Phenolic resins Market are being increasingly used in numerous
industries owing to high heat resistance, mechanical strength, low toxicity,
ability to blend with polymers and low smoke. The global phenolic resins market
is anticipated to witness stable growth over the next seven years owing to
increased demand from transport and construction industry.
Product demand is expected to rise on account of
increased usage of fire retardant materials in automotive and aircraft
components. Phenolic molding compounds namely novolac and resol have tremendous
future potential which is anticipated to drive the global phenolic resins
market.
Nanotechnology is being integrated into the
production process of the product to improve its functional and structural
attributes. Utilization in the construction industry is expected to contribute
significantly to growth. Price fluctuation in the crude oil market, which is
the primary raw material necessary for the production of the product, is
expected to hamper growth. In addition, environmental emission regulations
about formaldehyde can hinder growth in the industry owing to significant
investments required to comply with emission standards.
In 2013, resol resins dominated the market owing
to growing demand from laminates and wood adhesive applications. Wood adhesives
were the primary application segment in 2013. Increasing demand for phenolic
molding compounds due to their utility to strengthen efficiency and fire safety
in automobiles is anticipated to propel growth over the forecast period. They
are used in several vehicle components including cooling system, powertrain,
fuel system and air supply system brake.
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Further key findings from the study
suggest:
·
Other applications include coatings &
varnishes, abrasives, rubber adhesives and friction. Substantial demand from
applications including oriented strand boards (OSB) and engineered laminated
composite lumber (LCL) is likely to have a significant impact on the resol
resins market over the next seven years.
·
Novolac resins are expected to witness growth
owing to its widespread usage in electrical and electronics industry. These are
being increasingly utilized for application in photoresists, hardeners in
laminates for circuit board industry and electric laminates on account of their
capability to mold easily into different shapes and sizes.
·
In 2013, Asia Pacific constituted over 35.0% of
the market by volume and is estimated to remain the primary regional market
over the forecast period. Increased consumption of molding components in
infrastructure and construction spending in China and India is expected to
augment growth. Regulations enforcing construction of energy efficient
buildings across various regional associations and numerous countries are
projected to propel demand for thermal insulation products. Further, increased
use of composites in mass transit and marine, is expected to drive the phenolic
resins industry.
·
Key companies include Hitachi Chemical Co. Ltd.
SI Group Inc.Ltd., Momentive Specialty Chemicals Inc., Kolon Industries Inc.,
DIC Corporation, Dujodwala Paper Chemicals Ltd., Mitsui Chemicals Inc and
Prefere Resins.
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Grand View Research has segmented the global phenolic resins market on the basis of product, application and region:
Phenolic Resins Product Outlook (Volume, Kilo Tons & Revenue, USD Million; 2012 – 2020)
• Resol Resins
• Novolac Resins
• Others
Phenolic Resins Application Outlook (Volume, Kilo Tons & Revenue, USD Million; 2012 – 2020)
• Insulation
• Laminates
• Molding Compounds
• Wood Adhesives
• Others
Phenolic Resins Regional Outlook (Volume, Kilo Tons & Revenue, USD Million; 2012 – 2020)
• North America
• Europe
• Asia Pacific
• RoW
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