Transparency Market Research (TMR), in its new report, states that the global phenolic resins market is likely to benefit from the entry of new companies and the changing trends. The top four companies dominated the global phenolic resins market. In 2012, tops companies such as BASF SE, Sumitomo Bakelite Co. Ltd., Mitsui Chemicals Inc., and Georgia Pacific LLC collectively accounted for 18.3% of the global market. Momentive Specialty Chemicals Inc., Chang Chun Plastics Co. Ltd., and SI Group Inc. are some other leading companies operating in the global market for phenolic resins. This market is currently fragmented in nature with key companies giving emphasis on customization and innovations.
The global phenolic resins market is predicted to reach US$13,357.1 mn by 2019. By product, the global phenolic resins market is expected to be led by resol resins. By 2019, the resol resins segment is expected to account for 48.2% of the global phenolic resins market. The novolac resins segment is expected to be the second largest segment in the global market. The use of resol resins in the laminates market and as wood adhesives is increasing owing to its superior bond strength and cross-linking capabilities.
Wood Adhesives Application Continues to Dominate Global Market
By application, the global phenolic resins market was led by the wood adhesives segment in the recent past and this segment is likely to maintain its dominance throughout the forecast period. The wood adhesives segment is expected to account for 34.3% of the global market by 2019. Based on region, the global phenolic resins market is anticipated to be led by Asia Pacific, followed by North America. The Asia Pacific phenolic resins market is predicted to account for 39.65% of the global market by 2019. The rising demand for wood adhesives in Asia pacific is expected to propel this market. The manufacturing economies including China, Indonesia, and India are expected to register a significant growth, which is likely to propel the Asia Pacific phenolic resins market.
Rising automotive industry to propel demand for phenolic resins
The automotive industry is growing at a significant rate across the globe. Phenolic resins are used in many applications in vehicles owing to the properties such as heat resistance, light weight, and impact resistance. The rising automotive industry is a key factor expected to benefit the global phenolic resins market. The demand for phenolic resins is indirectly derived from the global tire industry. In the tire industry, phenolic resins are employed for numerous operations including reinforcing, curing, tackifying, adhesives, and bonding. “The rising manufacture of scooters, two-wheelers, and mopeds is another factor expected to boost the demand for phenolic resins,” states a TMR analyst.
Instability in crude oil prices to hamper global demand
Crude oil prices are going through many changes, which is a key challenge for the players operating in the global phenolic resins market. The prices are anticipated to increase in the years to come, which is expected to further challenge the market. Environmental regulations and stringent government regulations are predicted to affect the market in many ways.
Nanotechnology to boost new application development
The use of nanotechnology has benefited the application of phenolic resins for abrasives, refractory materials, friction materials, and carbon-carbon composites. The construction industry in the United States is increasing at a significant pace, which is likely to increase the production and sales of phenolic resins.
This information is based on the findings of a report published by Transparency Market Research titled “Phenolic Resins Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.”
The phenolic resins market is segmented as follows:
Phenolic Resins Market: Product Segment Analysis
- Resol resins
- Novolac resins
Phenolic Resins Market: Application Analysis
- Molding compounds
Phenolic Resins Market: Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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