Electric Vehicles is fastest growing segment fueling the growth of Phenolic Resins Market

 Market Overview:

Phenolic resins are synthetic polymers that are produced by the reaction of phenol or substituted phenol with formaldehyde. They are widely used as adhesives, insulation and binders in applications such as wood adhesives, foundry core & mould, abrasion-resistant laminates and friction laminates. They offer properties such as heat resistance, dimensional stability and excellent bonding strength.

The global phenolic resins market is estimated to be valued at US$ 16052.98 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the growth of the phenolic resins market is the increasing demand from electric vehicles. Phenolic resins are used as insulators in electric vehicles as they provide high thermal conductivity and heat resistance. They are used to insulate electric motors, battery packs and electronic components. With governments around the world promoting electric mobility to reduce environmental pollution, the demand for electric vehicles is growing at a rapid pace. For instance, according to the International Energy Agency, the global stock of electric cars passed 5 million in 2018 and is expected to reach 125 million by 2030. The growth in electric vehicles will subsequently increase the demand for phenolic resins over the forecast period.

Segment Analysis
Phenolic Resins Market is segmented by product type into novolac resins and resolic resins. Resolic resins dominate the market and accounted for around 60% share in 2023. Resolic resins are preferred over novolac due to their excellent properties like thermal stability, high strength, good adhesion, and electric insulation. These properties make resolic resins suitable for applications in insulation, abrasion, and adhesion.

Key Takeaways
The Global Phenolic Resins Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from construction and automotive industries.

Regional analysis: Asia Pacific dominated the market with around 35% share in 2023 owing to presence of emerging economies like China and India with strong manufacturing sectors. Europe and North America are other major regions for Phenolic Resins market.

Key players analysis: Key players operating in the Phenolic Resins market are BASF SE, Chang Chun Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Kolon Industries Inc., Prefere Resins, Mitsui Chemicals Inc., Sumitomo Bakelite Co., Ltd, Hitachi Chemical Co. Ltd., SI Group, Inc., and Momentive Specialty Chemicals, Inc. BASF SE and Chang Chun Plastics Co. Ltd captured over 20% share of global Phenolic Resins market due to their extensive production facilities and sales network.

 

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https://www.dailyprbulletin.com/phenolic-resins-market-size-forecast/

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