The global phenolic resins market size is expected to reach USD 16.04 Billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.3% during the forecast period. Upsurge in the efficiency in building materials has generated higher demand for insulating materials to regulate HVAC, which is projected to propel the growth.
The North America phenolic resins market consists of two major developed economies, namely, U.S. and Canada. Owing to the high demand from various end-use industries, U.S. is leading the regional market and is anticipated to register a CAGR of 3.4% during the forecast period.
Prominent companies are putting their step forward into strategic alliances to accelerate their presence across the value chain worldwide, either by assimilating into supply or by product manufacturing. Surge in consumer awareness about new products has compelled new participants to provide high product quality with advanced technologies creating a hype in the industry.
The market has been experiencing development in terms of innovative technologies such as an inline MIVI process viscometer that enables ease in monitoring the overall polymerization reaction. This is turn helps analyze accurate viscosity and temperature parameters and evades mass damage and solidification. This innovation has piloted in self-cleaning equipment for corrosive materials.
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Phenolic Resins Market Report Highlights
• Numerous agencies such as Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), European Phenolic Resins Association (EPRA), and the U.S. Environmental Protection Agency (EPA) are the key bodies majorly governing the phenolic resins market and consumer health and safety
• In terms of volume, novolac segment is expected to expand at a CAGR of 3.7% owing to its excellent fire and corrosion resistance properties along with carbon residue, which is anticipated to surge the demand from various industrial sectors
• Demand for aesthetic and durable products is anticipated to witness steady rise due to increasing disposable income of the consumers in emerging economies
• Downward revision of GDP growth rates and saturation of the end-use industry are expected to slower the growth in the developed economies in near future
• Impetus towards provision of greater quality products and heavy investments in the R&D activities to retain customer loyalty will help develop new products and processes, which will accelerate the product demand
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