Phenolic Resin Market worth 15.01 Billion USD by 2021

1. MarketsandMarkets Presents Phenolic Resin Market worth 15.01 Billion USD by 2021 https://www.marketsandmarkets.com/Market-Reports/phenolic-resin-market-177821389.html

2. According to the new market research report ''Phenolic Resin Market by Type (Resol Resin, Novolac Resin), Application (Wood Adhesives, Molding, Insulation), End-use Industry (Automotive, building & construction, Furniture) - Global Forecasts to 2021", published by MarketsandMarkets™, the global phenolic resin market is estimated to be valued at USD 11.30 Billion in 2016 and is projected to grow at a CAGR of 5.8% to reach USD 15.01 Billion by 2021.Don’t miss out on business opportunities in ''Phenolic Resin Market''. Speak to our analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalyst.asp?id=177821389The growing automotive industry in the Asia-Pacific region and the increasing demand from end-user industries is leading to the growth of the global phenolic resin market. Resol resin to register the highest CAGR in the global phenolic resin market, from 2016 to 2021The global phenolic resin market is segmented by type, namely, resol resin, novolac resin, and others. The market for resol resin is expected to grow at the highest CAGR in the global phenolic resin market from 2016 to 2021. The higher CAGR for resol resin over other types is due to the rising demand from the wood adhesives, molding, and others applications. It offers advantages such as, superior heat resistance, high flexibility, mechanical strength, and moldability, and excellent friction properties.

3. Browse and in-depth TOC on ''Phenolic Resin Market'' 115 - Tables69 - Figures177 - Pages View more detailed TOC @https://www.marketsandmarkets.com/Market-Reports/phenolic-resin-market-177821389.htmlMolding to be the fastest growing application of the global phenolic resin market during the forecast periodThe molding application is projected to be the fastest growing application in the global phenolic resin market during the forecast period mainly due the rising demand for phenolic resin in the manufacture of appliances, enclosures, housewares, and in the transportation application. The demand for molding is estimated to witness the highest CAGR in the Asia-Pacific region due to the increasing demand for phenolic molding compounds for their strengthening efficiency and providing safety from fire in automobiles.

4. Asia-Pacific to be the fastest growing market for phenolic resin during the forecast periodThe Asia-Pacific region phenolic resin market is expected to witness the highest CAGR from 2016 to 2021. The growing population in the Asia-Pacific region, coupled with the rising disposable incomes is driving the market for phenolic resin. In addition, increased demand for phenolic resin in key countries such as China and India, are contributing to the growth of the phenolic resin market in the region. Request for Free Sample Report @https://www.marketsandmarkets.com/requestsample.asp?id=177821389Currently, the global phenolic resin market is led by various market players such as, Hexion Inc. (U.S.), Hitachi Chemical Co., Ltd. (Japan), Sumitomo Bakelite Co., Ltd. (Japan), SI Group, Inc. (U.S.), DIC Corporation (Japan), BASF SE (Germany), Kolon Industries, Inc. (South Korea), Shandong LaiwuRunda New Material Co., Ltd. (China), Dujodwala Paper Chemicals Ltd. (India), and Changshu South-East Plastics Co., Ltd. (China), among others.Browse Adjacent Markets @ Chemicals Market Research Reports & Consulting

5. Industry Leaders: The key players operating in the global phenolic resin market are, Hexion Inc. (U.S.), Hitachi Chemical Co., Ltd. (Japan), Sumitomo Bakelite Co., Ltd. (Japan), SI Group, Inc. (U.S.), DIC Corporation (Japan), BASF SE (Germany), Kolon Industries, Inc. (South Korea). SI Group, Inc. (U.S.) is a key player in the global phenolic resin market. The company has been focusing on expansions and joint ventures as a part of its strategic development activities. In April 2015, the company expanded its formaldehyde plant in Rio Claro, Brazil. This expansion helped the company to meet the growing requirements of the customers in the country. In April 2012, the company entered into a joint venture with UCP Chemicals AG (Austria). The new joint venture company was named URALCHIMPLAST SI GROUP.  The new company markets products in the friction, rubber resins, and abrasives market segments. Hexion Inc. (U.S.) is another major phenolic resin manufacturer, globally. The company has been focusing on joint ventures to strengthen its market. For instance, in October 2013, the company entered into a joint venture with Kanoria Chemicals & Industries Limited (India) to open a new phenolic specialty resins plant at its production facility at Vishakhapatnam in India. This helped the company to expand its presence in the Indian market.

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