Phenolic Resin Market Size (2024 - 2029)

The phenolic resin market is anticipated to experience growth over the forecast period, driven by rising demand from the construction and transportation sectors. The market's expansion was temporarily hindered by the COVID-19 pandemic, which disrupted manufacturing and supply chains across various industries, including oil and gas, consumer electronics, and automotive. However, the resumption of production and trade activities is expected to bolster market growth. The Asia-Pacific region is projected to dominate the market due to its increasing consumption in end-user industries. Despite the challenges posed by the pandemic, opportunities are emerging, particularly in reducing vehicle weight, which could further influence the market's trajectory.

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Market Size of Phenolic Resin Industry

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Phenolic Resin Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 4.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Phenolic Resin Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Phenolic Resin Market Analysis

The phenolic resin market is projected to register a CAGR of 4% during the forecast period.

  • Due to COVID-19, manufacturing activities stopped, affecting the building and construction industry and decreasing the demand for phenolic resin insulations for the short term. 
  • The COVID-19 pandemic affected the oil and gas sector due to the temporary lockdown in almost all countries. The consumer electronics industry was also affected due to supply chain constraints and workforce shortages. The transportation and automotive industry also faced a decline in production and sales due to travel bans and restrictions, thus affecting the phenolic resin market. However, resumed production plants and international trade activities from 2021 are expected to restore market growth over the forecast period.
  • Over the medium term, the major factor driving the market's growth is the increasing demand from the construction and transportation industries.
  • On the flip side, the unfavorable conditions arising from the COVID-19 outbreak are anticipated to impede the market's growth.
  • Increasing concern related to reducing the vehicle's weight to open new opportunities in the future.
  • Asia-Pacific is expected to be the largest market due to the increasing consumption of phenolic resin in the end-user industries.

Phenolic Resin Industry Segmentation

Phenolic resins are synthetic polymers obtained by the reaction of phenol or substituted phenol with formaldehyde. The material was originally called bakelite. This was effectively the first plastic to be sold commercially. Phenolic resins are used in various applications, including electronics, ballistics, mine ventilation, offshore water pipe systems, aerospace, rail, and mass transit. 

The phenolic resin market is segmented by product type, application, end-user industry, and geography. By product type, the market is segmented into novolac and resol. By application, the market is segmented into molding, adhesive, insulation, and other applications. By end-user industry, the market is segmented into automotive and transportation, consumer electronics, building and construction, oil and gas, furniture, and other end-user industries. The report also covers the market size and forecasts for the 15 countries across major regions. 

For each segment, the market sizing and forecasts have been done on the basis of value (USD million).

Product Type
Novolac
Resol
Application
Molding
Adhesive
Insulation
Other Applications
End-user Industry
Automotive and Transportation
Consumer Electronics
Building and Construction
Oil and Gas
Furniture
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Phenolic Resin Market Size Summary

The phenolic resin market is anticipated to experience steady growth over the forecast period, driven by increasing demand from the construction and transportation sectors. Despite the initial setbacks caused by the COVID-19 pandemic, which disrupted manufacturing activities and affected various industries such as building and construction, oil and gas, and consumer electronics, the market is expected to recover as production and trade activities resume. The Asia-Pacific region is projected to be the largest market, fueled by high consumption in end-user industries like consumer electronics, transportation, and construction, particularly in countries like China and India. The market's growth is further supported by the rising demand for phenolic resins in molding applications, which are valued for their fire resistance, chemical resistance, and dimensional stability.

Phenolic resins are increasingly utilized in various applications due to their desirable properties, including high elasticity and heat resistance. The market is witnessing significant growth in the molding sector, driven by the demand for phenolic resins in abrasive grinding wheels, friction linings, and refractory products. These resins are also widely used in household appliances, automotive components, and electrical and electronic devices. Government initiatives promoting energy-efficient buildings in the Asia-Pacific region, such as Singapore's Green Building Masterplan, are contributing to the market's expansion. The market is characterized by fragmentation, with key players like DIC Corporation, Kangnam Chemical, and Sumitomo Bakelite Co. Ltd actively participating in capacity expansions and strategic acquisitions to strengthen their market positions.

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Phenolic Resin Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Construction and Transportation Industries

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Unfavorable Conditions Arising Due to the COVID-19 Outbreak

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Product Type

      1. 2.1.1 Novolac

      2. 2.1.2 Resol

    2. 2.2 Application

      1. 2.2.1 Molding

      2. 2.2.2 Adhesive

      3. 2.2.3 Insulation

      4. 2.2.4 Other Applications

    3. 2.3 End-user Industry

      1. 2.3.1 Automotive and Transportation

      2. 2.3.2 Consumer Electronics

      3. 2.3.3 Building and Construction

      4. 2.3.4 Oil and Gas

      5. 2.3.5 Furniture

      6. 2.3.6 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Phenolic Resin Market Size FAQs

The Phenolic Resin Market is projected to register a CAGR of 4% during the forecast period (2024-2029)

DIC CORPORATION, KANGNAM CHEMICAL, Sumitomo Bakelite Co., Ltd, BASF SE and SHANDONG LAIWU RUNDA NEW MATERIAL CO.,LTD are the major companies operating in the Phenolic Resin Market.

Phenolic Resin Market Report Snapshots

Phenolic Resin Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)