New York
City, 23 January 2019: The Global Phenolic Resins Market is estimated to Reach USD 19.13 Billion
by 2026 according to a new report published by Polaris Market Research.
Phenolic resins, also known as formaldehyde resins are synthetic thermoplastic
polymers derived from phenols. These resins are a feedstock to versatile
applications such as wood adhesives, coatings, molding compounds, insulation,
lamination, paper impregnation, foundry, abrasives, frictional materials, and
many others.
The global
phenolic resin market is primarily driven by its high-growth applications,
including wood adhesives and insulation materials. Phenolic resins are used in
wood adhesives on account of their excellent characteristics, which are driven
by the spending on furniture products by the consumers and the construction
industry. The construction industry strongly determines the consumption of wood
products and adhesives.
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The
construction market in almost all the countries of different global regions
have grown tremendously and are expected to be the same for a continuous
period. China is the largest consumer of phenolic resin and is the biggest
construction market in the world. Though the country witnessed the first ever
decline in its housing output in 2018, its transition to a services &
consumer driven economy has resulted in opportunities for growth in new types
of construction.
Rising
demand for modern & feature-rich consumer electronics products along with
the rapidly growing urbanization has led to increased utilization of phenolic
resins in the electronics industry. Increasing disposable income of consumers
has resulted in large construction spending and expenditures on luxurious
products such as furniture & modern-day gadgets. Such consumer trends
are expected to rapidly drive the phenolic resin market.
The industry
is subjected to moderately stringent regulatory framework as phenol, the raw
material for phenolic resins is a petrochemically derived product. Some of the
regulatory frameworks pertaining to this include Industrial Safety and Health
Act concerning the labelling and Japan Society of Occupational Safety for
marking the concentrations of raw materials for manufacturing phenolic resins.
Competitive Landscape and Key Vendors:
Asia Pacific
is the largest regional market for phenolic resins. Phenolic resin demand in
molding compounds segment is anticipated to grow rapidly in China and other
Asia for use in applications such as mechanical and electrical components used
in different end-uses. The developing countries of South and Central America
along with the Eastern European countries are likely to witness largest growth
in wood adhesives.
Global
phenolic resin industry is moderately competitive with large number of
multinationals across the value chain. Some of key phenolic resin market
players include BASF SE, Momentive Specialty Chemicals, Hitachi Chemical Co.,
Ltd, SI Group, Mitsui Chemicals Inc., DIC Corporation, and Sumitomo Bakelite
Co, Ltd.
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