Kenneth Research published a report titled “Phenolic Resin Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the phenolic resins in terms of market segmentation by type, application, end use industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
In order to reduce greenhouse gas emissions and pollution, there is an increasing demand for lightweight and fuel-efficient vehicles, which are also lesser in price. According to the International Energy Agency (IEA), 25% of most efficient vehicles cost 5–7% less than the average equivalent vehicle, and the average fuel economy improvements they deliver are between 0.6 and 0.8 Lge/100 km. Driven by this factor, the global phenolic resin market is estimated to garner approximately USD 12 billion in revenue by 2031 by growing at a CAGR of nearly 4% over the forecast period, i.e., 2022–2031.
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The global market is segmented by type into resol, and novolac, out of which, novolac segment is anticipated to hold the major share over the forecast period owing to their wide range of applications in electronics, construction, automotive, and paints.
Geographically, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in Asia Pacific is estimated to witness significant growth over the forecast period. The factors driving the market growth in the region are high consumption of phenolic resins from end users such as consumer electronics, transportation, and furniture.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Enhanced Properties of Phenolic Resin for Reinforcing Rubber Products and Tires to Boost the Market Growth
Enhanced properties of phenolic resins, such as good friction material with superior heat resistance and good adhesive performance, high moldability, mechanical strength, low toxicity of smoke, and ability to blend with polymers, increase their for reinforcing rubber products and tires, electrical insulation coatings, and bonded and coated abrasives. This is anticipated to drive the growth of the market during the forecast period. Additionally, growing metal fabrication & automotive and industrial machinery industry is further expected to boost the market growth in upcoming years.
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However, dependency on petroleum feed stock, and environmental concerns related to the production of phenolic resins are expected to operate as key restraints to the growth of the global phenolic resin market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global phenolic resin market which includes company profiling of Allnex GMBH, ASAHI AV Europe GmbH, ASK Chemicals, Bakelite Synthetics, Gunei Chemical Industry Co., Ltd., Kolon Industries Inc., KRATON CORPORATION, Prefere Resins Holding GmbH, SEIKO PMC CORPORATION, SBHPP, and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global phenolic resin market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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