PHENOLIC RESINS MARKET ANALYSIS

Phenolic Resins Market Size and Trends

The phenolic resins market is estimated to be valued at USD 13.31 Bn in 2024 and is expected to reach USD 18 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.

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Phenolic resins are used across a variety of applications such as laminates, molding compounds, chemical intermediates and adhesives. The market is expected to witness steady growth on account of increasing demand from the building and construction industry. Phenolic resins offer advantages such as heat resistance, dimensional stability, and fire resistance which makes them a preferred choice for various construction applications including roofing, flooring, insulation, and wall paneling. Growing construction activities in Asia Pacific and Middle East Africa region is likely to drive the demand for phenolic resins during the forecast period.

Expanding application scope

The applications of phenolic resins have been expanding significantly over the past decade leading to rising demand. Earlier, these resins were primarily used in the wood adhesives applications, however, with advancements in material properties supported by ongoing research and development activities, their use is extending to other areas as well. The excellent heat resistance, dimensional stability and electrical properties of phenolic resins have opened up opportunities in applications such as molding compounds, friction materials, abrasion-resistant laminates and coatings. Manufacturers have been increasingly using phenolic resins for their molding compounds in various industrial and electrical applications. The high strength and ability to withstand temperatures up to 150°C without losing properties makes phenolic resins suitable for electrical insulators and switchgear components. Also, the commendable balances of mechanical, thermal and electrical properties along with flame retardancy has boosted their acceptability in power tool components and housings of various industrial equipment. The rising demand for such industrial goods will keep driving the growth of phenolic resins market.

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The transportation industry has emerged as a major end-use industry for phenolic resins with extensive applications in automotive as well as aerospace and marine sectors. Phenolic composites which provide advantages of low density, corrosion resistance and mechanical robustness are extensively utilized in the interiors of aircrafts, helicopters, ships and passenger ferry. Ongoing innovations and introduction of light-weight flooring, ceiling, galley and lavatory components made from phenolic composites are fueling their demand from aerospace and marine industries. Moreover, in the automotive industry, strict emission regulations have induced the development and adoption of lightweight vehicles, therefore growing automotive industry is expected to drive the market growth. For instance, the automotive industry in India is the fourth-largest by production in the world as per 2022 statistics.