Phenolic
resins or phenol formaldehyde resins are the synthetic polymers
derived from the reaction between formaldehyde and phenol. Phenolic
resins were regarded as the first commercial resins used in
manufacturing of moulded products such as laboratory countertops and
billiard balls. They are also used as coasting and adhesives. Various
product types of phenolic resin currently available in the market,
include, novolac resin, cresol, resol resin, bio-phenolic resin, and
formaldehyde-free phenolic resin. Various trade names associated with
these products include Bakelite, Aquarius, Maritex, Novo Text, and
Oasis, etc. Attributed to its properties such as moisture resistance,
heat resistance, adhesion, and high mechanical strength phenolic
resins find prominent application in number of industrial activities
such as laminates, offshore oil drilling, moulding compounds, ,
insulation purposes, hardeners, fire retardants, abrasives, friction
materials, wood-adhesive, and others.
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Regulatory
framework pertaining to phenolic resins include Japan Society of
Occupational Safety that marks the permissible concentration of
phenol and formaldehyde for the production of phenol resins and
Industrial Safety and Health Act that has stated phenol and
formaldehyde as labelled substance which allows the usage of phenol
resins in various applications. Other agencies such as the U.S.
Environmental Protection Agency (EPA), European Phenolic Resins
Association (EPRA), and, REACH are also some of regulatory bodies for
phenolic resins industry. These bodies ensure consumers’ health &
safety by limiting pollution, and hazardous emissions pertaining to
this industry.
Phenolic
Resins Market Taxonomy
By
Product Type
On
the basis of product type, the global phenolic resin market is
segmented into:
-
Resol Resin
-
Novolac Resin
-
Others (Cresol Resin, Bio-Phenolic Resin, etc.)
By
Form
Based
on form, the global phenolic resins market is classified as:
-
Powder
-
Granules
-
Liquid
By
Application
Based
on application, the global phenolic resins market is segmented as:
-
Moulding Compounds
-
Wood Adhesives
-
Insulation
-
Laminates
-
Foundry
-
Paper Impregnation
-
Others (Abrasives, Friction Materials, etc.)
By
End-user Industry
On
the basis of end-user industry, the global phenol resins market is
segregated as:
-
Building & Construction
-
Automotive
-
Electrical & Electronics
-
Furniture
-
Others (Paints & Coatings, etc.)
Novolac
resin has emerged as the leading phenolic resin type owing to its
increasing application in maintenance coatings or as high-solid
varnishes due to its high fire and corrosion resistance attributes
combined with high carbon residue.
Global
Phenolic Resin Market Outlook – Asia Pacific is set to register the
fastest growth rate in global phenolic resins market owing to rapid
urbanization
The
global phenolic resin market is geographically segmented into North
America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific
has been the dominant market of phenolic resins in terms of
consumption, thereby accounting for almost more than one-third share
of the global phenolic resin market. This region is expected to
exhibit the fastest growth during the forecast period (2016-2024),
owing to the regulatory governing frameworks promoting the usage of
lightweight composites in the automotive industry. Other driving
factors for the significant growth in Asia Pacific include rapidly
increasing population and rapid urbanization. According to the recent
trends, phenolic resin manufacturers are gradually shifting their
production bases from North America and Europe to emerging economies
such as Asia in order to capitalize upon economies of scale by
tapping in on low cost labour and extensive resource pools to
increase production of phenolic resins.
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The
key players operating in the global phenolic resins market are BASF
SE, Hitachi Chemical Co. Ltd., Ludwigshafen Verbund, Sumitomo
Bakelite Co. Ltd., Georgia Pacific Chemicals LLC, SI Group, Prefere
Resins, Momentive Specialty Chemicals Inc., DIC Corporation, Kolon
Industries Inc., and, Mitsui Chemicals Inc. These phenol resin
players are focusing on establishing strategic agreements and
partnerships to broaden and strengthen their production base in the
value chain, either by forward integration in terms of supply of raw
materials, or manufacturing the product themselves. Recently, BASF SE
has expanded its South Korean production base, by doubling its phenol
capacity. Few other companies such as Kanoria and Momentive have
entered into a joint venture to build new production plants in India.
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