NEW YORK, Sept. 21, 2016 /PRNewswire/ -- North America phenolic resin market is expected to reach USD 4.20 billion by 2024, according to a new report by Grand View Research, Inc. Phenolic resins are increasingly being used in application such as wood adhesives, and laminates & coatings. These application segments are further driven by construction activities; therefore, an increase in housing starts and commercial construction projects are touted to drive demand in the future.
The requirement for heat resistant & flame retardant compounds in automotive & aircraft manufacturing is also likely to present opportunities for the industry growth in future. Additionally, the products' exceptional chemical & physical properties such as high tensile strength, low toxicity & easy blending make it ideal for ablators, insulative materials, coatings, and other products.
Resols emerged as the leading product segment with nearly 50% volume share in 2015. Their usage as adhesives, reinforcing agents, and binders is a key driving factor for the segment growth. In terms of consumption, Mexico offers greater opportunities for resols, with its growth projected at 3% from 2016 to 2024.
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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