Novolac Resins Market Size and Share
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| 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 |
Novolac Resins Market Analysis by Mordor Intelligence
The Novolac Resins Market is expected to register a CAGR of greater than 4% during the forecast period.
- 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.
Global Novolac Resins Market Trends and Insights
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.
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.
Novolac Resins Industry Leaders
-
Hexion
-
DIC CORPORATION
-
SBHPP
-
KANGNAM CHEMICAL
-
BASF SE
- *Disclaimer: Major Players sorted in no particular order
Global Novolac Resins Market Report Scope
The Novolac Resins Market report includes:
| Solid Resin |
| Liquid Resin |
| Automotive |
| Consumer Electronics |
| Building & Construction |
| Oil & Gas |
| Furniture |
| Others |
| Asia-Pacific | China |
| India | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific | |
| North America | United States |
| Canada | |
| Mexico | |
| Europe | Germany |
| United Kingdom | |
| France | |
| Italy | |
| Rest of Europe | |
| South America | Brazil |
| Argentina | |
| Rest of South America | |
| Middle-East and Africa | Saudi Arabia |
| South Africa | |
| Rest of Middle-East and Africa |
| Form | Solid Resin | |
| Liquid Resin | ||
| End-User | Automotive | |
| Consumer Electronics | ||
| Building & Construction | ||
| Oil & Gas | ||
| Furniture | ||
| Others | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| North America | United States | |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| South America | Brazil | |
| Argentina | ||
| Rest of South America | ||
| Middle-East and Africa | Saudi Arabia | |
| South Africa | ||
| Rest of Middle-East and Africa | ||
Key Questions Answered in the Report
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 (2025-2030)
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 (2025-2030).
Which region has the biggest share in Novolac Resins Market?
In 2025, 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, 2023 and 2024. The report also forecasts the Novolac Resins Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Novolac Resins Market Report
Statistics for the 2025 Novolac Resins market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Novolac Resins analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
