Phenolic resins, also known as phenol–formaldehyde resins, are synthetic polymers that are produced from the reaction of phenol or substituted phenol with formaldehyde at high temperatures. These are widely used in wood adhesives, molding compounds, and laminates. The resins are flame-retardant, demonstrate high heat resistance, high tensile strength, and low toxicity, and generate low smoke. In the report, the phenolic resins market is segmented on the basis of product type, application, and region.
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The phenolic resins market can also be categorized on the basis of application into laminates, insulation, wood adhesives, molding compounds, paper impregnation, coatings, and others, where the “others” category includes abrasives, rubber adhesives, and friction materials. Traditionally, wood adhesives account for a considerable share in the global phenolic resins market . This can be majorly attributed to the wide application of wood adhesives in the building and construction industry across Asia-Pacific (APAC) and North America. However, in the coming years, the market is expected to witness substantial growth from the category of laminates, on account of the increasing demand for decorative and industrial laminates globally.
The key factors driving the growth of the phenolic resins market are the growing demand from the construction and transportation industries and the increased demand for fire-retardant materials for automobiles and aircraft. Stringent regulations promoting the use of lightweight composites in the automotive industry and macroeconomic factors such as growth in disposable income and increased demand for automobiles and furniture are also positively impacting the growth of the phenolic resins market.
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The macroeconomic growth in emerging economies is expected to propel the demand for durable and aesthetic products in the near future. This growth is also expected to result in increased disposable income of individuals in these countries, thereby presenting lucrative opportunities for the application of phenolic resins in aesthetic products. This is likely to propel the adoption of these resins, thus opening potential avenues of growth for the players in the phenolic resins market.
Some of the major players operating in the global phenolic resins market are Chang Chun Plastics Co. Ltd., BASF SE, Kolon Industries Inc., Hitachi Chemical Co. Ltd., Momentive Specialty Chemicals Inc., Georgia Pacific Chemicals LLC, Mitsui Chemicals Inc., Sumitomo Bakelite Co. Ltd., Georgia Pacific Chemicals LLC, Dujodwala Paper Chemicals Ltd., DIC Corporation, and Prefere Resins.