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Phenolic Resin Market Size Worth USD 15.3 Billion by 2026

/EIN News/ -- Recent Research Study by Acumen Research and Consulting titled “Phenolic Resin Market Size, Share, Scope, Growth Opportunities and Forecast, 2019-2026”.

LOS ANGELES, July 12, 2019 (GLOBE NEWSWIRE) -- The global phenolic resin market is expected to grow at CAGR 4.8% during the forecast period, 2019-2026 and will reach over USD 15.3 Billion by 2026.

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The global phenolic resin market represents huge numbers in terms of overall consumption and in terms of market value. One of the protuberant factors driving the consumption of phenolic resin is use of resin in the preparation of industrial paints & decorative coatings. Construction industry is the make shareholder in this market due to rising residential construction activities and resulting demand for paints and coatings products. Introduction of water-borne coatings is driving the uses of phenolic resin. Resin based coatings products are witnessing relatively greater adoption over other coatings. This is due to dual benefits associated with epoxy resins such as protection and decorative properties. Moreover, use of resins in electrical application for insulation purpose is also gaining prominence on account of its high physical as well as dimensional properties. Hence, rise in production of high end electronics devices set to enhanced consumption for phenolic resin. Automotive production is rising like anything driven by massive demand for luxury car segment. In some of the developing countries such as India, Russia, and China there has been increased demand for luxury cars as a result of increased economic spending of middle class populations. Automotive industry is a vital consumer of epoxy resin, wherein it is used in the protective for vehicle production along with for aesthetics and durability. However, availability of closer alternative and its healthy adoption may hamper the growth of the phenolic resin market. Advancement in the industrial coatings due to green initiatives by global regulatory bodies anticipated to offer healthy growth opportunities during the forecast period. 

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The global phenolic resin market is segmented by type, application, and region.

On the basis of type, the phenolic resin market is segmented into novolac resin, resol resin, and others. Based on application type, the global phenolic resin market is segmented into wood adhesives, insulation, coatings, laminates, paper impregnation, foundry, molding compound, and others. On the basis of end-use, the market is segmented into automotive, furniture, electrical & electronics, building & construction, industrial, and others.

Geographically, the global phenolic resin market is segmented into four regions: North America, Europe, Asia Pacific, and Middle East & Africa

Asia-Pacific is the largest market for phenolic resin the globe. It has accounted largest marker share both in terms of value and volume in 2017 and likely to continue the same during the forecast period. Some of the key factors driving the growth of Asia-Pacific region include rising disposable income linked with rapid lifestyle changes and high demand for packaged food. Apart from this high adoption of Phenolic Resin in personal care and cosmetics, medical and pharmaceutical, and food & beverages industry is further contributing into the overall growth. North America is another attractive region for Phenolic Resin market. Technologically sound nature of this region expected to contribute significantly in the product development which further expected to develop the growth for phenolic resin. Europe hold the growing market for the phenolic resin market.

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The factors driving the growth of the phenolic resin market in Europe are availability of the huge investment, presence of many companies, and rapidly growing packaging industry have driven the phenolic resin market in Europe. Germany and U.K dominates the Europe phenolic resin market. Presence of wee government support, and continually increasing demand for the phenolic resin will drive the market in this country. LAMEA holds the least share in the market. However continuously development in the packaging industry will support the growth of the market. North America holds the second leading position in the market due to stringent government regulations and growing consumer preferences over packaged food and beverages ultimately leading to the growth of the market. According to OECD, in 2015, the recycling rate of the U.S. was 34.6%. U.S. steel container manufacturers reported a unit increase of 2.66 percent from 2014. Acquisitions and mergers have paved the way for the market to gain significant traction and is likely to witness traction in coming years. Continuously developing packaging industry and increasing investment of the company will derive the North America phenolic resin market.

Some of the key industry players operating in the Flint Group, Siegwerk Druckfarben AG & Co., Huber Group, Sun Chemical Corporation, Wikoff Color Corporation, Zeller+Gmelin GmbH & Co. KG., INX International Ink Co, Toyo Ink SC Holdings Co, ALTANA AG and XSYS Print Solutions (Shanghai) Ltd. among others.

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