Growing Demand for Lightweight and Eco-Friendly Composites Propels Phenolic Resins Market
The adhesives application segment of the phenolic resins market is expected to see a significant growth rate and hold prominent market share through 2029.
Global demand for phenolic resins is expected to remain steady and grow at a CAGR of around 4% from 2019-2029, according to a report from Persistence Market Research. The phenolic resins market is primarily driven by its demand from coatings, insulation, and lamination products, as well as adhesives applications. Phenolic resins are highly characterized in terms of high mechanical strength, low toxicity, good heat resistance, and low smoke-formation properties.
On the basis of product type, the market is segmented into novolac, resoles, and modified phenolic resins. The novolac phenolic resin segment is projected to be prominent in the market, with a healthy growth rate during the forecast period. Novolac phenolic resins are those in which the molar excess of phenol is higher than formaldehyde, which makes them less toxic compared to resole phenolic resins. In resole phenolic resins, the molar excess of formaldehyde is higher than novolac. These are extensively used in various types of adhesives and molded compounds for the automotive and construction industries.
Applications for phenolic resins are segmented into adhesives, insulation, molding compounds, lamination, and others (e.g., coatings and binders). The adhesives segment is expected to see a significant growth rate and hold prominent market share throughout the forecast period. High traction of adhesives for surface treatment and binding agents across end-use industries such as engineered wood products, construction, and automotive/transportation are projected to significantly drive demand for phenolic resins across the globe through 2029. In addition, demand for lightweight and eco-friendly composites for various applications is growing extensively, which is projected to contribute significantly to market growth.
Regionally, the market is segmented into North America, Europe, Latin America, East Asia, South Asia, Oceania, and Middle East and Africa. Europe is estimated to account for a significant share in the global phenolic resins market, while East Asia is projected to witness significant growth through 2029. Growing local production and consumption of phenolic resins for various applications across several end-use industries are projected to significantly drive market growth. Europe, North America, and East Asia collectively held about 75% share of the total phenolic resins market in 2018.
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