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Global Phenolic Resin Market Expected to Reach USD 16 Billion by 2026, Driven by the Rising Demand from the Automotive Industry

According to a new report by EMR titled, 'Global Phenolic Resin Market Report and Forecast 2021-2026', the global market for phenolic resin reached a value of USD 12.2 billion in 2020. The market is further expected to grow at a CAGR of 5.2% in the forecast period of 2021-2026 to reach USD 16 billion by 2026.

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.

Market Analysis by Type, Application, End Use, and Region:

  • The phenolic resin industry, on the basis of type, is divided into resol resin, novolac resins, and others.
  • On the basis of application, the industry is segmented into wood adhesives, moulding, insulation, laminates, paper impregnation, and coatings, among others.
  • By end use, the industry is categorised into automotive, building and construction, furniture, and electric and electronics, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for phenolic resin is driven by the inflating disposable income of the population.
  • The extensive applications of phenolic resin are expected to attract many manufacturers, thereby aiding the market growth.
  • The phenolic resin exhibits strength, fire-resistance, and high thermal resistance, which has accelerated the adoption rate of the product. Thereby enhancing the market growth.
  • The market is also witnessing successful adoption of the product in forest products and in refractories, friction, moulding, abrasive, and rubber processing.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for phenolic resin for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) for the types, applications, end uses, and regional markets of phenolic resin. 
  • It gives an in-depth look at the regional price trends in the global market for phenolic resin.
  • It analyses the global trade data for the global market for phenolic resin, looking into the value and volume of the significant importing as well as exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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