Asia Pacific Is Expected To Witness Substantial Growth in the Phenolic Resins Market

 

Phenol formaldehyde resins or phenolic resins are synthetic polymers derived from the reaction between phenol and formaldehyde. Phenolicresins were known as the first commercial resins used in the production of molded products such as billiard balls and laboratory countertops. Phenolic resins are also used as adhesives and coasting. A wide variety of product types of phenolic resin are available in the market, such as formaldehyde-free phenolic resin, bio-phenolic resin, resole resin, cresol, and novolac resin. Furthermore, phenolic resins find major application in several industrial activities (such as wood-adhesive, friction materials, abrasives, fire retardants, hardeners, for insulation purposes, molding compounds, offshore oil drilling, laminates, etc.) owing to its properties such as high mechanical strength, adhesion, heat resistance, moisture resistance, etc.

Increasing consumer awareness about the advanced properties of phenolic resin is expected to propel the growth of the market. Moreover, increasing demand for rubber and friction materials from the tire industry, which, in turn, has generated interest in durable and lightweight phenolic compounds, driving the growth of the phenolic resins market. The development of SpaceX Dragon Capsule’s heat shield, a phenolic impregnated carbon ablator, is one of the most important technological innovations in the market. This enables the capsule to be reused for future missions, as the raw material allows spacecraft, crew, and cargo to safely return to Earth, despite the high temperatures.

Regulatory framework related to phenolic resins includes Japan Society of Occupational Safety which marks the permissible concentration of formaldehyde and phenol for the phenol resin production, while the Industrial Safety and Health Act states formaldehyde and phenol as a labeled substance that allows the use of phenol-formaldehyde resins in various applications. Other agencies such as Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH), European Phenolic Resins Association, and the United States Environmental Protection Agency are also some of the regulatory bodies for the phenolic resins industry.

Regulatory bodies ensure the health and safety of consumers by limiting hazardous emissions and pollution related to this industry. In terms of geography, the phenolic resins market is divided into six regions, such as North America, Asia Pacific, South America, Europe, the Middle East, and Africa. Asia Pacific is expected to witness robust growth in the market due to the rapid urbanization, increasing population, and the regulatory framework promoting the use of lightweight composites in the automotive industry. For instance, many key players are shifting their production facilities to emerging economies such as Asia to increase the production of phenolic resins.