North America Phenolic Resin Market Share, Size, Analysis, Growth, Trends, Report, Forecast: By Product: Resol Resins, Novolac Resins, Others; By Application: Paper, Fabric, Coatings, Laminates, Filters, Gypsum Board, Others; Regional Analysis; Market Dynamics; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028

North America Phenolic Resin Market Outlook

The North America phenolic resin market size reached a value of approximately USD 3.18 billion in 2022. The market is further expected to grow at a CAGR of 5.30% between 2023 and 2028, reaching a value of USD 4.31 billion by 2028.

Key Trends in the Market

Phenolic resins are synthetic resins that are produced by the reaction process of phenol with formaldehyde in a condensation reaction while a catalyst is present. They are categorised as thermoset polymers because they cannot be remelted like thermoplastics and cure in a different form from their uncured state.  The majority of phenolic resins are opaque and black in colour. Phenolic resins are typically used in fillers due to it being brittle in nature, and are among the oldest thermosetting resins, other than polyester, urethane, melamine and epoxy.

• Phenolic resin is a frequently utilised component in a variety of products, such as insulating panels, paints, varnishes, circuit boards, and building supplies. Due to their enhanced mechanical and thermal properties, phenolic resins are a logical fit for many industrial applications.

• The North America phenolic resin market is growing due to the increase in the use of phenolic resin for a huge variety of applications like moulding powders, laminating resins, adhesives, binders, surface coatings and impregnates. Phenolic resins are also in demand as they have the capability to perform better in high-temperature applications.

• The rise in the production of electronics, ballistics, mine ventilations, offshore water pipe systems, aerospace, rail and mass transit, has resulted in the North America phenolic resin market witnessing a surge. Phenolic resins are also important as binders in friction material used in cars.

• Phenolic resins are used in the timber sector where they are used in adhesives for partible boards and plywood. With the evolving furniture industry, and consistent demand for new products, the use of phenolic resins is also heightened. Phenolic resins are also used in making laminates used in interior designs preferred by the customers.

• Furthermore, phenolic resins have witnessed an escalation in demand due to the rise in manufacturing activities as they have properties like low density, low thermal conductivity, chemical resistance and are also beneficial in the production of 3D structures. They are widely used in laboratories because of their ability to handle high pressure of heat, chemicals, moisture, bacteria, with countertops made of phenolic resins preferred in laboratories.

Market Analysis

Based on product, the market is segmented into resol resins, and novolac resins, among others. On the basis of application, the market is divided into paper, fabric, coatings, laminates, filters, and gypsum board, among others. By country, the North America phenolic resin market is categorised into the United States and Canada.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the North America phenolic resin market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Sumitomo Bakelite North America Holding, Inc.

• Arclin, Inc.

• DIC Corporation

• Capital Resin Corporation

• Ashland Inc.

• SI Group, Inc

• LRBG Chemical, Inc.

• Akrochem Corporation

• Bakelite Synthetics Group

• Others

Market Share by Product

Resol is a preferred phenolic resin and accounts for a sizable share in the North America phenolic resin market. They are commonly used in several end use industries as they are cost effective, have enhanced properties. and can be used in various applications. Products like exterior plywood, engineered woods, adhesives, and LCL (laminated composite lumber) are some of the applications of resol resins that are helping the North American phenolic resin market grow expeditiously. Resol resins are also widely used in the bonding and cooling of building materials. Meanwhile, the demand for novolacs in the North America phenolic resin market has increased due to its multiple uses like tire tackifier, binder for carbon bonded refractories, and as a curing agent for epoxy resins.

Market Share by Application

Laminate applications account for a significant share of the North America phenolic resin market due to their properties of being moisture resistant, lightweight, and with high dielectric strength. The furniture industry increasingly uses laminates to enhance its products, improving both the aesthetic appeal and properties of furniture products. As customers are highly focused on the interior designs of their homes, the demand for decorative and easy to maintain laminates is likely to increase further, bolstering the demand for the phenolic resin market. Phenolic resins are also commonly used in the production of paper because they are helpful in increasing the strength, stiffness, and the water resistance of paper.

Competitive Landscape

Arclin, Inc., in Georgia, United States, and established in 1992, is a leading provider of resin-based systems and products. The company deals with chemicals and products like bonding agents and surface solutions for buildings. They offer a vast variety of products to choose from like furniture, flooring, building, wood working and automotive industries. Arclin also provides decorative materials for homes like melamine, laminates, and foils.

Ashland, Inc. is a provider and distributer of diversified chemical and thermoplastic resins operating from Delaware, United States. Founded in 1924, Ashland is a specialty materials company that provides services in sectors such as pharmaceuticals, construction, food, and nutraceuticals. The core business units of the company comprise of life sciences, speciality additives, intermediates, and personal care.

Akrochem Coporation, located in Akron, Ohio and founded in 1929, is a chemical distributor for the rubber industry and also provides raw materials. Akrochem offers a range of quality materials that are backed by the company’s technical expertise and innovation. They sell products like antifoams, emulsions, fire retardants, mineral fillers, sulphurs, and waxes. Akrochem also specialises in the production of rubber, plastic, paint, coatings, and lubricants.

Other market players include Sumitomo Bakelite North America Holding, Inc., DIC Corporation, Capital Resin Corporation, SI Group, Inc., LRBG Chemical, Inc., and Bakelite Synthetics Group, among others.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.