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North America Phenolic Resin Market

North America Phenolic Resin Market Share, Size, Trends: By Product: Resol Resins, Novolac Resins, Others; By Application: Paper, Fabric, Coatings, Laminates, Filters, Gypsum Board, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key indicators for Demand; Competitive Landscape; 2024-2032

North America Phenolic Resin Market Outlook

The North America phenolic resin market size reached a value of approximately USD 3.35 billion in 2023. The market is further expected to grow at a CAGR of 5.30% between 2024 and 2032, reaching a value of USD 5.30 billion by 2032.

 

north america phenolic resin market

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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

 

north america phenolic resin market by segments

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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.

 

north america phenolic resin market by region

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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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Application
  • Region
Breakup by Product
  • Resol Resins
  • Novolac Resins
  • Others
Breakup by Application
  • Paper
  • Fabric
  • Coatings
  • Laminates
  • Filters
  • Gypsum Board
  • Others
Breakup by Region
  • United States
  • Canada
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Sumitomo Bakelite North America Holding, Inc.
  • Arclin, Inc.
  • DIC Corporation
  • Capital Resin Corporation
  • Ashland Inc.
  • SI Group, Inc.
  • LRBG Chemicals Inc.
  • Akrochem Corporation
  • Bakelite Synthetics Group
  • Others

 

*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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    North America
    6.2    Country 
7    Opportunities and Challenges in the Market
8    North America Phenolic Resin Market Analysis

    8.1    Key Industry Highlights
    8.2    North America Phenolic Resin Historical Market (2018-2023) 
    8.3    North America Phenolic Resin Market Forecast (2024-2032)
    8.4    North America Phenolic Resin Market by Product
        8.4.1    Resol Resins
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2023)
            8.4.1.3    Forecast Trend (2024-2032)
        8.4.2    Novolac Resins
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2023)
            8.4.2.3    Forecast Trend (2024-2032)
        8.4.3    Others
    8.5    North America Phenolic Resin Market by Application
        8.5.1    Paper
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2023)
            8.5.1.3    Forecast Trend (2024-2032)
        8.5.2    Fabric
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2023)
            8.5.2.3    Forecast Trend (2024-2032)
        8.5.3    Coatings
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2023)
            8.5.3.3    Forecast Trend (2024-2032)
        8.5.4    Laminates
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2018-2023)
            8.5.4.3    Forecast Trend (2024-2032)
        8.5.5    Filters 
            8.5.5.1    Market Share
            8.5.5.2    Historical Trend (2018-2023)
            8.5.5.3    Forecast Trend (2024-2032)
        8.5.6    Gypsum Board
            8.5.6.1    Market Share
            8.5.6.2    Historical Trend (2018-2023)
            8.5.6.3    Forecast Trend (2024-2032)
        8.5.7    Others
    8.6    North America Phenolic Resin Market by Country
        8.6.1    United States
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2023) 
            8.6.1.3    Forecast Trend (2024-2032)
        8.6.2    Canada
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2023) 
            8.6.2.3    Forecast Trend (2024-2032)
9    Market Dynamics
    9.1    SWOT Analysis
        9.1.1    Strengths
        9.1.2    Weaknesses
        9.1.3    Opportunities
        9.1.4    Threats
    9.2    Porter’s Five Forces Analysis
        9.2.1    Supplier’s Power
        9.2.2    Buyer’s Power
        9.2.3    Threat of New Entrants
        9.2.4    Degree of Rivalry
        9.2.5    Threat of Substitutes
    9.3    Key indicators for Demand
    9.4    Key indicators for Price
10    Value Chain Analysis
11    Price Analysis
12    Trade Data Analysis (HS Code: 390940)

    12.1    Major Exporting Countries
        12.1.1    By Value
        12.1.2    By Volume
    12.2    Major Importing Countries
        12.2.1    By Value
        12.2.2    By Volume 
13    Competitive Landscape
    13.1    Market Structure
    13.2    Company Profiles
        13.2.1    Sumitomo Bakelite North America Holding, Inc.
            13.2.1.1    Company Overview
            13.2.1.2    Product Portfolio
            13.2.1.3    Demographic Reach and Achievements
            13.2.1.4    Certifications
        13.2.2    Arclin, Inc.
            13.2.2.1    Company Overview
            13.2.2.2    Product Portfolio
            13.2.2.3    Demographic Reach and Achievements
            13.2.2.4    Certifications
        13.2.3    DIC Corporation
            13.2.3.1    Company Overview
            13.2.3.2    Product Portfolio
            13.2.3.3    Demographic Reach and Achievements
            13.2.3.4    Certifications
        13.2.4    Capital Resin Corporation
            13.2.4.1    Company Overview
            13.2.4.2    Product Portfolio
            13.2.4.3    Demographic Reach and Achievements
            13.2.4.4    Certifications
        13.2.5    Ashland Inc.
            13.2.5.1    Company Overview
            13.2.5.2    Product Portfolio
            13.2.5.3    Demographic Reach and Achievements
            13.2.5.4    Certifications
        13.2.6    SI Group, Inc.  
            13.2.6.1    Company Overview
            13.2.6.2    Product Portfolio
            13.2.6.3    Demographic Reach and Achievements
            13.2.6.4    Certifications
        13.2.7    LRBG Chemicals Inc.
            13.2.7.1    Company Overview
            13.2.7.2    Product Portfolio
            13.2.7.3    Demographic Reach and Achievements
            13.2.7.4    Certifications
        13.2.8    Akrochem Corporation  
            13.2.8.1    Company Overview
            13.2.8.2    Product Portfolio
            13.2.8.3    Demographic Reach and Achievements
            13.2.8.4    Certifications
        13.2.9    Bakelite Synthetics Group  
            13.2.9.1    Company Overview
            13.2.9.2    Product Portfolio
            13.2.9.3    Demographic Reach and Achievements
            13.2.9.4    Certifications
        13.2.10    Others      
14    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    North America Phenolic Resin Market: Key Industry Highlights, 2018 and 2032
2.    North America Phenolic Resin Historical Market: Breakup by Product (USD Million), 2018-2023
3.    North America Phenolic Resin Market Forecast: Breakup by Product (USD Million), 2024-2032
4.    North America Phenolic Resin Historical Market: Breakup by Application (USD Million), 2018-2023
5.    North America Phenolic Resin Market Forecast: Breakup by Application (USD Million), 2024-2032
6.    North America Phenolic Resin Historical Market: Breakup by Country (USD Million), 2018-2023
7.    North America Phenolic Resin Market Forecast: Breakup by Country (USD Million), 2024-2032
8.    Major Exporting Countries by Value
9.    Major Importing Countries by Value
10.    Major Exporting Countries by Volume
11.    Major Importing Countries by Volume  
12.    North America Phenolic Resin Market Structure

Key Questions Answered in the Report

In 2023, the market reached an approximate value of USD 3.35 billion.

The market is expected to grow at a CAGR of 5.30% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 5.30 billion by 2032.

The major market drivers are the increasing usage of phenolic resins in various end-user industries, growing demand for laminates, and rising production of automotive filters with phenolic resins.

The key trends of the market include rising demand for decorative furnishings, technological advancements in phenolic resin, growing construction sector in the region, and increasing use in making circuit boards.

Phenolic resins are thermoset polymers that are synthesised by the reaction of phenol with formaldehyde.

The primary phenolic resin products are resol resins, and novolac resins, among others.

The various applications of the phenolic resin market in North America include paper, fabric, coatings, laminates, filters, and gypsum board, among others.

The major countries in the phenolic resin market in North America are the United States and Canada.

The key market players in North America phenolic resin market, according to the report, are Sumitomo Bakelite North America Holding, Inc., Arclin, Inc., DIC Corporation, Capital Resin Corporation, Ashland Inc., SI Group, Inc, LRBG Chemical, Inc., Akrochem Corporation, and Bakelite Synthetics Group, among others.

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