The automotive industry has a high need for phenolic resins, and it is anticipated that this industry's expansion will drive market expansion. Because to its heat resistance, light weight, fire retardancy, and impact resistance, it is commonly utilised in automobiles. One of the main drivers of market expansion is the rising auto manufacturing in developing nations. The market is expanding as a result of more stringent rules and regulations aimed at increasing energy efficiency and the growing usage of phenolic resin in impregnated materials. The phenolic resins market is expanding due to the rising demand for low-density materials that offer great durability and thermal insulation. The market is expected to increase as this material is being used in green building spaces for the commercial and residential sectors. The demand for phenolic resins is anticipated to be driven by rising consumer disposable income and population increase, which is anticipated to support market growth over the forecast period.
Coherent Market Insights estimates that Revenue for the global Phenolic Resins Market was estimated at US$ 14605.0 Million in 2021, growing at a CAGR of 4.84% over the projected period (2022 to 2030).
Top Companies in the Phenolic Resins Industry:
1. BASF SE,
The company was founded in 1865 and has its headquarters in Ludwigshafen, Germany. Chemicals, plastics, performance goods, practical solutions, agricultural solutions, and oil and gas are among the six business segments that the company engages in. The extension of BASF's polymer dispersions manufacturing facility in Daya Bay, China, has been announced for investments beginning in March 2023. The manufacturing of BASF's first bio-based polyol, Sovermol®, started on March 9 in Mangalore, India.
2. Chang Chun Plastics Co. Ltd.,
Based in Taiwan, China, the business was established in 1949. The business produces paraformaldehyde, epoxy resins, melamine moulding compounds, and other items in addition to producing and distributing plastic materials. The main goods currently available include paper copper-clad laminate board, epoxy resin, epoxy moulding compound, dry film photo resist, liquid photo resist, and others.
3. Georgia Pacific Chemicals LLC,
The company was founded in 1959 and is based in Atlanta, GA. The company manufactures catalysts, additives, coatings, resins, and other related goods. Georgia-Pacific Chemicals supplies a variety of global industries with its products, including the aerospace, coatings, building, metallurgy, mining, packaging, and rubber processing. In 2022, Georgia-Pacific Chemicals is acquired by Bakelite Synthetics.
4. Kolon Industries Inc.,
The business was founded in 1957 and its main office is in Seoul, South Korea. The company produces a range of chemical textiles and fibres, including nylon yarns and fabrics, chamude, tyre cord fabrics, and air bag fabrics. It also makes polyester and nylon films as well as audio and video tapes.
5. Prefere Resins
The company was established in 2014 and is located in Erkner, Brandenburg, Germany. The Business offers a variety of resins, fundamental chemical raw ingredients, and additives through its subsidiaries. Worldwide consumers are served by Prefere Resins.
6. Mitsui Chemicals Inc.,
The company was established in 1997 and has its main office in Minato City, Tokyo, Japan. Many chemical products are produced and sold by the business. Products offered by the company include synthetic resins, fine chemicals, ethylene, propylene, and other petrochemicals. In November 2022, Mitsui Chemicals and Hokkaido University ICReDD Signed a Basic Agreement for the Establishment of a Chemical Reaction Design Innovation Department.
7. Sumitomo Bakelite Co., Ltd
Based in Japan, The Company was established in 1932. The company's goods are employed in the manufacture of industrial goods like vehicles as well as electronic components like semiconductors and circuit boards. To increase manufacturing of semiconductor packaging materials, Sumitomo Bakelite broke ground on a new facility in Kaohsiung's Dafa Industrial Park in September 2022.
8. Hitachi Chemical Co. Ltd.,
The company was founded in 1912 and is located in Tokyo, Japan. The company produces printed circuit boards, copper clad laminates, photosensitive dry films, functional polymeric materials, adhesive films, carbon products, ceramics, and items connected to the automobile industry.
*Definition: Phenolic resins are polymers with superior electrical and heat resistant qualities. It is primarily utilised as a material for moulding, abrasives, adhesives, laminates, friction, and insulators.
