Increased applications of phenolic molding compounds in automotive and aerospace industries is expected to impact the global phenolic resins market positively, according to a new study by Grand View Research, Inc.. The use of phenolic resins in the construction industry is expected to contribute significantly to market growth. Volatility of crude oil is expected to hamper industry growth as it is a vital constituent in the production process. Environmental norms regarding formaldehyde emissions may pose a challenge to phenolic resins market growth, as considerable investments have to be made to comply with environmental emission standards.
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Further key findings from the study suggest:
- Resol resins accounted for majority of the overall phenolic resins market volume in 2013, and are expected to dominate the market throughout the forecast period, on account of increased demand in laminates and wood adhesives. Novolac resins are expected to gain market share over the next six years.
- Wood adhesives emerged as the leading application segment in 2013. The market for molding compounds is expected to witness high growth over the forecast period owing to increased demand from automotive and aerospace industries. Other applications include abrasives, coatings & varnishes, friction materials, and rubber adhesives.
- Asia Pacific contributed to over 35% of the phenolic resins market volume in 2013 and is expected to remain the leading regional market over the next six years, which can be attributed to increased consumption of phenolic resins in automotive as well as infrastructure spending in India and China.
- The market comprises a large number of companies, and is highly fragmented in nature. Key industry participants include BASF, Hitachi Chemical Co. Ltd., Georgia Pacific Chemicals LLC, Sumitomo Bakelite Co. Ltd., SI Group, Inc., Momentive Specialty Chemicals Inc., DIC Corporation, Kolon Industries Inc., Dujodwala Paper Chemicals Ltd., Prefere Resins, and Mitsui Chemicals Inc.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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