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
In the automotive industry, there is increased need for Phenolic Resins Market, 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.
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.
Recent Developments
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%.
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Competitive Section
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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