Phenolic Resins Market to be at Forefront | 2026
The
global phenolic resins market demonstrates a fierce completion on
account of several new and established players operating across the
globe, states newly launched market research report by Transparency
MRising Consumer Demand Across Various Industry Verticals
Strengthening Global Phenolic Resins Marketarket Research (TMR). Some
of the prominent players of the global phenolic resins market are
BASF SE, Sumitomo Bakelite Co., Ltd., Mitsui Chemicals Inc., and
Georgia Pacific Chemicals LLC. Owing to the large opportunity and
wide range of items, top players in the global phenolic resins market
are adopting a slew of strategic measures to diversify their products
and bring innovations.
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Report Overview @
The
global phenolic resins market stood at US$9.91 bn in 2013. By
expanding at a CAGR of 5.60% during 2013 and2019, the global phenolic
resins market is projected to reach a value of US$13.36 bn billion by
the end of this period. However, in the coming years, Asia Pacific is
expected to surpass in terms of market share.
On
the basis of geography, the global phenolic resins marker has been
classified into the Middle East and Africa, Latin America, North
America, Europe, and Asia Pacific. Asia Pacific held a large share of
the global market in last few years and is likely to retain its
position throughout the forecast period, owing to the increased
demand from China and India. On the basis of product type, phenolic
resins can be segmented into resol resins, laminate, adhesive,
novolac resins, rubber and others. Resol resins contains excess of
formaldehyde under basic conditions. And it holds the market share
for product segment of over 48 in year 2012.
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Rising
Consumer Demand Across Various Industry Verticals Strengthening
Global Phenolic Resins Market
The
rising awareness among consumers regarding the advanced properties of
phenolic resin is expected to support the growth of the overall
market in the coming few year.
Phenolic
resins are extensively used in various industries for instance
automobile, rubber, laminates, adhesive, building construction and so
forth. Market share of wood-adhesive are rapidly increasing due to
remarkable growth of real estate industries in developing countries
of Asia-Pacific region. Whereas increasing demand of phenolic resins
for decorative as well as industrial laminated has dealt a major
increase to the growth global phenolic resins market. Apart from
that, rising application of phenolic resins in nanotechnology is
expected to encourage the growth of the global phenolic resins market
in the forecast period. Furthermore, increased usage of phenolic
molding compounds in automotive sector so as to reduce the fuel
consumption by the vehicle has given a massive push to the global
phenolic resins market.
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Rising
Environmental Regulations May Dampen Prospects of Market
Phenolic
resins are primarily made from synthetic polymers which are opposed
by the governing bodies in most part of the world. This is because
the polymers pose a serious threat to the wildlife and environment.
The stringent environmental regulations regarding the usage of
plastic for commercial application is estimated to restrict the
growth of global phenolic resins market throughout the forecast
period. Nevertheless, the rising need for fuel-efficient and
lightweight vehicles and the increasing adoption of nanotechnology
are expected to offer promising growth opportunities for the market
players.
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