The global phenolic resins market is anticipated to reach USD 15.98 billion by 2025 registering a CAGR of 5.3%

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Jun 17, 2019, 18:21 ET

NEW YORK, June 17, 2019 /PRNewswire/ -- Phenolic Resins Market Size, Share & Trends Analysis Report By Application (Laminate, Molding, Insulation, Wood Adhesive, Paper Impregnation, Coating), By Product (Resol, Novolac), By Region, And Segment Forecasts, 2019 - 2025

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The global phenolic resins market is anticipated to reach USD 15.98 billion by 2025 registering a CAGR of 5.3%. Increasing utilization of phenolic resin-based products in end-use industries, such as construction and automotive, is anticipated to boost the market growth during the forecast period. Phenolic resins are suitable for various applications including wood adhesives, fabrics, laminates, coatings, and molding in several industries, such as electronics & electrical and consumer goods, due to their excellent ablative properties, heat, moisture & chemical resistance, and superior mechanical strength.

Increasing use of these resins in production of decorative and industrial laminates in the construction industry is driving the market.Rapid growth in the real estate sector is also fueling the demand for these products, especially in emerging economies of Asia Pacific.

For example, India recorded an investment of USD 3,616 million in the first half of 2018 in the real estate industry.Major growth came from IT & commercial followed by entity segments.

However, volatility in raw material prices can hinder the market growth. India has witnessed a decline in phenol prices on account of increased cargo availability and stagnating demand in major export regions.

Wood adhesives was the largest application segment in 2018 on account of increasing demand for wood-based products.Properties like heat and moisture resistance and excellent bonding with wood make the phenolic resins suitable for load-bearing engineered wood.

Investments in R&D for business development is a major growth strategy witnessed in the market.For instance, in May 2018, Silverfleet Capital acquired a majority stake in Prefere Resins Holding GmbH, which produces phenolic and amino resins.

The acquisition enabled Prefere Resins Holding GmbH to scale-up its R&D activities, expand its geographic reach, and launch new products.

Further key findings from the study suggest:
• Molding application is anticipated to register a CAGR of 5.0% from 2019 to 2025 owing to its increasing demand from transportation industry
• Growth in the construction and furniture industry is propelling the demand for wood adhesives, as a result, the segment held a revenue share of 26.4% in 2018
• Resol is expected to be the fastest-growing segment over the estimated period owing to its increasing use in laminates
• Asia Pacific is anticipated to expand at a the fastest CAGR of 4.8% over the forecast period due to high product demand from industries including paper impregnation, wood adhesives, and laminates, in the region
• Some of the prominent companies in the global phenolic resins market are DIC Corp.; Ashland, Inc.; Hexcel Corp.; Kolon Industries Inc.; and Georgia-Pacific Chemicals
• Most of these companies are investing in R&D to strengthen their market positions. For example, in 2018, Hexion Inc., developed next-generation resin technologies for the wood panel producers

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