USD 14.35 Billion
Phenolic Resin Market Size, Share, Growth Analysis, By Type (Novolac Resin, Resol Resin), By Application (Molding, Laminates), By End-use (Electrical & Electronics, Automotive), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG15A2464 |
Region:
Global |
Published Date: January, 2025
Pages:
183
|Tables:
91
|Figures:
72
Phenolic Resin Market Insights
Global Phenolic Resin Market size was valued at USD 14.35 Billion in 2023 and is poised to grow from USD 15.14 Billion in 2024 to USD 23.23 Billion by 2032, growing at a CAGR of 5.5% in the forecast period (2025-2032).
The phenolic resin market is experiencing steady growth driven by increasing demand across industries such as automotive, construction, electronics, and industrial manufacturing. Phenolic resins are synthetic polymers known for their thermal stability, fire resistance, low toxicity, and mechanical strength, making them ideal for a range of high-performance applications. Phenolic resins are extensively used in the automotive sector for molded components, brake linings, and insulation materials due to their excellent heat resistance and mechanical durability. As vehicle production rises, particularly electric vehicles (EVs), the demand for these resins is expected to increase.
However, reliance on petroleum feedstock and environmental concerns connected to producing phenolic resins are anticipated to limit the growth of the phenolic resin industry. Petroleum is the primary raw material source for phenolic resin production. Increasing environmental contamination and the depletion of fossil fuels have compelled the industry to search for sustainable alternatives to petroleum-based raw resources. However, formaldehyde is one of the precursors for phenolic resins. There are various stringent regulations imposed by government authorities regarding formaldehyde emission. This is expected to hinder the phenolic resin market growth.
The phenolic resin market is a flourishing sector within the chemical industry, experiencing growth on both a global and regional level. Increasing demand for novolac resins from automotive sector is one of the prime factors driving the market growth. Boost in production of passenger cars owing to the rising expenditure of consumers shall aid the growth. Additionally, manufacturing of panels, wall panels, engineered products, wood products for residential housing is expected to fuel the phenolic resin industry growth.
Market snapshot - (2025-2032)
Global Market Size
Largest Segment
Novolac Resin
Fastest Growth
Resol Resin
Growth Rate
5.5% CAGR
Global Phenolic Resin Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Phenolic Resin Market Segmental Analysis
Global phenolic resin market is segmented by type, application, end-use industry and region. Based on type, the market is segmented into resol resin and novolac resin. Based on application, the market is segmented into adhesives & binding, foundry, molding, laminates, coatings and others. Based on end-use industry, the market is segmented into electrical & electronics, automotive, lumber, building & construction and others. Based on the region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
Analysis by Product
As per the phenolic resin market analysis, novolac resin dominate with a market share of more than 26.0% in terms of revenue in 2024. Novolac resin, a type of phenolic resin offers excellent impact resistance, high strength, fire resistance, thermal resistance, chemical resistance, thermal stability, flexibility, surface hardness, electrical insulating properties, and lightweight, making it ideal for the production of automotive components such as suspension, seats, bottom plates, tires, brake pistons, brake block & pads, brake linings, and clutch facing. Novolac resin is extensively used in industrial moldings and foundry applications due to its ability to maintain structural integrity under high temperatures and mechanical stress. It forms a strong matrix for molded components, enhancing their reliability in heavy-duty equipment and machinery.
On a contrary, resol resin segment is the fastest growing in the market. Resol resin can be processed using thermoplastic processing methods including alkaline catalysts and formaldehyde. In addition, these resins are self-curing due to the presence of reactive side groups, hence it is suitable for applications including coatings, molding compounds, wood-working adhesives, insulation, and others owing to its high impact resistance and serviceability. Liquid resol phenolic resins are highly resistant towards dust and other airborne particles, hence are suitable for manufacturing of friction mixes further used for the manufacturing of disc brake pads and drum linings. Furthermore, due to its properties of non-reactivity, it is ideal for manufacturing internal protective coatings for canned food, tanks, and drums. In contrast, solid resol phenolic resins are compatible with most of the available solvents, offering a versatile solution for various types of inner coatings.
Analysis by Application
The molding segment dominated the phenolic resin market with a market share of more than 25.0% in terms of revenue in 2024. Phenolic resins are versatile polymers used across a variety of industrial and consumer applications such as wood binders, paper, abrasives, and friction materials. Wood adhesives are utilized in plywood, particleboard, wafer board (WB), high-density fiberboard (HDF), oriented strand board (OSB), and medium-density fiberboard (MDF) owing to their excellent bonding properties. In addition, phenolic resins exhibit superior water dilutibility, low free monomers, and excellent moisture resistance, which make them suitable for various applications such as containers, concrete forms, kitchen & bathroom cabinets, and interior parts in transportation & foundry patterns. As per the phenolic resin market outlook, laminates are the fastest growing segment. Phenolic laminates are produced by saturating one or more layers of base materials including paper, carbon or fiberglass with phenolic resins and further laminating the resin-saturated base material under pressure and heat. They are extremely versatile on account of their unusual combination of properties such as lightweight, structural strength, and moisture resistance. In addition, their high dielectric strength makes it easy to punch and shear for various electrical applications. Phenolic resins are commonly used to across applications including wood adhesives, molding, insulations, laminates, coatings, and other applications such as abrasives, composites, carbon binders, friction materials, sound-roof bonding felt, and tires & rubbers.
Global Phenolic Resin Market By Type (%)
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Phenolic Resin Market Regional Insights
Asia Pacific dominated the phenolic resin market in 2024 with a market share of more than 30.0% and is expected to witness significant growth over the forecast period. The region is dominating owing to the strong economic development coupled with substantial investment in various industries including automotive, building & construction, electrical & electronics, and others. Furthermore, escalating construction activities, rapidly growing demand for residential as well as expanding middle-class population are key factors boosting the demand for phenolic resins. Combined with surged disposable income and increasing investments in housing, these factors are fueling growth in emerging economies. Additionally, the rising demand for automotive production, including the surge in electric vehicles (EVs), is expected to further drive phenolic resin consumption.
North America is the fastest growing segment in the market during the forecast period. Construction industry in North America is expected to witness significant growth over the coming years owing to the high demand for non-residential construction projects such as hospitals, commercial buildings, and colleges. Moreover, the demand for compact fuel-efficient vehicles in Europe has witnessed a rise owing to a surge in gasoline and diesel prices and the tax imposed on the purchase of fossil fuel-based vehicles in the region. This has forced consumers in Europe to consider compact vehicles that provide better fuel efficiency than large-sized vehicles. Since phenolic resins are widely used in molding applications to develop automotive seats, bottom plates, and suspensions, the increasing adoption of compact vehicles in the region is expected to positively impact the growth of phenolic resins market.
Global Phenolic Resin Market By Geography
- Largest
- Fastest
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Phenolic Resin Market Dynamics
Drivers
Enhanced Material Properties Driving Adoption
- Phenolic resins are extensively utilized in various industries due to their increased qualities, such as intense heat resistance, high moldability, mechanical strength, low toxicity of smoke, and ability to combine with polymers. Phenolic resins are used as a durable binder and adhesive in structural wood panels and a binder in mineral wool insulation due to their water resistance. They are used in the automotive and construction industries for brake linings, insulating foams, foundry binders, and composites due to their excellent thermal stability and fire resistance.
Increasing Understanding of Usage and Applicability to Drive Market
- The growing need for lightweight, energy-efficient, and eco-friendly synthetic structures stimulates the market for phenolic resins. Molded components made from phenolic resins serve as a safety platform and enhance the cars overall performance, increasing market efficiency. Regarding the stringent regulations for energy-efficient products, using phenolic resin in impregnated materials stimulates market growth. During the forecast period, demand for the product is anticipated to be driven by a rise in application awareness. In addition, the increasing demand for eco-friendly, lightweight synthetic constructions is driving up the demand for phenolic resin.
Restraints
Environmental Regulations to Restrict Market Growth
- Phenolic resins are colorless, explosive, and pungent gas at room temperature. For their manufacturing, formaldehyde and phenol are the critical essential components. Composite wood goods (hardwood, plywood, particleboard, and medium-density fiberboard), building materials and insulation, paints, and paper products are produced using phenolic resins. Phenol is toxic if inhaled, swallowed, or absorbed by the human body. Consequently, formaldehyde and phenol use are strictly regulated, particularly in North America and Europe.
Volatility in Raw Material Prices
- Phenolic resins are made from petrochemical by-products such as phenol and formaldehyde, the prices of which fluctuate due to changes in crude oil prices and disruptions in the supply chain. These price fluctuations for manufacturers are uncertain and affect production and pricing strategies. The market is facing increasing competition from new materials such as epoxy and polyester resins, which offer similar or better performance characteristics in some materials.
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Phenolic Resin Market Competitive Landscape
The phenolic resin market is characterized by fierce competition among key players focused on innovation, sustainability and expanding their global footprint. Established companies and local players operating in this market cater to various end-use industries such as automotive, manufacturing, electronics, aerospace Major strategies used by market players roles and mergers and acquisitions, partnerships, product launches, and technological developments for competitive advantage. Leading companies such as Hexion Inc., Sumitomo Bakelite Co., Ltd., BASF SE, Kolon Industries, Inc. are all involved. and SI Group dominate the market. These companies invest heavily in research and development to produce high performance, environmentally friendly advanced phenolic resins.
Top Player’s Company Profiles
- 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. (the U.S)
- BASF SE (Germany)
- Georgia-Pacific Chemicals' (U.S)
- DIC Corp (Japan)
- Hexcel Corporation (U.S)
- Akrochem Corporation (U.S)
- Arclin Inc
- Olympic Panel Products LLC
- Ashland Inc
- Momentive Specialty Chemicals
- BASF SE
- Hitachi Chemical Co. Ltd
Recent Developments
- December 2022- SI Group introduced a product line to improve product selection and improve its customer base.
- October 2022- Georgia Pacific and gener8tor 1915 studios welcome the start of a third collaboration.
- January 2023- SBTI officially supports DIC Group's Greenhouse Gas Emissions Reduction Goals.
Phenolic Resin Key Market Trends
- Growing Need for Fuel-Efficient and Lightweight Automobiles to Spur Market Opportunities: Continuous advancements in the automotive and transportation industries have generated substantial demand for fuel-efficient, lightweight automobiles. Companies use lightweight materials, such as aluminum, steel, composites, and polymers, to make autos lightweight and fuel-efficient. In a car, adhesives reduce the need for fasteners such as welds, rivets, and bolts. Utilizing superior materials and adhesives enhances the crush and impact resistance of automobiles. These factors are anticipated to increase demand for phenolic resins.
- Increasing Demand for Molding Applications is Driving the Phenolic Resin Market: Phenolic resins are utilized for their properties, including fire resistance, high elasticity, surface hardness, chemical resistance, and electrical insulation. Molding applications are projected to be the fastest developing sector due to the chemical resistance provided by phenolic resins in high temperatures or aggressive environments. The increasing demand for molding applications of phenolic resins for various purposes, including abrasive grinding wheels, friction linings, and refractory products, is driving market growth due to its high elasticity, heat resistance, and dimensional stability.
Phenolic Resin Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the phenolic resin market is witnessing a steady growth, driven by its widespread use in construction, automotive, electronics, aerospace industries etc. The demand for lightweight durable materials in automotive, aerospace and space factories, where these resins contribute to fuel economy and efficiency. Construction is the main end-use, with phenolic resins being widely used in wood insulation, laminates and insulation. Increasing adoption of green building materials, stringent environmental regulations have led to a shift towards low-carbon and sustainable phenolic resin materials, which are gaining momentum worldwide and the electronics sector these resins are used for printed circuit boards as well as highlighting other high-performance materials. But in response to challenges such as fluctuating raw material prices, environmental concerns about formaldehyde emissions and competition from new sources, manufacturers are focused developing environmentally friendly phenolic resins and adopting sustainable production methods in line with regulatory standards and consumer preferences.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.35 Billion |
| Market size value in 2032 | USD 23.23 Billion |
| Growth Rate | 5.5% |
| Base year | 2024 |
| Forecast period | (2025-2032) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Phenolic Resin Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Phenolic Resin Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Phenolic Resin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Phenolic Resin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Phenolic Resin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Phenolic Resin Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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