North America Phenolic Resin Market To Reach $5.20 Billion By 2030

North America Phenolic Resin Market Growth & Trends

The North America phenolic resin market size is expected to reach USD 5.20 Billion in 2030 and is projected to grow at a CAGR of 5.6% from 2024 to 2030. 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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North America Phenolic Resin Market Report Highlights

• The North America phenolic resin market is anticipated to grow at a CAGR of 5.6% during the forecast period.

• The novolac segment dominated the market and accounted for a share of 47.8% in 2023. Its high thermal stability, resistance to chemicals, and superior molding characteristics make it an ideal choice for various industries

• The solid resol resin segment is expected to grow at a CAGR of 6.0% during the forecast period. Its excellent adhesive properties make it a preferred choice for bonding wood, plywood, and particleboard in the construction industry.

• Molding accounted for the largest market revenue share of 24.7% in 2023. The increase in the use of phenolic resins in molding applications is primarily driven by their superior thermal stability, mechanical strength, and resistance to chemical degradation.

• The insulations segment is projected to grow at a significant CAGR of 6.1% over the forecast period.

• The U.S. phenolic resin market held a dominant position in 2023.

• 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.

North America Phenolic Resin Market Segmentation

Grand View Research has segmented the North America Phenolic Resin Market on the basis of product, application and region:

North America Phenolic Resin Product Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• Novolac

• Resol

• Liquid Resol Resin

• Solid Resol Resin

• Others

North America Phenolic Resin Application Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• Wood Adhesives

• Molding

• Insulations

• Laminates

• Paper Impregnation

• Coatings

• Others

North America Phenolic Resin Regional Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

List of Key Players in North America Phenolic Resin Market

• Entec Polymers

• SHENGQUAN GROUP

• Capital Resin Corporation

• LRBG Chemicals Inc.

• Feno Resinas S.A. de C.V.

• POLÍMEROS SINTÉTICOS S.A. DE C.V.

• P.A.T. Products

• Polymer Composites Inc

• Macro Polymers

• INEOS