New York, United States, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Molded components made from phenolic resin enhance fire safety and overall vehicle performance. In addition, the continued expansion of the global electronics and power industries is projected to enhance the demand for circuit boards, which are required to assemble transformers and electronic devices. However, reliance on petroleum feedstock and environmental concerns connected to producing phenolic resins are anticipated to limit the growth of the worldwide phenolic resins market. 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.
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Exceptional Qualities of Phenolic Resin and Enhancing Comprehension of Usage and Applicability Drives the Global Market
The growing demand for lightweight, energy-efficient, and environmentally friendly synthetic structures drives the phenolic resin market. Molded phenolic resin components serve as a safety platform and improve overall vehicle performance, increasing market efficiency. Regarding the stringent regulations for energy-efficient products, using phenolic resin in impregnated materials stimulates market growth. During the projected 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. However, the unpredictable cost of raw materials, such as petroleum-based goods, is anticipated to impede market expansion throughout the forecast period.
At room temperature, phenolic resins are colorless, explosive, and pungent gases. Formaldehyde and phenol are critical components used in their production. 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 is strictly regulated, particularly in North America and Europe.
Increasing Demand for fuel-efficient and lightweight Cars Drives the Global Market
The rising need for lightweight and fuel-efficient automobiles gives phenolic resin makers an intriguing opportunity. Continuous innovations in the automotive and transportation industries have generated a great demand for fuel-efficient, lightweight vehicles. To make automobiles lightweight and fuel-efficient, manufacturers must utilize various lightweight materials, including aluminum, steel, composites, and polymers. In automobiles, adhesives eliminate the need for welds, rivets, and bolts. Adhesives and composites reduce the weight added by metal vehicle bodywork and fasteners. Utilizing superior materials and adhesives increases the autos' resilience to crushing and impact. These factors will likely drive demand for phenolic resins during the forecast period.
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Asia Pacific is predicted to grow at a CAGR of 4.4% due to the rapid expansion of end-use sectors such as consumer goods, automotive, construction, and aerospace. In addition, this region is projected to see the development of bio-based feedstock for the production of phenolic resins shortly, which is anticipated to improve the dynamics of this industry. Along with rising construction spending in Asia-Pacific, the rise of the furniture and consumer goods industries is anticipated to fuel product demand over the projection period. In addition, the rising automotive industry in Asia-Pacific is projected to create several prospects for Novolac manufacturers and suppliers.
The global Phenolic Resins market's major key players are
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Global Phenolic Resins Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/phenolic-resins-market/toc
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