Phenolic Resin Composite Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
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
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,
Based on processing techniques, the phenolic resin composite market is segmented into,
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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