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(MoneyNewsWire.Net, May 30, 2018 ) The global phenolic resin market is estimated to be valued at USD 11.30 Billion in 2016, and is projected to reach USD 15.01 Billion by 2021, at a CAGR of 5.8% during the forecast period. The advanced properties of phenolic resin and the increasing demand from the tire industry are expected drive the market during the forecast period.
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The global phenolic resin market is classified on the basis of type, namely, resol resin, novolac resin, and others. Resol resin is expected to lead the global phenolic resin market during the forecast period, followed by novolac resin. Resol resin is expected to lead the market due to its growing use in the wood adhesives application. The market for resol resin is also expected to witness the highest CAGR from 2016 to 2021. The main features of resol resin are, the superior heat resistance, high flexibility, mechanical strength, and moldability, and excellent friction properties.
The global phenolic resin market is classified on the basis of application, namely, wood adhesives, molding, laminates, foundry, insulation, and others. The wood adhesives application is the largest, due to the rapidly growing construction industry, which in turn is driving the consumption of wood adhesives. The molding application is also expected to grow at the highest CAGR during forecast period.
The global phenolic resin market is classified on the basis of end-use industry, namely, automotive, building & construction, furniture, electrical & electronics, and others. Automotive is the largest and the fastest-growing end-use industry due to the growing automobile sales. In addition, the increase in the use of phenolic resins in applications such as, brake linings, clutch facing, and brake pads is also expected to drive the phenolic resin market.
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The global phenolic resin market is segmented on the basis of region, namely, Asia-Pacific, Europe, North America, Middle East & Africa, and South America. Currently, the Asia-Pacific region is the largest market for phenolic resin. Rapid industrialization and improved living standards are expected to drive the increasing demand for phenolic resin. The Middle Eastern & African region is projected to be the second-fastest growing market from 2016 to 2021. This growth is attributed to the rapidly growing automotive and building & construction industries in the region.
The major factors restraining the growth of the global phenolic resin market are the environmental regulations regarding formaldehyde emissions. Formaldehyde and phenol are the primary raw materials used in the production of phenolic resin. Phenol is corrosive to the body tissue, and poisoning can occur from inhalation, ingestion, or absorption. As a result, the use of formaldehyde and phenol are heavily regulated, especially in North America and Europe. Some of the key players in the global phenolic resin market are, Hexion Inc. (U.S.), Hitachi Chemical Co., Ltd. (Japan), Sumitomo Bakelite Co., Ltd. (Japan), SI Group, Inc. (U.S.), DIC Corporation (Japan), BASF SE (Germany), Kolon Industries, Inc. (South Korea), Shandong Laiwu Runda New Material Co., Ltd. (China), Dujodwala Paper Chemicals Ltd. (India), and Changshu South-East Plastics Co., Ltd. (China), among others.
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