Portland, OR, Feb. 24, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the North America and Europe phenolic resin market was estimated at $4.4 billion in 2021 and is expected to hit $7.0 billion by 2031, registering a CAGR of 4.7% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $4.4 Billion |
| Market Size in 2031 | $7.0 Billion |
| CAGR | 4.7% |
| No. of Pages in Report | 262 |
| Segments Covered | Type, Application, End-use Industry, and Region. |
| Drivers | Rise in demand for coatings and abrasives in the automobile industry |
| Increase in use of phenolic laminate in the electronics and power industries | |
| Restraints | Certain impacts of phenolic resins on the environment |
| Stringent regulations associated with the same | |
| Opportunities | Introduction of alternative eco-friendly and sustainable feedstock for phenolic resins |
Covid-19 Scenario-
- Decrease in demand from the end-use industries negatively impacted the North America and Europe phenolic resin market, especially during the initial period.
- However, as the global situation started getting back on track, the market for phenolic resin across North America and Europe also recovered slowly and steadily.
The North America and Europe Phenolic Resin market is analyzed across type, application, end-use industry, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By type, the novolac segment held the highest share in 2021, garnering more than half of the North America and Europe phenolic resin market revenue. The same segment would also showcase the fastest CAGR of 4.8% throughout the forecast period. The resol segment is also analyzed in the study.
By application, the adhesives and binding segment contributed to more than one-fourth of the North America and Europe phenolic resin market share in 2021, and is projected to rule the roost by 2031. The friction segment, on the other hand, would display the fastest CAGR of 5.7% throughout the forecast period. The other segments discussed in the report include coatings, felt bonding, foam, abrasives, substrate saturation, and foundry.
By end-use industry, the electrical and electronics segment accounted for the highest share in 2021, generating nearly one-third of the North America and Europe phenolic resin market revenue. The lumber segment, however, would portray the fastest CAGR of 5.1% during the forecast period.
By region, Europe held the major share in 2021, garnering nearly half of the North America and Europe phenolic resin market revenue. The same region would also showcase the fastest CAGR of 4.8% from 2022 to 2031. The other province studied through the report includes North America.
The key market players analyzed in the North America and Europe phenolic resin market report include Prefere Resins Holding GmbH, Bakelite Synthetics, Akrochem Corporation, Allnex GMBH, BASF SE, Ashland Global Holdings Inc, ASK Chemicals GmbH, Georgia-Pacific Chemicals, Hexcel Corporation, and Kraton Corporation. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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