The Growing Demand For Lightweight Eco-Friendly Composite Materials Is Propelling The Phenolic Resins Market Forward

 


Phenolic resins are polymers that have high heat and electrical resistance. It is primarily utilised in the manufacture of moulding materials, abrasives, adhesives, laminates, friction materials, and insulators. Resol and novolac are two types of phenolic resins. Resol is manufactured under normal settings with excess formaldehyde, whereas novolac is manufactured under acidic conditions with excess phenol. The global phenolic resins market is predicted to be worth US$ 21,365.5 million in 2028, with a CAGR of 5.5 percent over the forecast period (2021-2028).

 

The automotive industry's high demand for phenolic and hence expansion in the automobile industry are expected to propel market growth. It is commonly employed in single-vehicle applications due to its heat resistance, lightweight, fire retardancy, and impact resistance. The growing manufacturing of automobiles in the developing world is a major driver driving market expansion. As a result, the increasing demand for phenolic resins from the automotive industry is boosting market growth. The increasing use of phenolic resin in impregnated materials as a result of increasingly stringent laws and regulations promoting energy efficiency is driving market expansion. In addition, the growing need for low-density materials that provide thermal insulation and exceptional durability is moving the phenolic resin market forward.

 

The growing demand for lightweight eco-friendly composite materials is propelling the Phenolic Resins Market forward. Eco-friendly phenolic resins are gaining market traction. For example, in September 2020, allnex, a specialty chemical supplier that offers a wide range of coating resins, additives, and crosslinkers for use on wood, metal, plastic, and other surfaces, announced the launch of PHENODUR® PR 616/65B, a new, eco-friendly phenolic resin primarily for interior and exterior coatings. This product has a very low free formaldehyde value of 0.1 percent, according to the manufacturer. Repair and remodelling activities are becoming increasingly popular throughout the Asia Pacific region. This is driving up the demand for resole resins in the construction industry. The rising population, combined with rising consumer disposable income, is expected to drive demand for phenolic resin once more.

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