Phenolic resins or phenol-formaldehyde resins are the synthetic polymers obtained by the polymerization of phenol and formaldehyde. Phenolic resins possess good physical and chemical properties such as high mechanical strength, low toxicity, good heat resistance, low smoke formation and high thermal stability. Due to such high properties, phenolic resins find their applications in myriad industrial products. From molded products such as billiard balls to coatings and adhesives, phenolic resins are used for different applications across various industries such as automotive, electrical & electronics, construction etc. Besides, by mixing phenolic resins with other polymer, they can also be used in applications like corrosion coating, adhesive, etc. Due to their rising demand from various industries, the global phenolic resins market is expected to register high growth rate over the forecast period of 2016-2026.
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Construction, automotive, furniture and electrical & electronics industry are the major end-use sectors for phenolic resins. The holistic growth in these industries is expected to drive the demand for phenolic resins in the global market. Phenolic resins find their huge application in different wood products, which is majorly driven by the construction industry growth. Construction industry, which slowed down during 2014-2015, is expected to return to its growth phase post 2016. The growing construction industry output is further expected to have a positive impact on the global phenolic resins market through 2026. Moreover, increase in demand for various molded products in automotive and aerospace industry is also expected to contribute to the global phenolic resins demand through the forecast period.
Volatility in raw material prices is a major challenging factor for the growth of phenolic resins market. With global focus growing towards the development of green and sustainable products, bio-based resins are expected to gain popularity among consumers, which could also hamper the growth of the conventional synthetic phenolic resins market.
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Regionally, global phenolic resins market is segmented into seven key regions, namely, North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa and Japan. APEJ is expected to emerge as one of the fastest growing regions in the global phenolic resins market due to high rise in demand from construction and furniture industry, majorly in China and India. China is expected to remain a prominent consumer of phenolic resins in the global market throughout the forecast period.
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