The global phenolic resin market size is expected to reach over USD 15.3 billion by 2026 and will grow at CAGR of 4.8% during the forecast period, 2019-2026.
Phenolic resins are one of the most adaptive materials with diverse application scope having a number of properties such as sustainability, high heat, porosity, flexibility, chemical resistance, and sliding proeperties are anticipated to promote its demand in aerospace, automotive, and construction sectors. Increasing product usage in laminates is expected to be a major growth driver for the phenolic resins market. The global phenolic resin market is heading towards the growth expansion phase of life cycle and is projected to grow significantly during the forecast period. The market is expected to grow at CAGR of 4.8% during the assessment period. Some of the major growth driving factor in this market is cost effective and environmentally free nature of this process, technological advancements in the printing the technologies, and high demand for UV cured inks. Technology momentum has changed the way products are being printed in the packaging industry. This has led to the new product formulation specifically in the packaging printing thereby creating the new growth opportunities. Phenolic Resin is product of technology advancement which has low VOC content and is a eco-friendly that resulting into preference for flexible and colorful packaging with high quality printing ink. It altogether has driving the demand for phenolic resin and contributing significantly in this market. Since the packaging industry is the major consumer of the phenolic resin, high growth for sustainable packaging is boosting the growth of this market. Technological momentum has led to product innovation and which is then launched by major industry players after regular interval has set a growth pattern for phenolic resin market. For instance, Sun chemical introduced new UV based printing on may 2018. Therefore, growth projections are anticipated taking into account the technology momentum. On the other hand, strong penetration of digitalization in the publishing industry driven by trend for e-commerce restraining the growth of this market. This factor further anticipated to further restrain the growth of this market due to high adoption of e-commerce. However, high adoption of water based flexographic inks expected to offer new growth opportunities due to its environmentally free nature.
The market research study on “Phenolic Resin Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Phenolic Resin market. The report also analyzes the key players operating in Phenolic Resin market and identifies the key strategies deployed by them along with the market share of leading players.
The global Phenolic Resin market is segmented as below:
Phenolic Resin Market By Type
Phenolic Resin Market By Application
Phenolic Resin Market By End User
Phenolic Resin Market By Geography
The global phenolic resin market is segmented by type, Application, and region.
On the basis of type, the market is segmented into novolac resin, resol resin, and others
Based on application type, the global phenolic resin market is segmented into wood adhesives, insulation, coatings, laminates, paper impregnation, foundry, molding compound, and others
On the basis of end-use, the market is segmented into automotive, furniture, electrical & electronics, building & construction, industrial, and others.
Geographically, Phenolic Resin market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
Asia-Pacific was the dominant market in the global phenolic resin market in 2018. The region accounted for largest market share both in terms of value and volume in 2018. Considerable economical growth across the major economies of the region such as China, India and Japan, and high demand from food and beverages, cosmetics and pharmaceutical packaging printing are some major growth driving factors in this region. Trend for aesthetic packaging in the cosmetic and food & beverage industry further encouraging the demand for phenolic resin. North America is the second largest market in this market followed by Europe. The phenolic resin market in North America is growing at a faster pace owing to various factors such as strict government regulations regarding environmental safety. Consumers are attracted to these sustainable solutions due to the environmental benefits such as reduced greenhouse emissions offered by the phenolic resin Constant efforts are being made to enhance new systems such as self-compressing bags.
On the other hand, LAMEA holds the least share in the phenolic resin market however, in hear future the market will possess the tremendous growth owing to the huge untapped opportunity, low labor cost and continuously increasing spending of the people.
Some of the major players analyzed and profiles in this market include Flint Group, Siegwerk Druckfarben AG & Co., Huber Group, Sun Chemical Corporation, Wikoff Color Corporation, Zeller+Gmelin GmbH & Co. KG., INX International Ink Co, Toyo Ink SC Holdings Co, ALTANA AG and XSYS Print Solutions (Shanghai) Ltd. among others.