The Global Phenolic Resins Market Growth Accelerated By Increasing Demand From Construction Industry

 

Phenolic resins have superior properties such as excellent thermal stability, high strength and stiffness, low thermal expansion, dimensional stability and electrical resistance. They are increasingly being used in construction, automotive, marine, medical, and aerospace applications. In the construction industry, phenolic resins are used to manufacture products such as ceiling tiles, doors, and flooring due to their excellent properties. They provide durable and economical building materials as they require low maintenance. The growing construction industry, especially in developing nations of Asia Pacific and Central & South America is expected to drive the demand for phenolic resins over the forecast period.

The global Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing demand from the construction industry is one of the key trends driving the phenolic resins market. Phenolic resins find wide applications in the manufacturing of roofing felt, insulation panels, laminates for doors, windows and partitions. They provide advantages such as durability, heat resistance, and electrical insulation. According to estimates, the global construction industry is expected to grow at 4-5% annually during the forecast period. Rapid urbanization and industrialization in developing countries is accelerating infrastructure development and residential construction activities. This is expected to boost the demand for phenolic resins significantly during the forecast period.

Segment Analysis

The global phenolic resins market is segmented based on type, application and geography. Based on type, the market is divided into novolac resins and resole resins. Among these, the resole resins segment dominates the market due to its widespread use in applications such as wood-adhesives, laminates, molding compounds, and insulation. Resole resins find greater applicability as they cure under acidic conditions and generate formaldehyde upon heating.

Key Takeaways

The Global Phenolic Resins Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The global Phenolic Resins Market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.

Regional analysis: The Asia Pacific region is expected to dominate the global phenolic resins market during the forecast period. This is attributed to abundant raw material availability and strong demand from the construction industry in China, India, and other developing Asia Pacific countries.

Key players: Key players operating in the phenolic resins market are ABB Ltd, Schneider Electric SE, Siemens AG, and Eaton Corporation plc.

For More Insights, Read: https://www.newswirestats.com/phenolic-resins-market-demand-growth-and-regional-outlook-by-2030/