Market Research Report
Phenolic Resins Market 2020-2026
|Published by||Orion Market Research Pvt Ltd||Product code||960100|
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|Phenolic Resins Market 2020-2026|
|Published: July 25, 2020||Content info:||
Global Phenolic Resins Market Size, Share & Trends Analysis Report, By Product Type (Novolac, Resol, and Others), By Application (Adhesive, Molding, Insulation, Coatings, Laminates, and Others), By End-Use Industry (Automotive and Transportation, Aerospace and Defense, Building and Construction, Electrical and Electronics, Consumer Goods, and Others) and Forecast, 2020-2026
The global phenolic resins market is estimated to witness significant growth during the forecast period. Emerging applications in automotive and transportation are one of the major factors driving the market growth. Rising focus on bio-based phenolic resins is expected to offer an opportunity for the market. Bio-oils derived from biomass including storm debris, scrap wood, and even corn stover are utilized for the development of phenol alternatives which is useful in the epoxy and wood adhesive markets. By using fractional catalytic pyrolysis process, renewable feedstocks, including corn stover, poplar, pine, and switch grass, can be converted into high-quality phenolic materials. Such phenolic materials can replace phenolics obtained from petroleum sources in phenol/formaldehyde resins and decrease harmful environmental effects such as greenhouse gases and air emissions.
Geographically, in 2019, Asia-Pacific is estimated to witness potential growth during the forecast period owing to the expansion of electronics manufacturing and increasing construction industry in the region. As per the India Brand Equity Foundation (IBEF), production of electronics hardware in India rose from $31.13 billion in 2014 to $65.53 billion in 2019. Further, as per the Department for Promotion of Industry and Internal Trade (DPIIT), during the period, April 2000-March 2020, in the electronics sector, the inflow of foreign direct investment (FDI) stood at $2.8 billion. The increasing production of electronics products is driving the demand for phenolic resins owing to its superior heat and electrical resistance and dimensional stability.
Key players in the market include BASF SE, DIC Corp., Hexion Inc., ASK Chemicals GmbH, and Sumitomo Bakelite Co., Ltd. The market players are adopting certain strategies including mergers and acquisitions, partnerships and collaborations, and product launches, to gain a competitive advantage. For instance, in November 2019, Hexion Inc. is planning to add phenolic resin capacity as a part of its adhesive and binders business expansion at its Brimbank, Australia facility. The new capacity aims to fulfill the accelerating demand for phenolic resins. These resins can provide service in several application areas including as an element in fire-resistant cladding material for residential, commercial, and institutional applications.
The market study of the global phenolic resins market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings authenticity in our reports.
Secondary Sources Include:
The report provides in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
The Report Covers: