The ‘North America Phenolic Resin Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the North America phenolic resin market, assessing the market on the basis of its segments like products, applications, and countries.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

North America Phenolic Resin Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): Around USD 3.18 Billion
• Forecast CAGR (2023-2028): 5.30%
• Forecast Market Size (2028): Nearly USD 4.31 Billion

A major factor driving the North America phenolic resin market is the growing construction and renovation activities in the region. Phenolic resins are widely used in various construction materials such as adhesives, coatings, and insulation foams. Furthermore, they are also used in the automotive sector as binders in friction materials of vehicles due to their high resistance. These resins are also used in the aerospace sector for the manufacturing of lightweight composites, that are used in aircraft equipment.

The widespread usage of phenolic resin in electrical equipment is another factor propelling the market growth. They are used in circuit boards and other electrical appliances to provide. Moreover, they are also used in the timber sector as adhesives for plywood and particle boards. They are also readily used in the lumber sector to manufacture oriented strand boards.

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Resol resins occupy a significant share in the North America phenolic resin market owing to their growing usage in several end-use sectors in the region. They are cost-effective materials and are used in plywood, adhesives, engineered woods, and laminated composite lumber, among others. Additionally, they are used in the bonding and cooling of materials implemented in the buildings.

North America Phenolic Resin Industry Definition and Major Segments

Phenolic resin, also known as phenol formaldehyde resin, are synthetic polymers which are formed by the reaction between phenol and formaldehyde. Phenolic resins are generally black and opaque in nature and can be typically used as adhesives for cement, bonded adhesives, brake linings, fillers, and laminations, among others.

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On the basis of product, the market is classified into:

• Resol Resins
• Novolac Resins
• Others

Based on application, the North America phenolic resin market is divided into:

• Paper
• Fabric
• Coatings
• Laminates
• Filters
• Gypsum Board
• Others

On the basis of country, the market is segmented into:

• United States
• Canada

North America Phenolic Resin Market Trends

A key trend propelling the growth of the North America phenolic resin market is the rising popularity of the product in the furniture sector, owing to its lamination applications. Its properties such as lightweight, moisture resistance, and superior dielectric strength make it a suitable material for laminating. The widespread implementation of lamination to improve the aesthetic appeal of the furniture and provide protection to wood is also expected to fuel the market growth.

The growing utilisation of phenolic resin to enhance the water resistance, stiffness and strength of paper is also a crucial trend. Moreover, a rise in manufacturing activities in the region is also expected to boost its demand for the product due to its properties such as chemical resistance, low density, and low thermal conductivity. Many laboratories in the region are also utilising phenolic resin for their countertops as it can handle the pressure of chemicals, heat, and moisture, among others.

The United States accounts for a sizeable share of the North America phenolic resin market due to rapid infrastructural development in the country. Phenolic resins have several applications in the construction sector, which is expected to favour the market growth. Additionally, technological advancements by the market players in the country to improve the quality of phenolic resin also positively influence the market.

Key Market Players

The major players in the North America phenolic resin market report are

• Sumitomo Bakelite North America Holding, Inc.
• Arclin, Inc.
• DIC Corporation
• Capital Resin Corporation
• Ashland Inc.
• SI Group, Inc.
• LRBG Chemicals Inc.
• Akrochem Corporation
• Bakelite Synthetics Group
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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