Novolac Resin Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Novolac Resin Market Analysis
The novolac resins market is expected to develop at a CAGR of over 4% during the forecast period. The major factor driving the growth of the novolac resins market is the high demand for fuel-efficient light vehicles. Furthermore, increasing demand from the consumer electronics segment is expected to propel the market. The abrupt flare-up of the COVID-19 is foreseen to thwart the development of the market studied.
- Automotive application is anticipated to dominate the overall market owing to its various properties inlcuding heat resistance, fireproof, chemical resistance, and electrical insulating.
- Asia-Pacific is expected to be the largest market because of the high demand of the product from various industries in the region.
Novolac Resin Market Trends
This section covers the major market trends shaping the Novolac Resins Market according to our research experts:
High Demand from Automotive Segment to Boost Novolac Resins Market
- High demand for eco-friendly vehicles, in the automotive segment, has been driving novolac resins market in view of their lightweight trademark. High growth in developing economies is relied upon to develop the market on a large scale during the forecast period.
- Novolac resins are required during high flexibility, fireproof, heat resistance, chemical resistance, surface hardness, and electrical insulating properties. These resins can be shaped effectively and thus, demand in this application is relied upon to increase. Moreover, incrreasing interest in laminates and molded materials are driving the market.
- In 2019, the total number of motor vehicles manufactured globally is around 91.78 million units.
- All the aforementioned factors are expected to drive the novolac resins market during the forecast period.
Asia-Pacific Region to Dominate Novolac Resins Market
- Asia-Pacific region is expected to have the highest growth rate attributing to the high consumption of novolac resins from end-users in emerging economies like China, India, etc. from the region.
- The revenue of Japan's furniture market is projected to be USD 102.83 billion in 2020 and is forecasted to grow at an annual CAGR of 2.5% during 2020-2023.
- In China, the total income of the consumer electronics division is projected to account for USD 173.76 billion in 2020 and is foreseen to develop to a market size of USD 190.23 billion by 2024.
- In 2019, the total number of vehicles manufactured in India was around 4.516 million units.
- Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast period.
Novolac Resin Industry Overview
The market for novolac resins is consolidated. Some of the players in the market include Hexion, DIC CORPORATION, SBHPP, KANGNAM CHEMICAL, and BASF SE.
Novolac Resin Market Leaders
Hexion
DIC CORPORATION
SBHPP
KANGNAM CHEMICAL
BASF SE
*Disclaimer: Major Players sorted in no particular order
Novolac Resin Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 High Demand for Fuel Efficient Light Vehicles
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4.1.2 Increasing Demand from the Consumer Electronics
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4.2 Restraints
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4.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak
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4.2.2 Other Restraints
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4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Buyers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Form
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5.1.1 Solid Resin
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5.1.2 Liquid Resin
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5.2 End-User
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5.2.1 Automotive
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5.2.2 Consumer Electronics
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5.2.3 Building & Construction
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5.2.4 Oil & Gas
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5.2.5 Furniture
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5.2.6 Others
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 France
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5.3.3.4 Italy
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5.3.3.5 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East and Africa
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5.3.5.1 Saudi Arabia
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 BASF SE
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6.4.2 DIC CORPORATION
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6.4.3 Georgia-Pacific Chemicals
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6.4.4 Gunei Chemical Industry Co., Ltd
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6.4.5 Hexion
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6.4.6 KANGNAM CHEMICAL
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6.4.7 Mitsui Chemicals Inc
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6.4.8 SBHPP
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Novolac Resin Industry Segmentation
The Novolac Resins Market report includes:
| Form | |
| Solid Resin | |
| Liquid Resin |
| End-User | |
| Automotive | |
| Consumer Electronics | |
| Building & Construction | |
| Oil & Gas | |
| Furniture | |
| Others |
| Geography | |||||||
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Novolac Resin Market Research FAQs
What is the current Novolac Resins Market size?
The Novolac Resins Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Novolac Resins Market?
Hexion, DIC CORPORATION, SBHPP, KANGNAM CHEMICAL and BASF SE are the major companies operating in the Novolac Resins Market.
Which is the fastest growing region in Novolac Resins Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Novolac Resins Market?
In 2024, the Asia Pacific accounts for the largest market share in Novolac Resins Market.
What years does this Novolac Resins Market cover?
The report covers the Novolac Resins Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Novolac Resins Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Novolac Resin Industry Report
Statistics for the 2024 Novolac Resin market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Novolac Resin analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
