Novolac Resins Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Form (Solid Resin and Liquid Resin), End-User (Automotive, Consumer Electronics, Building & Construction, Oil & Gas, Furniture, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East & Africa)

Market Snapshot

novolac resins - market summary
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4 %

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Market Overview

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.

Scope of the Report

The Novolac Resins Market report includes:

Solid Resin
Liquid Resin
Consumer Electronics
Building & Construction
Oil & Gas
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

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.
Novolac Resins Market Revenue Share

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 Resins Market Regional Trends

Competitive Landscape

The market for novolac resins is consolidated. Some of the players in the market include Hexion, DIC CORPORATION, SBHPP, KANGNAM CHEMICAL, and BASF SE.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 High Demand for Fuel Efficient Light Vehicles

      2. 4.1.2 Increasing Demand from the Consumer Electronics

    2. 4.2 Restraints

      1. 4.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition


    1. 5.1 Form

      1. 5.1.1 Solid Resin

      2. 5.1.2 Liquid Resin

    2. 5.2 End-User

      1. 5.2.1 Automotive

      2. 5.2.2 Consumer Electronics

      3. 5.2.3 Building & Construction

      4. 5.2.4 Oil & Gas

      5. 5.2.5 Furniture

      6. 5.2.6 Others

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SE

      2. 6.4.2 DIC CORPORATION

      3. 6.4.3 Georgia-Pacific Chemicals

      4. 6.4.4 Gunei Chemical Industry Co., Ltd

      5. 6.4.5 Hexion

      6. 6.4.6 KANGNAM CHEMICAL

      7. 6.4.7 Mitsui Chemicals Inc

      8. 6.4.8 SBHPP

    5. *List Not Exhaustive

**Subject to Availability

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Frequently Asked Questions

The Novolac Resins Market market is studied from 2016 - 2026.

The Novolac Resins Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Hexion, DIC CORPORATION, SBHPP, KANGNAM CHEMICAL, BASF SE are the major companies operating in Novolac Resins Market.

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