Phenolic Resin Composite Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Phenolic Resin Composite Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : January, 2020 | Chemical & Materials | PPT format

Report Digest


Phenolic Resin Composite Market – Introduction

Owing to the extensive use of phenolic resin composites in application requirements of corrosion-resistance and low-smoke toxicity in several industries, the phenolic resin composite market is expected to witness a steady growth outlook in the coming years. Prominent end-users of the phenolic resin composite include automotive, construction, electrical & electronics, aerospace & defense and mass transit among others.

The very first synthetic plastic which became commercially available was phenolic resins. With their superior physical properties, phenolic-based composites are extensively used in industrial and architectural applications wherein qualities such as water, heat and corrosion resistance is highly critical.

Phenolic resin composites find extensive application as bonding adhesives in the manufacturing of composite wood panels that are used in external building applications such as walls and roofs. As the use of wood is increasing in the construction industry, demand for phenolic resin composites is likely to grow in the coming years.

Phenolic Resin Composite Market – Notable Developments

  • In February 2019, Siemens PLM Software and Teesside University have initiated collaboration wherein the university is using the Siemens’ Fibersim teaching tool to deliver instruction in composite engineering.
  • In March 2018, Hexion Inc. collaborated with Kangde Composites Co. Ltd. with an aim to produce high-volume automotive carbon fiber and advanced mass production of composites.
  • Hexion showcased the company’s epoxy and phenolic resin systems to increase composite fire safety at JEC World 2018.
  • SONGWON, a leading provider of specialty chemicals launched a new antioxidant SONGNOX 5057 to add value to the range of company’s stabilizers and adhesives in November 2018.
  • In July 2018, BASF announced the expansion of its global production capacity for phenolic antioxidant - Irganox® 1010 by 40% and the opening of new production capacities in Kaisten, Switzerland and Jurong, Singapore.

Phenolic Resin Composite Market Dynamics

Phenolic Resin Composite Manufacturers Leverage Digital Manufacturing Processes

As the demand for phenolic resin composites continues to rise, manufacturers seek improved production methods to achieve enhanced capabilities. Integration of digital manufacturing approach in the production of composites has significantly addressed the challenges faced by manufacturers in structural designing and mass production of composites. Integration of automation and digitalization in the manufacturing has aided in cutting down the overall cost of composite components. In a bid to meet with the growing demand for phenolic resin composites, manufacturers are engaged in leveraging smart manufacturing processing for advanced phenolic resin composite production.

Aerospace and Mass Transit Industries Present Lucrative Opportunities for Phenolic Resin Composite Market

Phenolic resin composites provide superior physical properties of water, fire and heat resistance as well as emission control of smoke and toxic gas. Manufacturing of aircraft and mass transit vehicles involves a heavy application of phenolic resin composites for higher operational output.

In aircraft, phenolic resins are used as a matrix material for primary and secondary fiber-reinforced composite (FRC) structures, in a hardware component, sealants, adhesives for bonding, electric circuit boards and radomes. While composites contribute to a bulk of the interior weight of any aircraft, advanced phenolic composite resins fulfill all the performance criteria and enhance processing efficiencies, thereby allowing manufacturers to retain a competitive edge with a good price point.

Low-cost Alternatives to Challenge Phenolic Resin Composite Adoption

Phenolic resin composites find traditional application in aircraft manufacturing and other end-use applications owing to its high fire-resistance and non-electric conductance. Very first phenolic composites like prepregs and molding compounds were heavily utilized in aircraft despite their high cost owing to the need for high specification requirements.

Researchers have developed resins that are functionally equivalent to phenolic resin composites and are available at low-cost. For instance, new benzoxazine resins provide superior laminate quality and surface finish. Also, these alternative resins are compliant with safety and health regulatory standards required in the aerospace interiors.

Increasing cost pressure in the phenolic resin composite end-use industries has led manufacturers to demand better alternative offerings that meet the performance criteria while complying with regulatory standards.

Phenolic Resin Composite Market – Regional Outlook

Countries in the Asia Pacific (APAC) region are the highest end-users of phenolic resin composites, in particular, China and India, owing to significant demand generation from the construction and furniture industries. Rapid urbanization and improving standards of living are contributing to the development of end-user industries, thereby driving the phenolic resin composite market.

North America is a prominent end-user of phenolic resin composite, wherein a bulk of consumption is garnered from the United States. EMEA region is witnessing an increased use of phenolic resins, thereby presenting lucrative opportunities for the market in the coming years.

Phenolic Resin Composite Market – Segmentation

Phenolic resin composite market is segmented into the following categories,

Based on application, the market is segmented into,

  • Automotive
  • Aerospace & Defense
  • Construction
  • Mass transit
  • Electrical & Electronics
  • Others

Based on processing techniques, the phenolic resin composite market is segmented into,

  • Hand layup
  • Prepreg molding
  • Poltrusion
  • Compression molding
  • Others

The study presents reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.

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