Further key findings from the report suggest:
North America Phenolic Resin Market demand was 1,255.5 kilo tons in 2015 and is expected to exceed 1,600 kilo tons by 2024, growing at an estimated CAGR of 3.4% from 2016 to 2024.
Aqueous resol solutions are widely utilized for chipboard bonding applications owing to their high moisture resistance as compared to other urea based adhesives.
Impregnation applications accounted for over 20% of the overall volume in 2015. Impregnated laminates dominate the segment and is driven by high demand for decorative & high pressure laminates.
Molding compounds and insulation applications collectively accounted for nearly 30% of the overall consumption in 2015.
High demand for heat-resistant consumer electronics & automotive components is likely to boost consumption in molding compounds & insulation applications.
The U.S. was the leading regional market and accounted for over 70% of the total market volume in 2015.
High demand for resins from several major end-use industries such as construction, automotive and electrical & electronics is fostering industry growth in the U.S.
Mexico is projected to be the fastest growing market in North America and is characterized by high demand for novolac resins.
Major industry participants include Owens Corning, Arclin, Inc., Olympic Panel, Hardwoods, Inc., America Micro Industries, Inc., Ashland, Inc., DIC Corporation, Hexcel Corporation and Kolon Industries.
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