Asia Pacific (APAC) Phenolic Resins Market (2021-2027) | Analysis, Size, Revenue, Trends, Forecast, Growth, industry, Outlook & COVID-19 IMPACT

Latest 2023 Development of the Asia Pacific Phenolic Resins Market

The Asia Pacific phenolic resins market is witnessing a growing demand in the construction industry due to their excellent fire-resistant and insulating properties. Phenolic resins are used in a variety of applications such as insulation boards, roofing materials, and laminates. Additionally, the market is experiencing an increasing demand for automotive components. The automotive industry in the Asia Pacific region is also driving the demand for phenolic resins. Phenolic resins are used in the production of various automotive components such as brake pads, clutch facings, and engine components. Further, key players in the Asia Pacific phenolic resins market are investing in research and development activities to improve the performance and properties of phenolic resins. This is expected to result in the development of new and innovative products that cater to specific industry needs. In addition, several major players in the Asia Pacific phenolic resins market are expanding their production capacity to meet the growing demand for phenolic resins. For example, Hexion Inc. announced the expansion of its phenolic resin production capacity in China to meet the increasing demand from the construction and automotive industries. Additionally, key players in the Asia Pacific phenolic resins market are also forming strategic partnerships and collaborations to strengthen their market share and expand their product offerings. For example, Mitsui Chemicals and Sumitomo Bakelite announced a joint venture in 2021 to produce and sell phenolic resins in China.

The Asia Pacific phenolic resins industry is experiencing a growing emphasis on sustainable products. As consumers become more environmentally conscious, there is a growing demand for sustainable products. Phenolic resins are known for their low environmental impact, as they are made from renewable resources and are easily recyclable. This trend is expected to drive the growth of the phenolic resins market in the Asia Pacific region. Moreover, the governments in the Asia Pacific region are implementing favourable policies to promote the use of sustainable products, including phenolic resins. For instance, the Chinese government has implemented regulations to reduce the use of formaldehyde in the production of phenolic resins, which has led to the development of low-formaldehyde phenolic resins. In addition, the market has also witnessed a growing demand for electrical and electronics applications, as phenolic resins are widely used in the electrical and electronics industry due to their excellent electrical properties, such as high dielectric strength and low dissipation factor. The growing demand for electronic devices and equipment in the Asia Pacific region is expected to drive the growth of the phenolic resins market in this sector.

Asia Pacific Phenolic Resin Market Synopsis

Asia Pacific is the largest region in the phenolic resin market, as it depends on a wide range of factors, which includes increasing growth in automotive and construction industries, along with elevated consumption of moulding compounds in the countries like India, China, ASEAN(The Association of Southeast Asian Nations) and others. The Driving factors are the rise in demand for rubber and friction materials which are lightweight making overall weight loss, domestic manufacturing of wall panels, cabinets and furniture is witnessing growth in the residential housing wood products and industrial and decorative laminations for the construction industry. Growing transportation business across the globe will drive the rubber processing industry growth which will, in turn, accelerate the phenolic resins market. Formaldehyde emission is the main restraint to the phenolic resin market. Trade between India and Pakistan was stopped due to geopolitics, due to border tensions movements like the boycott of china came hence affecting the market. The outbreak of COVID-19 has affected the phenolic resin market as the automotive industry, construction industries are severely affected. Manufacturing activities were stopped affecting the building and construction industry thus decreasing the demand for phenolic resin insulations in the short term. The COVID-19 pandemic has affected the oil and gas sector due to the temporary lockdown in almost all countries. The consumer electronics and furniture industries are also affected due to difficulties in continued operations due to shortages of the workforce as workers migrated to their homes. Recently COVID-19 cases are again increasing and there were lockdowns and restrictions in many countries, so the market will be affected.

According to 6Wresearch, the Asia Pacific Phenolic Resin Market size is anticipated to register growth during 2021-2027. Asia Pacific is likely to be the largest and fastest-growing region in the phenolic resin market as Asia pacific is the largest producer of automotive production. The increasing population and increasing construction increase the demand for furniture in China. India, due to its emerging economy and increasing population, the electrical and domestic appliances market is increasing thus increasing the demand for phenolic resins market. Additionally, manufacturers in this region are using bio-based fuel for the production of phenolic resin, which attracts the market. Some of the key players in the phenolic resin market are Mangalam Organics Ltd, Si Group India Ltd, Royal Resins Industries, Changchun Group, Yushiju Chemical, Hitachi Chemical Co. Ltd., Zhejiang Hangmo.

The phenolic resin market is segmented based on product type, application, end-user industry and region. By product type, the market is segmented into novolac and resol. By application, the market is segmented into moulding, adhesive, insulation, and other applications. By end-user industry, the market is segmented into automotive and transportation, consumer electronics, building and construction, oil and gas, furniture, and other end-user industries. By region, the Phenolic resin market is segmented into China, India, Japan, ASEAN and other countries. The demand for phenolic resin in the wood adhesives application is primarily due to the growing construction industry. The automotive industry is likely to grow faster as Electric vehicles are replacing conventional vehicles. China is leading the Asia Pacific phenolic resin market. China and India possess the maximum part of the market share as there is a rapid expansion of end-use industries such as consumer goods, automotive, construction and aerospace.

The Asia Pacific phenolic resin market report thoroughly covers the market by product type, distribution channels, and countries including China, India, Japan, and Australia, among other key countries. The Asia Pacific phenolic resin market outlook report provides an unbiased and detailed analysis of the ongoing Asia Pacific phenolic resin market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Key Highlight of The Report

• Asia Pacific Phenolic Resins Market Outlook
• Market Size of Asia Pacific Phenolic Resins Market, 2020
• Forecast of Asia Pacific Phenolic Resins Market, 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Revenues & Volume for the Period 2017 - 2027
• Asia Pacific Phenolic Resins Market Trend Evolution
• Asia Pacific Phenolic Resins Market Drivers and Challenges
• Asia Pacific Phenolic Resins Price Trends
• Asia Pacific Phenolic Resins Porter's Five Forces
• Asia Pacific Phenolic Resins Industry Life Cycle
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Product for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Novolac for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Resol for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Product for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Novolac for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Resol for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Product for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Novolac for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Resol for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Product for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Novolac for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Resol for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Product for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Novolac for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Resol for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Product for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Novolac for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Resol for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Product for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Novolac for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Resol for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Product for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Novolac for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Resol for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Product for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Novolac for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Resol for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Application for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Wood Adhesives for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Molding for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Insulation for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Laminates for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Paper Impregnation for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Coatings for the Period 2017 - 2027
• Historical Data and Forecast of Asia Pacific Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Application for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Wood Adhesives for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Molding for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Insulation for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Laminates for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Paper Impregnation for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Coatings for the Period 2017 - 2027
• Historical Data and Forecast of China Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Application for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Wood Adhesives for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Molding for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Insulation for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Laminates for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Paper Impregnation for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Coatings for the Period 2017 - 2027
• Historical Data and Forecast of India Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Application for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Wood Adhesives for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Molding for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Insulation for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Laminates for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Paper Impregnation for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Coatings for the Period 2017 - 2027
• Historical Data and Forecast of Japan Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Application for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Wood Adhesives for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Molding for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Insulation for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Laminates for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Paper Impregnation for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Coatings for the Period 2017 - 2027
• Historical Data and Forecast of Australia Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Application for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Wood Adhesives for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Molding for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Insulation for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Laminates for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Paper Impregnation for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Coatings for the Period 2017 - 2027
• Historical Data and Forecast of Indonesia Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Application for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Wood Adhesives for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Molding for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Insulation for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Laminates for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Paper Impregnation for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Coatings for the Period 2017 - 2027
• Historical Data and Forecast of Philippines Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Application for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Wood Adhesives for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Molding for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Insulation for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Laminates for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Paper Impregnation for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Coatings for the Period 2017 - 2027
• Historical Data and Forecast of Malaysia Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Application for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Wood Adhesives for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Molding for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Insulation for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Laminates for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Paper Impregnation for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Coatings for the Period 2017 - 2027
• Historical Data and Forecast of Rest of Asia Phenolic Resins Market Revenues & Volume By Others for the Period 2017 - 2027
• Asia Pacific Phenolic Resins Market - Key Performance Indicators
• Asia Pacific Phenolic Resins Market - Import Export Trade Statistics
• Asia Pacific Phenolic Resins Market - Opportunity Assessment By Countries
• Asia Pacific Phenolic Resins Market - Opportunity Assessment By Product
• Asia Pacific Phenolic Resins Market - Opportunity Assessment By Application
• Asia Pacific Phenolic Resins Market - Top Companies Market Share
• Asia Pacific Phenolic Resins Market - Top Companies Profiles
• Asia Pacific Phenolic Resins Market - Comparison of Players in Technical and Operating Parameters
• Asia Pacific Phenolic Resins Market - Strategic Recommendations

Markets Covered

The market report covers the following segments:

By Type

• Novolac
• Resol
• Others

By Application

• Wood Adhesives
• Moulding
• Insulation
• Laminates
• Paper Impregnation
• Coatings
• Others

By Countries

• India
• China
• Japan
• Australia
• South Korea
• Indonesia
• Rest of Asia Pacific

Asia Pacific (APAC) Phenolic Resins Market: FAQs