Phenolic Resin Market Size, Share, and Growth Analysis, By Type (Resol, Novolac), By Application (Wood Adhesives, Laminates), By Region - Industry Forecast 2025-2032
Jinan Shengquan Group Share Holding Co., Ltd.(China)
Ashland Global Holdings Inc.(United States)
BASF SE(Germany)
Georgia-Pacific Chemicals(United States)
DIC Corporation(Japan)
Hexcel Corporation(United States)
Akrochem Corporation(United States)
Kraton Corporation(United States)
Showa Denko Materials Co., Ltd.(Japan)
Changshu South-East Plastic Co., Ltd.(China)
Kangnam Chemical Co., Ltd.(South Korea)
Kolon Industries Inc.(South Korea)
Shandong Laiwu Runda New Material Co., Ltd.(China)
Arclin Inc.(United States)
Mitsui Chemicals, Inc.(Japan)
Allnex Belgium SA/NV(Belgium)
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Phenolic Resin Market size was valued at USD 12.35 billion in 2023 and is poised to grow from USD 12.99 billion in 2024 to USD 19.49 billion by 2032, growing at a CAGR of 5.2% during the forecast period (2025-2032).
The phenolic resin market is witnessing consistent growth fueled by rising demand in various sectors, including automotive, construction, electronics, and industrial manufacturing. Renowned for their thermal stability, fire resistance, and mechanical strength, phenolic resins are particularly favored in automotive applications like molded components and brake linings. The increasing production of vehicles, particularly electric vehicles (EVs), is expected to further drive demand. However, challenges such as dependence on petroleum-based feedstocks and environmental regulations regarding formaldehyde emissions pose hurdles to market expansion. The quest for sustainable alternatives is becoming critical, given the industry's reliance on petrochemicals. Despite these challenges, growth in applications for novolac resins, residential housing products, and engineered panels will continue to propel the phenolic resin market's evolution.
Top-down and bottom-up approaches were used to estimate and validate the size of the Phenolic Resin market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Phenolic Resin Market Segments Analysis
Global Phenolic Resin Market is segmented by Type, Application and region. Based on Type, the market is segmented into Resol, Novolac and Others. Based on Application, the market is segmented into Wood Adhesives, Laminates, Foundry & Moldings, Paper Impregnation, Coatings, Insulations, Building & Construction, Furniture, Automotive, Electrical & Electronics and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Phenolic Resin Market
The phenolic resin market is driven by the exceptional properties these materials offer across multiple industries. Their remarkable heat resistance, high moldability, mechanical strength, low smoke toxicity, and compatibility with various polymers make them highly sought after. In construction, phenolic resins serve as durable binders and adhesives in structural wood panels and as binders in water-resistant mineral wool insulation. Additionally, their excellent thermal stability and fire resistance render them invaluable in the automotive sector for applications such as brake linings, insulating foams, foundry binders, and composite materials. This versatility and performance drive the growing demand for phenolic resins in diverse applications.
Restraints in the Phenolic Resin Market
The phenolic resin market faces several restraints primarily due to the hazardous nature of its components, namely formaldehyde and phenol. These substances are colorless and emit a pungent gas at room temperature, posing health risks through inhalation, ingestion, or skin contact. As a result, stringent regulations have been enforced, particularly in North America and Europe, to control the use of these chemicals. This regulatory environment can hinder manufacturing processes and limit market growth. Additionally, the toxicity associated with phenol raises concerns among consumers and manufacturers alike, further challenging the expansion of the phenolic resin market in various applications.
Market Trends of the Phenolic Resin Market
The phenolic resin market is witnessing significant growth, fueled by the rising demand for lightweight and fuel-efficient automobiles. As the automotive and transportation sectors prioritize advancements that enhance efficiency, the adoption of lightweight materials-including phenolic resins-has become crucial. These resins provide excellent adhesive properties, enabling manufacturers to reduce reliance on traditional fasteners while improving the structural integrity and safety features of vehicles. Additionally, the growing emphasis on sustainability and reduced emissions further drives the trend, positioning phenolic resins as a key component in the development of innovative automotive solutions. This convergence of demand for performance and sustainability presents ample market opportunities within the phenolic resin sector.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Drivers & Opportunities
Restraints & Challenges
Porters Analysis
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2024
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Global Phenolic Resin Market Size by Type & CAGR (2025-2032)
Market Overview
Resol
Liquid Resol Resin
Solid Resol Resin
Novolac
Others
Global Phenolic Resin Market Size by Application & CAGR (2025-2032)
Market Overview
Wood Adhesives
Laminates
Foundry & Moldings
Paper Impregnation
Coatings
Insulations
Building & Construction
Furniture
Automotive
Electrical & Electronics
Others
Global Phenolic Resin Market Size & CAGR (2025-2032)
North America (Type, Application)
US
Canada
Europe (Type, Application)
Germany
Spain
France
UK
Italy
Rest of Europe
Asia Pacific (Type, Application)
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America (Type, Application)
Brazil
Rest of Latin America
Middle East & Africa (Type, Application)
GCC Countries
South Africa
Rest of Middle East & Africa
Competitive Intelligence
Top 5 Player Comparison
Market Positioning of Key Players, 2024
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2024
Company Profiles of All Key Players
Company Details
Product Portfolio Analysis
Company's Segmental Share Analysis
Revenue Y-O-Y Comparison (2022-2024)
Key Company Profiles
Bakelite Synthetics (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Sumitomo Bakelite Co., Ltd. (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
SI Group Inc. (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Jinan Shengquan Group Share Holding Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Ashland Global Holdings Inc. (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
BASF SE (Germany)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Georgia-Pacific Chemicals (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
DIC Corporation (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Hexcel Corporation (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Akrochem Corporation (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Kraton Corporation (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Showa Denko Materials Co., Ltd. (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Changshu South-East Plastic Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Kangnam Chemical Co., Ltd. (South Korea)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Kolon Industries Inc. (South Korea)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Shandong Laiwu Runda New Material Co., Ltd. (China)