Lucintel Forecasts the Global Phenolic Resin Market to Reach $24 Billion by 2030
Lucintel Forecasts the Global Phenolic Resin Market to Reach $24 Billion by 2030
Blog Article
According to the recent study the global phenolic resin market is projected to reach an estimated $24 billion by 2030 from $18 billion in 2023 at a CAGR of 4% from 2023 to 2030. Growth in this market is primarily driven by increasing use of heat resistance, corrosion and chemical resistance materials in construction and transportation industry and lower cost of phenolic resin compared to its competitors.
A more than 150-page report to understand trends, opportunities and forecast in global phenolic resin market by type (resol phenolic resin and novolac phenolic resin), application (wood adhesive, molding compounds, laminates, insulation, coating, paper impregnation, and others), end use (construction, transportation, electrical and electronics, furniture, industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
Lucintel forecasts that construction will remain the largest segment over the forecast period due to demand for heat resistant material and low cost material.
Within this market, molding compounds will remain the largest segment due to high heat resistance, mechanical strength and electrical properties and is used in automotive, aerospace, electronics and industrial sector.
APAC will remain the largest region over the forecast period due to growth in end use industries such as residential and commercial activities, increasing automotive production, and growing electrical and electronics demand.
Hexion Inc., Georgia Pacific Chemicals, SI Group, SQ Group, Sumitomo Bakelite Co. Ltd., DIC Corporation, Mitsui Chemicals, Tembec, Ashland, and Aica Kogyo are the major suppliers in the phenolic resin market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected].
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Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: [email protected]
Tel. +1 972.636.5056