Phenolic resins find wide application in construction, automotive, and furniture industries owing to their heat resistant and insulating properties. Phenolic resins are commonly used as adhesives and binders in the manufacturing of several products including laminates, molded products, insulation, surface coatings, friction products, and abrasives. Phenolic resins bonded panels are ideal for heavy-duty applications involving heat and moisture exposure due to their high compressive and flexural strength coupled with dimensional stability. The global phenolic resins market is witnessing substantial growth due to rising demand for insulation in construction applications.
The global Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in non-residential construction industry is one of the key trends positively impacting the phenolic resins market growth. Rapid urbanization and industrialization in developing countries have increased the demand for institutional, commercial and industrial buildings which utilize large volumes of phenolic resins for manufacturing ceiling tiles, doors, partitions and other interior applications. According to Coherent Market Insights analysis, the non-residential construction spending globally is expected to grow at a CAGR of 6% from 2018 to 2026, thus driving the demand for phenolic resins over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as the market requires significant capital investment and technical expertise for product development and manufacturing operations.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have various vendors to choose from but differentiated products allow companies to command premium pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials including phenol and formaldehyde are globally available from numerous suppliers but large order volumes provide suppliers negotiation power.
Threat of new substitutes: The threat of new substitutes is low as alternative materials have limitations in certain applications and phenolic resins possess specific properties making substitutions difficult.
Competitive rivalry: The market is competitive due to presence of numerous global and regional vendors offering differentiated product portfolios and properties.
The Global Phenolic Resins Market Demand is expected to witness high growth.
The Asia Pacific region dominates the market and is expected to grow at the fastest rate during the forecast period. This can be attributed to high economic growth and increasing plastic and automobile production in China and India.
Key players related content comprises Key players operating in the Phenolic Resins Market are ABB Ltd, Schneider Electric SE, Siemens AG, and Eaton Corporation plc. ABB Ltd and Schneider Electric SE are among the prominent players in the market and offer comprehensive product portfolios for various voltage applications.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it