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(I-AutoNewsWire.com, January 19, 2023 ) The global Phenolic Resin Market is estimated at USD 11.7 Billion in 2021 and is projected to reach USD 14.4 Billion by 2026, at a CAGR of 4.3% between 2021 and 2026. Phenolic resins are the oldest synthetic polymers obtained from the reaction of phenol and formaldehyde. They are a class of thermosetting resins. Phenolic resins are mainly categorized into resol resins, novolac resins, and others (bio-phenolic, cresol novolac, and formaldehyde-free phenolic resins). They possess high mechanical strength, low toxicity, and excellent heat resistance. Their applications can broadly be categorized into wood adhesives, foundry & moldings, laminates, paper impregnation, coatings, insulation, and others.
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The demand for phenolic resin is mainly catered to by global players manufacturing phenolic resin for various end-use applications. The key players in the Phenolic Resin Market include Bakelite Synthetics (U.S), Sumitomo Bakelite Company Limited (Japan), SI Group Inc. (U.S), Jinan Shengquan Group Share Holding Co., Ltd., (China), Ashland Global Holdings, Inc. (U.S), BASF SE (Germany), Georgia-Pacific Chemicals (U.S), DIC Corp (Japan), Hexcel Corporation (U.S), Akrochem Corporation (U.S).
Hexion was one of the significant producers of phenolic resins, making it a prominent player in the market. The company has a strong foothold in North America and Europe and focuses on expanding its business in Asia Pacific, EMEA, and South America. The company has a diverse product portfolio catering to the demand from various end-use industries. Building materials are the largest segment, followed by industrial applications and transportation. The electrification trend expects to drive the demand for Bakelite Synthetics composite products, including coatings, printing plates, PCBs, and adhesives.
Sumitomo Bakelite Company is a prominent manufacturer of phenolic resin products and has a significant share in the global market in terms of supply. With a strong sales and distribution network and a wide product portfolio, the company is channelizing efforts toward targeting high-growth applications and end-use industries to enhance its presence in the North American market. The companys strength lies in the integrated value chain and technological capabilities in producing phenolic resin products for various end-use industries. At the same time, it is focusing on the expansion of its presence across the globe.
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SI Group has a strong global presence with more than 10 facilities. The company is a key player in the phenolic resin market and has a strong client base across various verticals ranging from industrial, consumer goods, and others. It has a wide product portfolio catering to a large customer base and strong geographical reach. It has adopted organic growth strategies such as expansion to increase its share in the phenolic resin market. One of the most critical developments has been the expansion of its formaldehyde plant in India, China, and the US. This expansion has helped the company to meet the growing need of customers in the region. The company has also consistently improved its product portfolio related to phenolic resins.
Companies have initiated the following developments:
In 2021, SI Group planned to expand its resole production capacities in Rotterdam Junction, New York, and Lote, India, by 25%.
In 2020, Black Diamond and Investindustrial acquired Phenolic Specialty Resin, Hexamine, and European-based Forest Products Resins businesses from Hexion, Inc.
In 2020, SI Group expanded its facility in Nanjing, China, to increase the production capacity of tackifier resins by 50%.
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