Aug 27, 2020   SOURCE: BusinessWire

Global Phenolic Resin Market with Highlights on the Impact of COVID-19, 2020-2024 | Advantages of Phenolic Resins to Boost Market Growth | Technavio

The global phenolic resin market size is expected to grow by USD 4.56 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200827005041/en/

Technavio has announced its latest market research report titled Global Phenolic Resin Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Phenolic Resin Market 2020-2024 (Graphic: Business Wire)

Request challenges and opportunities influenced by COVID-19 pandemic - Request a Free Sample Report on COVID-19 Impacts

The advantages of phenolic resins is one of the key factors driving the phenolic resins market growth. Phenolic resins possess good chemical and physical properties such as low toxicity, high mechanical strength, low smoke formation, good heat resistance, and high thermal stability. Phenolic resins are used in many applications, from molded products to coatings and adhesives. These are used in different applications across various end-user industries, including automotive, electrical and electronics, and construction. Phenolic resins are also used in the manufacture of billiard balls because of their high mechanical strength. These are used in insulation and laminated plastics as they have good electrical insulation properties. Phenolic resins are also used in many household applications because of their good electrical resistance, dimensional and thermal stability, and resistance to water and solvents.

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44737

As per Technavio, the growing building and construction activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Phenolic Resin Market: Growing Building And Construction Activities

The global construction industry is expected to grow by USD 12 trillion during the forecast period. APAC includes the major emerging economies of the world, which are Indonesia, China, India, and the Philippines. This increase in the global construction industry will drive the use of phenolic resins in construction. Phenolic resins are widely used glues for construction grades such as plywoods, construction panels, beams, and OSB, which are needed to be waterproof. In addition, phenolic resin binders are used in the manufacture of particleboard or waferboards. Thus, the growth in the construction industry will drive the growth of the market during the forecast period.

“Other factors such as the increasing demand for phenolic resins from the automotive industry, and the growing demand for consumer goods will have a significant impact on the growth of the phenolic resin market value during the forecast period,” says a senior analyst at Technavio.

Register for a free trial today and gain instant access to 17,000+ market research reports

Technavio's SUBSCRIPTION platform

Phenolic Resin Market: Segmentation Analysis

This market research report segments the phenolic resin market by type (resol, novoloc, and others) and geography (APAC, North America, Europe, South America, and MEA).

The APAC region led the phenolic resin market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growing use of phenolic resins in molding components, which are used in infrastructure and construction in developing countries such as China and India.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.