North America Phenolic Resin Market Insights Forecasts to 2032

• The North America Phenolic Resin Market Size was valued at USD multimillion in 2022.
• The market is growing at a CAGR of 4.5% from 2022 to 2032

The North America Phenolic Resin Market Size was valued at USD multimillion in 2022 and is expected a CAGR of 4.5% during the forecast period (2022-2032).

Market Overview

Phenolic resins, commonly known as phenol-formaldehyde resins, are synthetic polymers formed by the reaction of phenol or substituted phenol with formaldehyde. They have been widely employed in the production of molded objects, coatings, adhesives, and other items. The applications of phenolic resins are widely classified as foundry, wood adhesives, insulation, molding, abrasives, and others. An increase in vehicle filter sales due to a rejuvenated automotive sector in the United States is a primary driving force for phenolic resin impregnation applications.

Report Coverage

This research report categorizes the market of North America phenolic resin market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America phenolic resin market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the North America phenolic resin market.

Driving Factors

Technological improvements have opened up new growth opportunities for these resins, particularly in impregnation applications. The increasing substitution of phenol as a raw material by bio-based alternatives such as lignin is also an important driver promoting business expansion. However, the increasing use of nanotechnology to impart desirable functional and performance features in these resins is expected to give attractive prospects to new market players. Also, consumer awareness of the sustainability and energy efficiency of phenolic-impregnated laminates and materials is projected to increase their use in 'green buildings' and related applications.

Restraining Factors

The changing price of raw materials used in the production of phenolic resins is projected to stymie industry expansion. Phenolic resins are petroleum-based compounds formed by the reaction of benzene and propylene. Petroleum-based goods are very volatile in price, which might raise the entire price of the items.

COVID 19 Impacts 

The COVID-19 pandemic halted industrial and building activity in major economies such as the United States and Canada & for an indefinite period. Other countries experienced a similar economic collapse. The phenolic resin market in North America has been severely impacted by the fall in industrial output and the postponement of construction projects.

Market Segment

• In 2022, the resol segment is influencing the largest market share over the forecast period.

Based on the product, the North America phenolic resin market is segmented into resol and novolac. Among these segments, resol dominates the largest market share during the forecast period. Resol phenolic resins are known for their excellent heat resistance, adhesion, and electrical insulation properties, making them suitable for applications such as coatings, adhesives, and molded products, moreover, novolac phenolic resins, on the other hand, are valued for their superior chemical resistance and dimensional stability, often utilized in areas like foundry and refractory applications.

• In 2022, the molding segment is dominating the largest market share during the forecast period.

Based on the application, the North America phenolic resin market is segmented into wood adhesives, molding, insulation, & others. Among these segments, midfield strength dominates the largest market share during the forecast period. Phenolic resins are widely used in molding applications, particularly in the production of molded products such as electrical components, automotive parts, and consumer goods. Their excellent heat resistance and dimensional stability make them suitable for these applications.

• In 2022, the United States segment is leading the largest market share during the forecast period.

 Based on the field strength, the North America phenolic resin market is segmented into the United States, Canada, Mexico, and the rest of North America. Among these segments, the United States segment dominates the largest market share during the forecast period. The United States, despite its size, is generally mature and offers few prospects for new entrants due to end-use market saturation and significant rivalry among domestic producers. However, fast urbanization, rising consumer disposable income, expanding end-use sectors, and an increasing rate of digitalization are expected to make Mexico an attractive market for phenolic resin manufacturers and suppliers throughout the projection period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japan magnetic resonance imaging (MRI) market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• DIC Corporation
• Hexcel Corporation
• Arizona Chemical
• Kolon Industries
• Georgia-Pacific Chemicals
• 3M Company
• Owens Corning
• Arclin Inc.
• Olympic Panel Products LLC.
• Hardwoods Inc.
• American Micro Industries Inc.
• INEOS, Kessler Chemicals
• KPL International Ltd.
• PTTGC America LLC.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the North America Phenolic Resin Market based on the below-mentioned segments:

North America Phenolic Resin Market, By Product

• Resol
• Novolac

North America Phenolic Resin Market, By Application

• Wood Adhesives
• Molding
• Insulation
• Others

North America Phenolic Resin Market, By Region

• United States
• Canada
• Mexico
• Rest of North America