consumption in the industry for construction. The growing populace added with the increase in earnings of the consumers is anticipated to boost the market of phenolic resins, and this is estimated to raise the growth of the market in the predicted period.
Based on the End User segment, the segment of resole holds a strong position and is marginally ahead of novolac resin in 2021, reporting for 24.62%.
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Recent Developments_MI
- Sumitomo Bakelite in September 2020 established a solid novolac phenolic resin by use of nonedible lignin to make it available on a commercial basis. The new resin has an extensive value in auto applications, mainly in EVs or the electric vehicles.
- A manufacturer of equipment related to skiing, climbing, and mountain sports, Black Diamond and a private equity firm with global base aims on buyouts of mid-market companies, Investindustrial, acquired Phenolic Specialty Resin, Hexamine and European-based Forest Products Resins businesses from Hexion, In., a producer of thermoset resins.
- A world leader in innovative technology of performance additive, active pharmaceutical ingredients, & chemical intermediaries, and process solutions, Si Group, in 2020, extended its facility in Nanjing, China to escalate the production capacity of tackifier resins by 50%.
Competitive Section_MI
The main companies functioning in the market for phenolic resin are BASF 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.
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