Phenolic Resin Market driven by the increasing consumption of molding materials Market overview: The overall size of the phenolic resin market was estimated at US$ 111.1 billion in 2018 and is predicted to grow at an annual rate of 5.3% during the forecast period from 2019 to 2025. Phenolic resins are synthetic polymers resulting from the reaction of phenol or formaldehyde substituted phenols at high temperatures. They are widely used for wood adhesives, molding compounds and laminates. The resin exhibits flame retardation, high heat resistance, high tensile strength, and low toxicity and less smoke. Recent developments: BASF SE has expanded its production capacity by 50% at its Ludwigshafen manufacturing facilities to meet the high growth in the market. Georgia Pacific Chemicals LLC and Kolon Industries Inc have expressed their intention to invest in a new phenolic resin production plant. Hitachi Chemicals has invested in a new plant in Thailand in anticipation of increased demand in the automotive sector. Market Drivers and Restraints: The main factors driving the growth of the phenolic resin market are the increase in demand in the construction and transportation industry, as well as the growing demand for fireproof materials in cars and airplanes. Strict regulations that encourage the use of light compounds in the automotive sector, and macroeconomic factors such as increased disposable income and increased demand for cars and furniture, are also having a positive impact on the growth of the phenolic resin market. Since crude oil is the primary raw material used in the production of these resins, volatility in crude oil prices is expected to slow the growth of the phenolic resin market in the future. In addition, environmental regulations on formaldehyde emissions are expected to have a negative impact on market growth, as significant investments are required to modify the production process to meet strict emission standards. To know more read: https://www.marketdataforecast.com/market-reports/phenolic-resin-market Report Segmented as: The phenolic resins market can be classified into novolac resins, resol resins, etc., depending on the type of product. The phenolic resins market can also be classified according to applications as laminates, insulation, wood adhesives, molding compounds, paper impregnations, coatings, etc. Geographical Segmentation: Regional phenolic resin markets have been categorized in North America, Europe, APAC, Latin America, the Middle East and Africa. Geographically, APAC has the largest market share during historical periods. During the forecast period, the APAC market is expected to
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