Global Phenolic Resins market will reach 13400 million US$ by the end of 2025

Publisher: QYResearch
Published Date: 2019/8/8

The global phenolic resins market is likely to be driven by various end-use industries such as automotive and construction due to its high utilization. Phenolic resins are mainly used in oil and fuel filters, laminates, and fabrics, wood adhesives, coatings, and molding. They key end-user industries of phenolic resins are consumer goods, electronics, and electrical industries because of its properties such as moisture and chemical resistant, heat, and mechanical strength. This is expected to create ample growth opportunity for the global phenolic market in the near future. Growing demand for phenolic resins in the residential sector is fueling the growth of the market, especially in the Asia Pacific regions. Rising usage of phenolic resins in the industrial and decorative laminates used in the construction industry is also estimated to propel the growth of the market in the coming years.

However, fluctuation in the prices of raw materials creates a negative impact on the growth of the market over the forecast period.

According to the report, the global phenolic resins market is estimated to reach US$13400 mn by 2025 from US$11700 mn in the year 2018. The market is expected to register a sluggish CAGR of 1.9% between 2019 and 2025.

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