Phenolic resins are synthetic polymers. They are acquired when substituted phenol or phenol reacts with formaldehyde. Phenolic resins possess good resistance to heat and high mechanical strength. They also are flame retardants, mix with other polymers to deliver high performance and emit less smoke. These features work in support of the phenolic resins market. They also assist the utilization of phenolic resins in molding composites, insulation, laminates, wood adhesives and other applications.
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The worldwide phenolic resins market is estimated to expand at a CAGR of around 5.7 percent during 2014 to 2019. It is predicted to observe an income of about USD 19 billion by the end of the said period. Augmented demand for phenolic resins also owes to prospects in the expanding industries of residential and construction in emergent regions. The phenolic resins market experienced considerable expansion in the past. It is likely to progress further through the forecast phase.
Phenolic resins also possess low poisonousness. They are growingly utilized in fire retardant substances in vital aircraft and automotive constituents. Thus, increased usage of fire retardant substances is also estimated to augment the phenolic resins market further. As crude oil is a prime raw material for the manufacture of phenolic resins, price instability has a direct effect on the market. Environmental policies related to formaldehyde ejections are estimated to obstruct the flow of the phenolic resins market.
Categories And Leaders
The phenolic resins market is segmented on account of three categories. These include applications, products and regions. The applications market meets the demands of the sectors of automotives, construction, and aerospace. This happens via the utilization of phenolic resins in laminates, insulation, wood adhesives and molding composites. Wood adhesives rose as the leader of the applications sector in 2013.
This was on account of augmented utilization of phenolic resins in the sticking together of particleboard and plywood. Molding composites are estimated to expand at the swiftest pace during the forecast period. These composites are utilized in different vehicular parts. The parts include cooling systems, air supply system brakes, suspensions, fuel systems and power train.
Rising demand for phenolic resins in such automobile parts also drives major demand for the phenolic resins market. Thus, further expansion in the sector of automobiles is also likely to drive the growth of this market. The products market is divided further in view of novolac resins and resol resins. Resol resins occupied most of the shares in the phenolic resins market in 2013.
This was on the strength of rising demand for phenolic resins in laminates and wood adhesion applications. Noticeable demand for phenolic resins in the production of oriented strand boards and engineered laminated composite lumber is predicted to add extra income to the resol resins market through the forecast phase. Novolac resins would experience profits in the phenolic resins market in the coming six years.
This would be on account of their capacity to mold simply. The regions phenolic resins market was leaded by Asia Pacific in 2013. It was on account of growing utilization of molding composites in India and China.
Information Source: Grand View Research