As per a newly released report by Fact.MR, a market research and competitive intelligence provider, the global phenolic resins market is projected to be valued at US$ 14.68 billion in 2022, and expand at a CAGR of around 5.4% over the period of 2022-2032. Market growth is attributed to factors such as growing demand for phenolic resins from building & construction and electrical & electronics industries.
Increasing research & development in the phenolic resins industry for increased tensile strength and adhesion has increased the focus of producers to extend their production facilities across the globe. Development of phenolic resins that can withstand high temperatures and are resistant to flames has been a demand driver from the automobile and construction industry.
Countries such as India, Russia, China, and the Netherlands are seeing high demand due to infrastructural renovation.
Key Takeaways from Market Study
- Global phenolic resins market projected to expand at a CAGR of 5.4% to reach US$ 24.78 billion by the end of 2032.
- By product type, resol resins are projected to provide an absolute $ opportunity worth US$ 5.73 billion over the forecast period.
- Insulation is anticipated to account for 26.8% market share by 2032.
- North America is projected to capture around 32.8% of the global phenolic resins market share by 2032.
- Europe to provide an absolute dollar opportunity worth US$ 2.86 billion by 2032-end.
“APAC has remained the primary consumer of phenolic resins, and China leads from the front with almost 42.2% market share as of 2020-2021,” says a Fact.MR analyst.
Some market players have raised the prices of their phenolic resin products purposefully due to significant increase in the prices of raw materials in global market. They are also introducing new technology of cello bond phenolic resins that are resistance to flames and emit no toxic gases, finding uses in aerospace interiors, tunnel construction, and much more.
The inert reaction of phenolic resins with chemicals has attracted the manufacturers of plywood and laminates.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the phenolic resins market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (resol resins, novolac resins), application (insulation, paper impregnation, wood adhesives, laminates, molding, other applications), and end use (electrical & electronics, building & construction, furniture, automotive, other end uses), across major regions of the world (North America, Latin America, Europe, Asia Pacific, and MEA).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analysed the chemicals and material industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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