According to the recent study the phenolic resin market is projected to reach an estimated $16 billion by 2027 from $11.9 billion in 2021, at a CAGR of 6.1% from 2021 to 2027. Growth in this market is primarily driven by increasing use of heat resistance, corrosion and chemical resistance materials in construction and transportation industry and lower cost of phenolic resin compared to its competitors.
Browse 141 figures / charts and 89 tables in this 208 -page report to understand trends, opportunities and forecast in phenolic resin market by application (wood adhesive, molding compounds, laminates, insulation, coating, paper impregnation, and others), type (resol phenolic resin and novolac phenolic resin), end use (construction, transportation, electrical and electronics, furniture, and others) and region (North America, Europe, Asia Pacific and ROW).
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“Construction market is expected to remain
the largest segment during the forecast period.”
Based on end use, the phenolic resin market is segmented into construction, transportation, electrical and electronics, furniture, and others. Lucintel forecasts that the construction market is expected to remain the largest segment due to demand for heat resistant material and low cost material is driving phenolic resin market.
“Within the phenolic resin market, the molding compounds segment is expected to remain the largest application.”
Based on application the molding compounds segment is expected to witness the highest growth over the forecast period due to high heat resistance, mechanical strength and electrical properties and is used in automotive, aerospace, electronics and industrial market.
“Asia pacific will dominate the phenolic resin market in near future.”
Asia Pacific is expected to remain the largest region over the forecast period due to growth in end use industries such as residential and commercial activities, increasing automotive production, and growing electrical and electronics demand.
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Major players of phenolic resin market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Hexion Inc., Georgia Pacific Chemicals, SI Group, SQ Group, Sumitomo Bakelite Co. Ltd., DIC Corporation, Mitsui Chemicals, Tembec, Ashland, and Aica Kogyo are among the major phenolic resin providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/phenolic-resin-market.aspx or helpdesk@lucintel.com.
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Contact:
Brandon Fitzgerald
Lucintel
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Email: brandon.fitzgerald@lucintel.com
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