In this report, Technavio covers the market outlook and growth prospects of the global phenolic resin market for 2017-2021. The market is segmented based on type, which includes resol and novolac and application, which include wood adhesives, molding, laminates, and insulation.
Phenolic resins are extensively used as bonding adhesives in the production of composites wood panels or wood-based panels, imparting water resistance for exterior building applications such as external house walls and roofs. Phenolic resins are used in the specialty wood adhesives industry, typically in combination with polyvinyl acetate (PVA). Liquid phenolic resins with low free phenol and formaldehyde contents are used in adhesive applications. The market for wood adhesives is expected to grow at a moderate rate due to the increased use of wood in construction globally.
Technavio’s chemicals and materials research analysts categorize the global phenolic resin market into the following segments by regions:
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APAC: largest phenolic resin market
APAC is one of the fastest growing markets for phenolic resins, which is majorly dominated by China and India. The high growth is attributed to the high demand from the construction and furniture industries. Rapid industrialization and improved standards of living are expected to drive the demand for phenolic resins during the forecast period.
“Regulations on the use of materials such as cement and normal bricks are hampering the growth of the construction industries. These regulations on cement and bricks bring out major changes in the use of phenolic resins in the construction industry. Furthermore, the increased use of composites in mass transit and marine is expected to drive the phenolic resin market in this region,” says Hitesh Bhatia, a lead analyst at Technavio for research on plastics, polymers, and elastomers.
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Phenolic resin market in the Americas
The phenolic resin market in the Americas is dominated by the US. High demand for resins from several major end-use industries, such as automotive, construction, and electrical and electronics, is driving the growth of the phenolic resin market in the US.
“The global phenolic resin market in Brazil is projected to grow during the forecast period because of its application in insulation, laminates, and wood adhesives. Also, the growth in the population brings out more demand for phenolic resins in Brazil,” adds Hitesh.
Phenolic resin market in EMEA
The increasing use of phenolic resins will boost the market in EMEA. This is attributed to the increase in the construction activities in Russia, especially the upcoming FIFA World Cup in 2018. The phenolic resin market by residential and non-residential construction will have high usage of phenolic resins in applications such as wood adhesives, electrical and electronics, and others during the forecast period.
EMEA will have moderate demand for phenolic resins because of the presence of developed countries in major parts of Europe. Governments of various countries in the Middle East, such as Saudi Arabia and Oman, have started removing their reliance on the oil and gas industry and are focusing on the development of other sectors such as manufacturing, infrastructure, and power.
The top vendors in the global phenolic resin market highlighted in the report are:
- Hitachi Chemicals
- Sumitomo Bakelite
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