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.