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Phenolic Resin Market – New Revenue Pockets
Phenolic resin, the main raw material source wide, product, good heat resistance, high mechanical strength, electrical insulation and excellent high temperature creep, low price, good processability, in particular, has good flame resistance, very little harmful gases, thus it is widely used in the composite materials, adhesives, coatings, molding, foundry, and other applications.
Resol dominates the phenolic resin market and will be growing at a healthy CAGR for the next five years. Within the phenolic resin applications, wood adhesive, and molding application will drive majority of the future growth in the phenolic resin market. Demand for wood products is influenced by the health of the construction industry and overall state of the economy. Since the major portion of phenolic resins is used in the wood products industry, the market for phenolic resins in most countries closely tracks GDP growth and housing market growth.
Asia-Pacific dominated the phenolic resin market in 2013 and accounted for over 42% of the market followed by North America and Europe. The developed regions such as North America and Western Europe are relatively mature markets as compared to Asia-Pacific and other regions. Moreover, Asia-Pacific, South and Central America, and Central and Eastern Europe are expected to witness the fastest growth rate by 2019. The market in this region is experiencing increase in phenolic resin use in wood adhesive and molding application.
Phenolic resins have demonstrated themselves to be unique over a full century of usage. It remains a reassuring position for existing players in the phenolic resin market. For the foreseeable future, a growing population will require housing, transport and household equipment and this in turn will demand for more phenolic resin.
Phenolic Resin Market by Type (Resol and Novolac) and by Application (Wood Adhesive, Molding, Laminates, Insulation, and Others) – Global Trends & Forecast to 2019
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