The global phenolic resin market size is projected to showcase significant growth in the forthcoming years due to rising demand from the automotive sector. This information is published by Fortune Business Insights in its report, titled “Phenolic Resin Market, 2022-2029“. The product is widely used for manufacturing of coatings, adhesives, molded products, and others. The increasing demand for novolac resins in the automotive sector is a primary driver for the market growth. Also, rapid growth of the automotive sector is proportionately impacting the market positively.

COVID-19 Impact

Market Sales Fall Owing to COVID-19 Crisis

The effect of COVID-19 has been experienced in various industries across the globe. Several travel restrictions affected the transport of raw materials. Moreover, border closures on the domestic and international levels have led to several disruptions in the demand and supply chain. The demand from most of the end-user industry for phenolic resin also fell as most manufacturing facilities were temporarily shut down. With several regions uplifting lockdown norms, it is expected that the economies will open up again, and demand will rise again. The demand for the resin is anticipated to fruit is growth steadily especially from the automotive sector.

Request a sample PDF (includes COVID-19 Impact Analysis):

www.fortunebusinessinsights.com/enquiry/request-sample-pdf/phenolic-resin-market-104569

Market Segmentation

By type, the market for phenolic resin is segmented into novolac resin, resol resin, and others. On the basis of application, the market is divided into wood adhesives, molding, insulation, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

What Does the Report Contain?

The report has details on all the latest technology available in the phenolic resin industry. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.

Drivers & Restraints

Increasing Demand From Automotive Sector to Favor Market Growth

The growing disposable income globally has enabled consumers to expend on automobiles sectors to uplift their quality of life. For instance, in 2019, the data by the European Union accounts for around 569 passenger cars and 70 commercial vehicles and buses per 100 inhabitants. Such consumption points to the fact that consumers are shifting towards a preference for private mode of transport for the purpose of commuting. The utility of the resin in manufacturing of automotive is augmenting substantial phenolic resin market growth.

In addition to this, it is also used in carpentry for manufacturing wood adhesives. The increasing growth of housing across the globe is propelling product sales.

Regional Insights

Widespread Demand for Resin in Asia Pacific to Propel Sales

Asia Pacific is predicted to hold the largest phenolic resin market share in the foreseeable future. This is due to the huge volume of car sales with growing expenditure on associated services. Substantial demand of luxury and premium cars also contribute to the growth of the market here. Also, presence of prominent manufacturers such as Hyundai, Tata Motors, and others propel market development.

North America is expected to exhibit significant growth in the foreseeable future. This is because of the increasing number of housing facilities growing in the region.

Competitive Landscape

Key Players to Focus on Expanding Consumer Base

The key market players are focused on expanding their consumer base for this product. The revenue generated from this product is substantial but has great opportunities to grow further. With the growing use of phenolic resins in the automotive sector, prominent companies are looking for other alternative utility of the product. The production of this resin is also undergoing innovations to facilitate better products with greater efficiency. The various regulatory scenarios of this product are a cause of concern for the producers and the environmental impact of producing these resins. Despite this, the market is developing with partnership, mergers acquisition, collaboration, product launches, and others.

Inquiry before buying:

www.fortunebusinessinsights.com/enquiry/queries/phenolic-resin-market-104569

Industry Development:

  • September 2020: Hexion has decided to sell its phenolic specialty resin and two other business to a group of private equity firms for a whopping 425 million USD.

 

List of Key Players Profiled in the Market:

 

  • Hexion Inc
  • Sumitomo Bakelite Co. Ltd
  • DIC Corporation Inc
  • BASF SE
  • SI Group Inc.
  • Hitachi Chemical Co. Ltd.

 

Related Posts:

Refractories Market Size, Outlook, Geographical Segmentation, Business Challenges and Opportunities till 2027

Refractories Market Data Current and Future Trends, Industry Size, Share, Revenue, Business Growth Forecast to 2027

Refractories Market Latest Industry Size, Growth, Share, Demand, Trends, Competitive Landscape and Forecasts to 2027

Refractories Market Data Current and Future Trends, Industry Size, Share, Revenue, Business Growth Forecast to 2027

 

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email[email protected]

Fortune Business Insights™

Linkedin | Twitter | Blogs