North America phenolic resin market is expected to reach USD 4.20 billion by 2024, according to a new report by Grand View Research, Inc. Phenolic resins are increasingly being used in application such as wood adhesives, and laminates & coatings. These application segments are further driven by construction activities; therefore, an increase in housing starts and commercial construction projects are touted to drive demand in the future.
The requirement for heat resistant & flame retardant compounds in automotive & aircraft manufacturing is also likely to present opportunities for the industry growth in future. Additionally, the products’ exceptional chemical & physical properties such as high tensile strength, low toxicity & easy blending make it ideal for ablators, insulative materials, coatings, and other products.
Resols emerged as the leading product segment with nearly 50% volume share in 2015. Their usage as adhesives, reinforcing agents, and binders is a key driving factor for the segment growth. In terms of consumption, Mexico offers greater opportunities for resols, with its growth projected at 3% from 2016 to 2024.
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Further key findings from the study suggest:
- North America Phenolic Resin Market demand was 1,255.5 kilo tons in 2015 and is expected to exceed 1,600 kilo tons by 2024, growing at an estimated CAGR of 3.4% from 2016 to 2024.
- Aqueous resol solutions are widely utilized for chipboard bonding applications owing to their high moisture resistance as compared to other urea based adhesives.
- Impregnation applications accounted for over 20% of the overall volume in 2015. Impregnated laminates dominate the segment and is driven by high demand for decorative & high pressure laminates.
- Molding compounds and insulation applications collectively accounted for nearly 30% of the overall consumption in 2015.
- High demand for heat-resistant consumer electronics & automotive components is likely to boost consumption in molding compounds & insulation applications.
- The U.S. was the leading regional market and accounted for over 70% of the total market volume in 2015.
- High demand for resins from several major end-use industries such as construction, automotive and electrical & electronics is fostering industry growth in the U.S.
- Mexico is projected to be the fastest growing market in North America and is characterized by high demand for novolac resins.
- Major industry participants include Owens Corning, Arclin, Inc., Olympic Panel, Hardwoods, Inc., America Micro Industries, Inc., Ashland, Inc., DIC Corporation, Hexcel Corporation and Kolon Industries.
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