The global Phenolic resin market is projected to grow at a CAGR of approximately 6% by 2023. Increasing demand in construction industry is one of the drivers that are driving the growth of global Phenolic resin market. High mechanical strength and high thermal stability are some of the characteristics of phenolic resin. However phenolic resins when mixed with other polymer can also are used in applications like corrosion coating, adhesive. Phenolic resins have various applications in different wood products such as in weather proofing of plywood and as wood adhesives.
On the basis of market segmentation the global Phenolic resin market is classified on the basis of type, application, and end user industry. On the basis of type it is further subdivided in resol resin, novolac resin, and others. Solid resol is the dominating in sub-segment, accounting almost 75% of the share in 2015. On the basis of application global Phenolic resin market is classified in wood adhesives, molding, laminates, foundry, insulation, and others. On the basis of end-use industry it is categorized in automotive, building & construction, furniture, electrical & electronics, and others. Automotive is the fastest-growing end-user industry due to the growing automobile sales.
On the basis of geographical segmentation, the global Phenolic resin market has been segmented into Asia-Pacific, North America, Europe, and rest of the world. Asia Pacific is the dominating region as a result of expansion of end-user industries and the rising awareness regarding the benefits of this product in various applications. Asia pacific region is also emerging as one of the fastest growing regions in the global phenolic resins market due to rise in demand from electronics market, construction and furniture industry, majorly in China, India and Thailand.
Hexion Inc., Hitachi Chemical Co., Ltd., Sumitomo Bakelite Co., Ltd., BASF SE , SI Group, Inc., DIC Corporation, Kolon Industries, Inc., Shandong Laiwu Runda New Material Co., Ltd., Dujodwala Paper Chemicals Ltd., Changshu South-East Plastic Co., Ltd., Akzonobel, Owens Corning, Arclin Inc., Olympic Panel Products LLC, Ashland are some of the major players of global Phenolic resin market. Akzonobel, is a Dutch multinational company and a leading manufacturer of global paints and performance coatings company and major producer of specialty chemicals, essential color to industries and consumers worldwide. Under the strategic initiatives Akzo Nobel has finalized the acquisition of BASF global Industrial Coatings business having various ranges of products for industries including construction, electrical & electronics appliances, and automotive industry. The transaction includes new technologies, patents and trademarks, as well as two manufacturing plants in the United Kingdom and South Africa, bring expertise to innovate and expand customer base worldwide.