Global Phenolic Resins Market (2020 to 2026) - Featuring Arclin, ASK Chemicals & BASF Among Others - ResearchAndMarkets.com
The "Phenolic Resins Market 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global phenolic resins market is estimated to witness significant growth during the forecast period.
Emerging applications in automotive and transportation are one of the major factors driving the market growth. Rising focus on bio-based phenolic resins is expected to offer an opportunity for the market. Bio-oils derived from biomass including storm debris, scrap wood, and even corn stover are utilized for the development of phenol alternatives which is useful in the epoxy and wood adhesive markets.
By using fractional catalytic pyrolysis process, renewable feedstocks, including corn stover, poplar, pine, and switch grass, can be converted into high-quality phenolic materials. Such phenolic materials can replace phenolics obtained from petroleum sources in phenol/formaldehyde resins and decrease harmful environmental effects such as greenhouse gases and air emissions.
Geographically, in 2019, Asia-Pacific is estimated to witness potential growth during the forecast period owing to the expansion of electronics manufacturing and increasing construction industry in the region. As per the India Brand Equity Foundation (IBEF), production of electronics hardware in India rose from $31.13 billion in 2014 to $65.53 billion in 2019. Further, as per the Department for Promotion of Industry and Internal Trade (DPIIT), during the period, April 2000-March 2020, in the electronics sector, the inflow of foreign direct investment (FDI) stood at $2.8 billion. The increasing production of electronics products is driving the demand for phenolic resins owing to its superior heat and electrical resistance and dimensional stability.
More on: finance.yahoo.com