NEW YORK, Feb. 8, 2017 /PRNewswire/ -- The global phenolic resin market is projected to reach USD 15.01 billion by 2021, at a CAGR of 5.8% from 2016 to 2021. The growth is primarily due to the advanced properties of phenolic resin coupled with the growing automotive industry in the Asia-Pacific region. The factors restraining the growth of this market are the environmental regulations regarding the use of phenol and formaldehyde.
"Resol resin to be the largest type in the global phenolic resin market"
The market for resol resin is projected to be the largest by type in the global phenolic resin market from 2016 to 2021. Resol resin is the most widely used phenolic resin because of its enhanced properties such as, high heat resistance, high tensile strength, and excellent moldability. Moreover, the rising demand from the wood adhesives application is also leading to the high growth of resol resin in the global phenolic resin market.
"Wood adhesives to be the largest application of the phenolic resin market during the forecast period"
Wood adhesives are expected to be the largest application of the global phenolic resin market from 2016 to 2021. The high demand for the wood adhesives application is mainly due to the growing construction industry. Moreover, rapid urbanization and increase in remodeling & renovation, housing projects, and other woodwork is also driving the global phenolic resin market in the wood adhesives application.
"Asia-Pacific to be the largest and the fastest growing phenolic resin market during the forecast period"
The Asia-Pacific region is the largest phenolic resin market. Strong economic development, followed by substantial investments in industries such as, automotive, building & construction, furniture, and electrical & electronics is driving the phenolic resin market. With economic contraction and saturation in the European and North American markets, demand is shifting to the Asia-Pacific region. Moreover, the low cost of production is propelling the growth of phenolic resin in the region.
Breakdown of profiles of primary interviews for the report
- By Company Type – Tier 1 – 30%, Tier 2 –43%, and Tier 3 – 27%
- By Designation – C Level – 21%, Director Level – 23%, and Others – 56%
- By Region – North America – 37%, Europe – 23%, Asia-Pacific – 26%, and RoW – 14%
Some of the key companies profiled in this report are, Hexion Inc. (U.S.), Hitachi Chemical Co., Ltd. (Japan), Sumitomo Bakelite Co., Ltd. (Japan), SI Group, Inc. (U.S.), DIC Corporation (Japan), BASF SE (Germany), Kolon Industries, Inc. (South Korea), Shandong Laiwu Runda New Material Co., Ltd. (China), Dujodwala Paper Chemicals Ltd. (India), and Changshu South-East Plastics Co., Ltd. (China), among others.
The report is segmented on the basis of type, application, end-use industry, and region. The major types covered in this report are resol resin, novolac resin, and others. The applications include wood adhesives, laminates, molding, foundry, insulation, and others. The end-use industry includes automotive, building & construction, furniture, electrical & electronics, and others. The market is also segmented on the basis of regions including, the Asia-Pacific region, Europe, North America, South America, and Middle East & Africa.
This report covers the following studies which will benefit the client:
- Market segmentation based on type, application, end-use industry, and region
- Market dynamics including drivers, restraints, and opportunities
- Value chain analysis
- Porter's Five Forces Analysis with respect to the global phenolic resin market
- Profile of the key market players in the global phenolic resin market
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