Market Size of Phenolic Resin Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
