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The market for phenolic resin is expected to be driven by the lightweight trend witnessed in the automotive industry. This can be attributed to the rising replacement of metal components with plastic or fibre-based alternatives. The use of phenolic acid helps reduce the weight, which further increases the efficiency of fuel, thus, ceramics and metals in the automotive industry are now replaced with the newly developed phenolic moulding compounds, like long glass fibre or carbon fibre reinforced phenolic moulding compounds. Further, the automotive sector is constantly innovating to make the products more fuel efficient, which involves the reduction in vehicle body weight and reducing the weight of friction parts. This will lead to the adoption of phenolic resins that exhibit exceptional heat resistance, as the frictional load applied to the friction element is going to increase.
The market is further expanding owing to new developments by the industry key players, such as Ashland Global Holdings Inc. (NYSE: ASH) and Hitachi Chemical Co., Ltd. Ashland Global Holdings Inc produces Arofene™ phenolic resins that are used as media saturants offering heat, chemical, and water resistance as well as other specialised properties including frictional coefficient. The product is also used as prepreg resins for laminating applications as base resins or fortifiers for adhesives or as a resin used to adhere sizing to paper in abrasive applications.
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Ashland Global Holdings Inc., DIC Corporation, Hexcel Corporation, Kolon Industries Inc., Hitachi Chemical Co., Ltd., and Sumitomo Bakelite Co., Ltd., among others, are the key players in the global phenolic resin market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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