The global phenolic resins market demonstrates a fierce completion on account of several new and established players operating across the globe, states newly launched market research report by Transparency MRising Consumer Demand Across Various Industry Verticals Strengthening Global Phenolic Resins Marketarket Research (TMR). Some of the prominent players of the global phenolic resins market are BASF SE, Sumitomo Bakelite Co., Ltd., Mitsui Chemicals Inc., and Georgia Pacific Chemicals LLC. Owing to the large opportunity and wide range of items, top players in the global phenolic resins market are adopting a slew of strategic measures to diversify their products and bring innovations.
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The global phenolic resins market stood at US$9.91 bn in 2013. By expanding at a CAGR of 5.60% during 2013 and2019, the global phenolic resins market is projected to reach a value of US$13.36 bn billion by the end of this period. However, in the coming years, Asia Pacific is expected to surpass in terms of market share.
On the basis of geography, the global phenolic resins marker has been classified into the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. Asia Pacific held a large share of the global market in last few years and is likely to retain its position throughout the forecast period, owing to the increased demand from China and India. On the basis of product type, phenolic resins can be segmented into resol resins, laminate, adhesive, novolac resins, rubber and others. Resol resins contains excess of formaldehyde under basic conditions. And it holds the market share for product segment of over 48 in year 2012.
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Rising Consumer Demand Across Various Industry Verticals Strengthening Global Phenolic Resins Market
The rising awareness among consumers regarding the advanced properties of phenolic resin is expected to support the growth of the overall market in the coming few year.
Phenolic resins are extensively used in various industries for instance automobile, rubber, laminates, adhesive, building construction and so forth. Market share of wood-adhesive are rapidly increasing due to remarkable growth of real estate industries in developing countries of Asia-Pacific region. Whereas increasing demand of phenolic resins for decorative as well as industrial laminated has dealt a major increase to the growth global phenolic resins market. Apart from that, rising application of phenolic resins in nanotechnology is expected to encourage the growth of the global phenolic resins market in the forecast period. Furthermore, increased usage of phenolic molding compounds in automotive sector so as to reduce the fuel consumption by the vehicle has given a massive push to the global phenolic resins market.
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Rising Environmental Regulations May Dampen Prospects of Market
Phenolic resins are primarily made from synthetic polymers which are opposed by the governing bodies in most part of the world. This is because the polymers pose a serious threat to the wildlife and environment. The stringent environmental regulations regarding the usage of plastic for commercial application is estimated to restrict the growth of global phenolic resins market throughout the forecast period. Nevertheless, the rising need for fuel-efficient and lightweight vehicles and the increasing adoption of nanotechnology are expected to offer promising growth opportunities for the market players.