Phenolic Resins Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Description

Phenolic resins, recognized for their exceptional thermal resistance, strength, and fire-resistant properties, continue to gain traction across diverse industries. Their enduring demand in areas such as forest products, and various processing sectors marks a significant shift in market dynamics, despite historical volatility in production rates. Analysts from Fairfield Market Research delve into the evolving landscape of the phenolic resins market, predicting promising prospects for the future.

Historical Context and Current Trends: Since their inception in the early twentieth century, phenolic resins have carved a niche as the first class of synthetic polymers to achieve commercial success. Originating from Adolf von Baeyer's discovery in 1872 and later commercialized by Baekeland in 1907, these resins have significantly broadened their application scope. By the end of the twentieth century, North America alone saw production exceeding a million tons. In 2018, the global sales of phenolic resins were valued at approximately US$ 6,516 million, with a forecast of continued growth.

Technology Enhancements: The 1990s brought about pivotal advancements in phenolic resins with the integration of nanotechnology, enhancing specific properties of the resins. Today, manufacturers are focused on pioneering new production methods that meet the swiftly evolving technological demands.

Emerging Applications: Wood adhesives are among the primary applications driving the demand for phenolic resins globally. The increasing consumer preference for engineered wood is pushing the boundaries for applications in composite boards and molding compounds, particularly in North America. The shift towards lightweight automotive components also underscores the growing relevance of phenolic resins in replacing heavier traditional materials, thereby enhancing fuel efficiency in the automotive sector.

Renewable Raw Materials: The industry is seeing a shift towards sustainable raw materials like soy, cashew shell nut oil, and lignin, which not only reduce the reliance on phenol but also maintain product performance. Innovations such as Hexion LLC's development of ultra-low emitting formaldehyde (ULEF) phenolic resins and their ongoing research in lignin-based resins highlight the sector's movement towards environmental sustainability.

Strategic Market Movements: The market has witnessed strategic mergers and acquisitions aimed at improving market positions and securing stable supply chains. Prefere Resins Holding GmbH's recent acquisitions are notable examples that underline the strategic consolidations aimed at expanding market influence and operational capabilities.

Regional Dynamics: East Asia, particularly China, is emerging as a significant market, driven by rising demands in construction, automotive, and electronics sectors. The region accounted for about 30% of the market value share in 2018 and is expected to maintain robust growth.

Market Competition and Growth Strategies: The phenolic resins market is highly fragmented, with leading players holding approximately 23-25% of the market. Companies are expanding their product portfolios and penetrating developing regions where end-user industries are burgeoning. Key players in the market include DIC Corporation, Hexion LLC, and Mitsui Chemicals Inc., among others.

Analyst's Perspective: With an expected steady growth rate of approximately 4% CAGR from 2019 to 2029, the phenolic resins market is set to expand significantly. The focus on developing eco-friendly and energy-efficient products is likely to propel market leaders to new heights. Strategic collaborations with leading distributors and industries are also anticipated to be crucial for securing market presence.

Market Segmentation Overview: The comprehensive analysis by segments the phenolic resins market by product, application, end-use, and region, providing a detailed view of the changing market dynamics and emerging opportunities.

Product Segmentation:

Novolac
Resoles
Modified

Application Segmentation:

Adhesives
Insulation
Molding Compounds
Lamination
Others

End-Use Segmentation:

Automobile
Electric and Electronics
Furniture
Construction
Others

Regional Breakdown:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa

1. Executive Summary

1.1. Global Phenolic Resins Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Production Output and Trade Statistics, 2018-2024

3.1. Global Phenolic Resins, Production Output, by Region, 2018 - 2024
- 3.1.1. North America
- 3.1.2. Europe
- 3.1.3. Asia Pacific
- 3.1.4. Latin America
- 3.1.5. Middle East & Africa

4. Global Phenolic Resins Market Outlook, 2018 - 2031

4.1. Global Phenolic Resins Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Novolac
  - 4.1.1.2. Resoles
  - 4.1.1.3. Modified
4.2. Global Phenolic Resins Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Adhesives
  - 4.2.1.2. Insulation
  - 4.2.1.3. Molding Compounds
  - 4.2.1.4. Lamination
  - 4.2.1.5. Others
4.3. Global Phenolic Resins Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. Automobile
  - 4.3.1.2. Electric and Electronics
  - 4.3.1.3. Furniture
  - 4.3.1.4. Construction
  - 4.3.1.5. Others
4.4. Global Phenolic Resins Market Outlook, by Region, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 4.4.1. Key Highlights
  - 4.4.1.1. North America
  - 4.4.1.2. Europe
  - 4.4.1.3. Asia Pacific
  - 4.4.1.4. Latin America
  - 4.4.1.5. Middle East & Africa

5. North America Phenolic Resins Market Outlook, 2018 - 2031

5.1. North America Phenolic Resins Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Novolac
  - 5.1.1.2. Resoles
  - 5.1.1.3. Modified
5.2. North America Phenolic Resins Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Adhesives
  - 5.2.1.2. Insulation
  - 5.2.1.3. Molding Compounds
  - 5.2.1.4. Lamination
  - 5.2.1.5. Others
5.3. North America Phenolic Resins Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Automobile
  - 5.3.1.2. Electric and Electronics
  - 5.3.1.3. Furniture
  - 5.3.1.4. Construction
  - 5.3.1.5. Others
5.4. North America Phenolic Resins Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 5.4.1. Key Highlights
  - 5.4.1.1. U.S. Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 5.4.1.2. U.S. Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 5.4.1.3. U.S. Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 5.4.1.4. Canada Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 5.4.1.5. Canada Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 5.4.1.6. Canada Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Europe Phenolic Resins Market Outlook, 2018 - 2031

6.1. Europe Phenolic Resins Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Novolac
  - 6.1.1.2. Resoles
  - 6.1.1.3. Modified
6.2. Europe Phenolic Resins Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Adhesives
  - 6.2.1.2. Insulation
  - 6.2.1.3. Molding Compounds
  - 6.2.1.4. Lamination
  - 6.2.1.5. Others
6.3. Europe Phenolic Resins Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. Automobile
  - 6.3.1.2. Electric and Electronics
  - 6.3.1.3. Furniture
  - 6.3.1.4. Construction
  - 6.3.1.5. Others
- 6.3.2. BPS Analysis/Market Attractiveness Analysis
6.4. Europe Phenolic Resins Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 6.4.1. Key Highlights
  - 6.4.1.1. Germany Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.2. Germany Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.3. Germany Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.4. U.K. Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.5. U.K. Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.6. U.K. Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.7. France Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.8. France Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.9. France Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.10. Italy Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.11. Italy Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.12. Italy Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.13. Turkey Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.14. Turkey Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.15. Turkey Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.16. Russia Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.17. Russia Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.18. Russia Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.19. Rest of Europe Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.20. Rest of Europe Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 6.4.1.21. Rest of Europe Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Asia Pacific Phenolic Resins Market Outlook, 2018 - 2031

7.1. Asia Pacific Phenolic Resins Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Novolac
  - 7.1.1.2. Resoles
  - 7.1.1.3. Modified
7.2. Asia Pacific Phenolic Resins Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Adhesives
  - 7.2.1.2. Insulation
  - 7.2.1.3. Molding Compounds
  - 7.2.1.4. Lamination
  - 7.2.1.5. Others
7.3. Asia Pacific Phenolic Resins Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Automobile
  - 7.3.1.2. Electric and Electronics
  - 7.3.1.3. Furniture
  - 7.3.1.4. Construction
  - 7.3.1.5. Others
- 7.3.2. BPS Analysis/Market Attractiveness Analysis
7.4. Asia Pacific Phenolic Resins Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 7.4.1. Key Highlights
  - 7.4.1.1. China Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.2. China Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.3. China Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.4. Japan Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.5. Japan Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.6. Japan Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.7. South Korea Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.8. South Korea Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.9. South Korea Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.10. India Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.11. India Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.12. India Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.13. Southeast Asia Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.14. Southeast Asia Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.15. Southeast Asia Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.16. Rest of Asia Pacific Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.17. Rest of Asia Pacific Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 7.4.1.18. Rest of Asia Pacific Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Latin America Phenolic Resins Market Outlook, 2018 - 2031

8.1. Latin America Phenolic Resins Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Novolac
  - 8.1.1.2. Resoles
  - 8.1.1.3. Modified
8.2. Latin America Phenolic Resins Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
8.3. Latin America Phenolic Resins Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. Automobile
  - 8.3.1.2. Electric and Electronics
  - 8.3.1.3. Furniture
  - 8.3.1.4. Construction
  - 8.3.1.5. Others
- 8.3.2. BPS Analysis/Market Attractiveness Analysis
8.4. Latin America Phenolic Resins Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 8.4.1. Key Highlights
  - 8.4.1.1. Brazil Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.2. Brazil Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.3. Brazil Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.4. Mexico Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.5. Mexico Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.6. Mexico Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.7. Argentina Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.8. Argentina Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.9. Argentina Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.10. Rest of Latin America Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.11. Rest of Latin America Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 8.4.1.12. Rest of Latin America Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Middle East & Africa Phenolic Resins Market Outlook, 2018 - 2031

9.1. Middle East & Africa Phenolic Resins Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 9.1.1. Key Highlights
  - 9.1.1.1. Novolac
  - 9.1.1.2. Resoles
  - 9.1.1.3. Modified
9.2. Middle East & Africa Phenolic Resins Market Outlook, by Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 9.2.1. Key Highlights
  - 9.2.1.1. Adhesives
  - 9.2.1.2. Insulation
  - 9.2.1.3. Molding Compounds
  - 9.2.1.4. Lamination
  - 9.2.1.5. Others
9.3. Middle East & Africa Phenolic Resins Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 9.3.1. Key Highlights
  - 9.3.1.1. Automobile
  - 9.3.1.2. Electric and Electronics
  - 9.3.1.3. Furniture
  - 9.3.1.4. Construction
  - 9.3.1.5. Others
- 9.3.2. BPS Analysis/Market Attractiveness Analysis
9.4. Middle East & Africa Phenolic Resins Market Outlook, by Country, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 9.4.1. Key Highlights
  - 9.4.1.1. GCC Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.2. GCC Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.3. GCC Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.4. South Africa Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.5. South Africa Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.6. South Africa Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.7. Egypt Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.8. Egypt Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.9. Egypt Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.10. Nigeria Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.11. Nigeria Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.12. Nigeria Phenolic Resins Market End Use, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.13. Rest of Middle East & Africa Phenolic Resins Market by Product Type, Volume (Tons) and Value (US$ Bn), 2018 - 2031
  - 9.4.1.14. Rest of Middle East & Africa Phenolic Resins Market Application, Volume (Tons) and Value (US$ Bn), 2018 - 2031
- 9.4.2. BPS Analysis/Market Attractiveness Analysis

10. Competitive Landscape

10.1. End Use vs Application Heatmap
10.2. Manufacturer vs Application Heatmap
10.3. Company Market Share Analysis, 2024
10.4. Competitive Dashboard
10.5. Company Profiles
- 10.5.1. DIC Corporation
  - 10.5.1.1. Company Overview
  - 10.5.1.2. Product Portfolio
  - 10.5.1.3. Financial Overview
  - 10.5.1.4. Business Strategies and Development
- 10.5.2. Hexion LLC
- 10.5.3. Chang Chun Plastics Co. Ltd.
- 10.5.4. Mitsui Chemicals Inc.
- 10.5.5. Georgia Pacific Chemicals LLC
- 10.5.6. Prefere Resins
- 10.5.7. Kolon Industries, Inc.
- 10.5.8. SI Group
- 10.5.9. Sumitomo Bakelite Co. Ltd
- 10.5.10. BASF SE
- 10.5.11. Hitachi Chemical Co. Ltd.
- 10.5.12. Plastics Engineering Company
- 10.5.13. RPM International Inc.
- 10.5.14. KCC Corporation
- 10.5.15. Altex Coatings Inc.
- 10.5.16. Nippon Paint Marine Coatings Co., Ltd.

11. Appendix

11.1. Research Methodology
11.2. Report Assumptions
11.3. Acronyms and Abbreviations