Phenolic resins Market are being increasingly used in numerous industries owing to high heat resistance, mechanical strength, low toxicity, ability to blend with polymers and low smoke. The global phenolic resins market is anticipated to witness stable growth over the next seven years owing to increased demand from transport and construction industry.
Product demand is expected to rise on account of increased usage of fire retardant materials in automotive and aircraft components. Phenolic molding compounds namely novolac and resol have tremendous future potential which is anticipated to drive the global phenolic resins market.
Nanotechnology is being integrated into the production process of the product to improve its functional and structural attributes. Utilization in the construction industry is expected to contribute significantly to growth. Price fluctuation in the crude oil market, which is the primary raw material necessary for the production of the product, is expected to hamper growth. In addition, environmental emission regulations about formaldehyde can hinder growth in the industry owing to significant investments required to comply with emission standards.
In 2013, resol resins dominated the market owing to growing demand from laminates and wood adhesive applications. Wood adhesives were the primary application segment in 2013. Increasing demand for phenolic molding compounds due to their utility to strengthen efficiency and fire safety in automobiles is anticipated to propel growth over the forecast period. They are used in several vehicle components including cooling system, powertrain, fuel system and air supply system brake.
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Other applications include coatings & varnishes, abrasives, rubber adhesives and friction. Substantial demand from applications including oriented strand boards (OSB) and engineered laminated composite lumber (LCL) is likely to have a significant impact on the resol resins market over the next seven years.
Novolac resins are expected to witness growth owing to its widespread usage in electrical and electronics industry. These are being increasingly utilized for application in photoresists, hardeners in laminates for circuit board industry and electric laminates on account of their capability to mold easily into different shapes and sizes.
In 2013, Asia Pacific constituted over 35.0% of the market by volume and is estimated to remain the primary regional market over the forecast period. Increased consumption of molding components in infrastructure and construction spending in China and India is expected to augment growth. Regulations enforcing construction of energy efficient buildings across various regional associations and numerous countries are projected to propel demand for thermal insulation products. Further, increased use of composites in mass transit and marine, is expected to drive the phenolic resins industry.
Key companies include Hitachi Chemical Co. Ltd. SI Group Inc.Ltd., Momentive Specialty Chemicals Inc., Kolon Industries Inc., DIC Corporation, Dujodwala Paper Chemicals Ltd., Mitsui Chemicals Inc and Prefere Resins.
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