Phenolic Resin Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Phenolic Resin Market Revenue and it is Segmented by Product Type (Novolac and Resol), Application (Molding, Adhesive, Insulation, and Other Applications), End-user Industry (Automotive and Transportation, Consumer Electronics, Building and Construction, Oil and Gas, Furniture, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Phenolic Resin in value (USD million) for all the above segments.

Phenolic Resin Market Size

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Phenolic Resin Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 4.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Phenolic Resin Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Phenolic Resin Market Analysis

The phenolic resin market is projected to register a CAGR of 4% during the forecast period.

  • Due to COVID-19, manufacturing activities stopped, affecting the building and construction industry and decreasing the demand for phenolic resin insulations for the short term. 
  • The COVID-19 pandemic affected the oil and gas sector due to the temporary lockdown in almost all countries. The consumer electronics industry was also affected due to supply chain constraints and workforce shortages. The transportation and automotive industry also faced a decline in production and sales due to travel bans and restrictions, thus affecting the phenolic resin market. However, resumed production plants and international trade activities from 2021 are expected to restore market growth over the forecast period.
  • Over the medium term, the major factor driving the market's growth is the increasing demand from the construction and transportation industries.
  • On the flip side, the unfavorable conditions arising from the COVID-19 outbreak are anticipated to impede the market's growth.
  • Increasing concern related to reducing the vehicle's weight to open new opportunities in the future.
  • Asia-Pacific is expected to be the largest market due to the increasing consumption of phenolic resin in the end-user industries.

Phenolic Resin Market Trends

This section covers the major market trends shaping the Phenolic Resin Market according to our research experts:

Increasing Demand for Molding Applications is Driving the Phenolic Resin Market

  • Phenolic resins are utilized for their properties, including fire resistance, high elasticity, surface hardness, chemical resistance, and electrical insulation.
  • Molding applications are projected to be the fastest developing sector due to the chemical resistance provided by phenolic resins in high temperatures or aggressive environments.
  • Due to its high elasticity, heat resistance, and dimensional stability, the increasing demand for molding applications of phenolic resins for various purposes, including abrasive grinding wheels, friction linings, and refractory products, is driving market growth.
  • Molding components are widely used in various end-user industries, including household appliances, automotive commutators, and electrical and electronic components. The compounds are used to manufacture electrical equipment and kitchenware, which will increase the demand for molding resins due to their excellent dimensional stability.
  • The worldwide industry revenue of consumer electronics in 2022 surpassed USD 1 trillion, a more than 10% increase from the last five years, and it is expected to surpass USD 1.1 trillion by 2025. Additionally, the global household appliances industry generated nearly USD 640 billion in 2022 and is expected to surpass USD 780 billion by 2027.
  • Government support to cultivate local assembling exercises is driving the interest in phenolic resins in the building and construction sector. Moreover, these resins are widely used in household applications, electrical and electronics, compression, and injection molded parts for the oil and gas industry.
  • All the aforementioned factors are expected to drive the phenolic resin market during the forecast period.
Phenolic Resin Market: New Privately-Owned Housing Units Started, United States, 2018-2022 (Thousands of Units)

The Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is expected to witness the highest growth rate due to the high consumption of phenolic resins from consumer electronics, transportation, furniture, building and construction, and oil and gas in China and India.
  • The transportation and automotive industry segment accounts for the largest share of the phenolic resin market. Transportation business across Asia-Pacific to drive the rubber industry, in turn driving the demand for the market studied.
  • The legislation issued in several countries of the Asia-Pacific region to construct energy-efficient buildings has complemented the overall demand for phenolic resins, thereby resulting in the rapid progression of the phenolic resins market.
  • For instance, in March 2021, the Singapore government launched the Singapore Green Building Masterplan (SGBMP), which targets achieving 80% of all buildings as green by 2030. At the end of 2021, 49% of all Singapore's buildings had been greened.
  • Global phenol demand amounted to about 12 million metric tons in 2022, which resulted in a 2.5% average annual increase over the last five years.
  • Furthermore, increasing application in adhesives and insulation will increase the demand for phenolic resins in the building and construction end-user industry. The increasing construction activities in China, India, and Southeast Asia will increase market concentration in Asia Pacific over the coming years.
Phenolic Resin Market - Growth Rate by Region, 2023-2028

Phenolic Resin Industry Overview

The phenolic resin market is fragmented. Some players in the market include DIC Corporation, Kangnam Chemical, Sumitomo Bakelite Co. Ltd, BASF Se, and Shandong Laiwu Runda New Material Co. Ltd.

Phenolic Resin Market Leaders

  1. DIC CORPORATION

  2. KANGNAM CHEMICAL

  3. Sumitomo Bakelite Co., Ltd

  4. BASF SE

  5. SHANDONG LAIWU RUNDA NEW MATERIAL CO.,LTD

*Disclaimer: Major Players sorted in no particular order

Phenolic Resin Market Concentration
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Phenolic Resin Market News

  • January 2023: BASF SE invested in the capacity expansion of polymer dispersions at its production site in Merak, Indonesia. The expansion is in line with the growing trend of high-quality packaging in ASEAN, where key paper and board manufacturers are located.
  • December 2022: Sumitomo Bakelite Europe NV, a Belgium-based subsidiary company of Sumitomo Bakelite Co., Ltd., obtained international sustainability carbon certification/ISCC PLUS (International Sustainability and Carbon Certification) certification for its phenolic resins. ISCC PLUS Certification is provided to companies for processing biobased and bio-circular materials and is widely used in Europe.
  • November 2022: ASK Chemicals Group completed the acquisition of the industrial resins business from US-based SI Group. Purchase includes resin manufacturing sites in Rio Claro (Brazil), Ranjangaon (India), and Johannesburg (South Africa), as well as licensed technology and concluded multiple tolling agreements worldwide. With this acquisition, ASK Chemicals has reinforced its position in the foundry market and, at the same time, took a first and substantial step in building a phenolic industrial resin business.

Phenolic Resin Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Construction and Transportation Industries

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Unfavorable Conditions Arising Due to the 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 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Product Type

      1. 5.1.1 Novolac

      2. 5.1.2 Resol

    2. 5.2 Application

      1. 5.2.1 Molding

      2. 5.2.2 Adhesive

      3. 5.2.3 Insulation

      4. 5.2.4 Other Applications

    3. 5.3 End-user Industry

      1. 5.3.1 Automotive and Transportation

      2. 5.3.2 Consumer Electronics

      3. 5.3.3 Building and Construction

      4. 5.3.4 Oil and Gas

      5. 5.3.5 Furniture

      6. 5.3.6 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 France

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    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 Changshu South-East Plastic Co. Ltd

      3. 6.4.3 DIC CORPORATION

      4. 6.4.4 Georgia-Pacific Chemicals

      5. 6.4.5 Hexcel Corporation

      6. 6.4.6 KANGNAM CHEMICAL

      7. 6.4.7 Kolon Industries Inc.

      8. 6.4.8 Mitsui Chemicals India Pvt Ltd

      9. 6.4.9 Prefere Resins Holding GmbH

      10. 6.4.10 SHANDONG LAIWU RUNDA NEW MATERIAL CO. LTD

      11. 6.4.11 SI Group Inc.

      12. 6.4.12 Sumitomo Bakelite Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Phenolic Resin Industry Segmentation

Phenolic resins are synthetic polymers obtained by the reaction of phenol or substituted phenol with formaldehyde. The material was originally called bakelite. This was effectively the first plastic to be sold commercially. Phenolic resins are used in various applications, including electronics, ballistics, mine ventilation, offshore water pipe systems, aerospace, rail, and mass transit. 

The phenolic resin market is segmented by product type, application, end-user industry, and geography. By product type, the market is segmented into novolac and resol. By application, the market is segmented into molding, adhesive, insulation, and other applications. By end-user industry, the market is segmented into automotive and transportation, consumer electronics, building and construction, oil and gas, furniture, and other end-user industries. The report also covers the market size and forecasts for the 15 countries across major regions. 

For each segment, the market sizing and forecasts have been done on the basis of value (USD million).

Product Type
Novolac
Resol
Application
Molding
Adhesive
Insulation
Other Applications
End-user Industry
Automotive and Transportation
Consumer Electronics
Building and Construction
Oil and Gas
Furniture
Other End-user Industries
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
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Phenolic Resin Market Research FAQs

The Phenolic Resin Market is projected to register a CAGR of 4% during the forecast period (2024-2029)

DIC CORPORATION, KANGNAM CHEMICAL, Sumitomo Bakelite Co., Ltd, BASF SE and SHANDONG LAIWU RUNDA NEW MATERIAL CO.,LTD are the major companies operating in the Phenolic Resin Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Phenolic Resin Market.

The report covers the Phenolic Resin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Phenolic Resin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Phenolic Resin Industry Report

Statistics for the 2024 Phenolic Resin market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Phenolic Resin analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Phenolic Resin Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)