Global Market Size, Forecast, and Trend Highlights Over 2025 – 2037
Phenolic Resin Market size was valued at USD 10.01 billion in 2024 and is expected to cross USD 19.27 billion by the end of 2037, expanding at more than 5.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of phenolic resin is estimated at USD 10.43 billion.
This growth is driven by the growing production of wood which is used in laminates. In a process called a Continuous Process Line (CPL), Kraft paper coated with a resol-type phenolic resin serves as a support layer. A second decorative paper impregnated with melamine resin serves as the surface layer. These are pressed together at high temperatures and under low pressures for making thin laminates.
Furthermore, the growing production of automobiles also boosts the phenolic resin market demand. The production of automobiles reached over 79 million units in 2021. In comparison to the previous year, this statistic represents a rise of about 2%. Hence, the use of phenolic resin is growing in automotive parts owing to its high heat resistivity.
Global Phenolic Resin Market: Growth Drivers and Challenges
Growth Drivers
- Growing Demand for Consumer Goods and Appliances
Various consumer goods or appliances which are produced contain phenolic resin. Kitchen wear, handles, knobs, and bathroom are some of the phenolic resin appliances.
- Rising Advantages to Petrochemical Sector
High-strength fiberglass products are coated with phenolic resins in layers, saturating the substrate to form a bonded laminate surface that is fully cured through heat treatment. A thermoset polymer matrix is what is used to increase a product's resistance properties for demanding applications. The enhanced temperature resistance, corrosion resistance, and better mechanical stability of industrial phenolic resin products are their main advantages. This is beneficial to the petrochemical industry.
- Surge in Use in Pharmaceutical Industry
Phenolic resin has been extensively used in the pharmaceutical industry for manufacturing various pharmaceutical instruments such as dental materials, laboratory equipment, and medical devices. This is owing to its resistance to chemicals such as acids, bases, salts, halogens, organic compounds, solvents, and biological stains.
Challenges
- Fluctuating Price of Raw Material
- Environmental Regulations - At room temperature, phenolic resins are an odorless, combustible gas. Phenolic resins are used in the production of composite wood goods, including hardwood, plywood, particleboard, and medium-density fiberboard, as well as building supplies, insulation, paints and coatings, and paper products. If consumed, breathed, or absorbed into the body, phenol, a caustic chemical, could be poisonous. Formaldehyde and phenol thus face intense regulations in many countries.
- Not Suitable for Operating in Environments with Temperatures Above 350 Degrees Fahrenheit.
Phenolic Resin Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.3% |
|
Base Year Market Size (2024) |
USD 10.01 billion |
|
Forecast Year Market Size (2037) |
USD 19.27 billion |
|
Regional Scope |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this ReportGlobal Phenolic Resin Industry - Regional Synopsis
APAC Market Statistics
The phenolic resin market share of phenolic resin in Asia Pacific is projected to have the highest growth by 2037. This gain is led by growing investment in electric vehicles. This increases investments to install phenolic resin. Additionally, electric vehicles need lightweight components, and hence phenolic resin satisfies that. China is known to be leading in manufacturing phenolic resin and the consumption of electric vehicles is the highest in this country, making them the largest consumer.
North America Market Forecast
The North America phenolic resin market is poised to have significant growth in the coming years. The growth of market in this region is expected to grow on account of the increasing demand for residential and commercial spaces.
Top Featured Companies Dominating the Global Phenolic Resin Market
- Arclin Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Arizona Chemical Ltd
- Asahi Kasei Corporation
- Ashland Inc.
- BASF SE
- Changchun group
- DIC Corporation
- DYNEA AS
- Georgia Pacific LLC
- GUN EI Chemical Industry
In the News
- Earlier this year, Arclin Inc., a chemistry-based producer of engineered products for the construction, transportation, agriculture, and other industries, announced that it had signed an exclusive agreement with INSERCO Industrie Service GmbH for the support and expansion of Arclin's South American business. By utilizing INSERCO's industry knowledge, this new alliance would promote Arclin's growth and presence in South American markets. The agreement's terms weren't made public.
- With effect from April 1, 2023, Asahi Kasei Asaclean Americas ("AKAC"), a supplier of the top-selling purging compounds and concentrates worldwide, and Asahi Kasei Plastics North America ("APNA"), a leading international compounder of advanced designed polymers and polypropylene, would merge. The United business would conduct business as APNA and have its main office in Fowlerville, Michigan.
Author Credits: Rajrani Baghel
- Report ID: 4988
- Published Date: Oct 14, 2024
- Report Format: PDF, PPT
