Phenolic Resins Market size was valued at USD 9.30 billion in 2015 and is expected to reach USD 16.0 billion by 2025, with a CAGR of 5.4%. The global phenolic resins industry is anticipated to witness stable growth owing to rising demand from transportation and construction sector. Phenolic resins find their applications in numerous segmentson account of their properties such as good heat resistanceand flame retardancy, low smoke and toxicity, high mechanical strength and easy blending with other polymers to attain high performance. Product demand is expected to rise owing to of increasing use of fire retardant constituents in crucialaircraft and automotive components.
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The key driving factors responsible for the growth of Phenolic
Resins market :
Crude oil is the primary raw
material used in the manufacturing of phenolic resins and hence price instabilityis
expected to have a direct influence on demand for phenolic resins. In order to
ensure conformance to environmental standards regarding formaldehyde emissions,
significant funding and investments have to be made and this may slowdown the
market growth. However, the positive side is that there is an increasing
adoption of nanotechnology in phenolic resins production that aims to improve
their functional and structural characteristics and expand their scope of
application.
Product Insights
Novolac resins and resol resins
are the two majorvarieties of phenolic resins. Novolac resins, are expected to
gain prominence in the forecast period owing to its ability to mould easily.
They have a widespread usage across various segments as electrical laminates,
hardeners and photo resistors in structural laminates for theelectronic circuit
board and aerospace industries
Resol resins constituted for a
major chunk of the market share on account of growing demand from wood adhesion
and laminates sector. Furthermore, considerable demand from applications such
asoriented strand boards (OSB) and production of engineered laminated composite
lumber (LCL) also contributed to the large demand for resol resins in the past
few years. It is expected to continue the similar trend over the forecast
period from 2014 to 2020.
Application Insights
Phenolic resins provide services
tonumerous end-use industries such as automotive, aerospace and constructionvia
applications in laminates, insulation, wood adhesives and moulding compounds.
Wood adhesives were the dominant
application on account of increased use in plywood and particleboard adhesives
owing to phenolic resins which form chemical bonds with the phenol-like lignin
wood. These products are capable of retaining moisture and hence are preferred
for exterior plywood applications.
Moulding compounds are expected
witness high growth. This can be attributed to the ability of phenolic resins
to providefire safety and amplify vehicular efficiency. Rising demand from the
automotive segment is anticipated to play a critical role in the phenolic
resins growth over the forecast period. They are used in numerous components in
automobiles including cooling system, air supply system brake, suspension,
powertrainand fuel system.
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