Global Phenolic Resins Market to Reach US$13.36 Billion in 2019: Transparency Market Research
By Business Wire News
By Business Wire News
A recent report published by Transparency Market Research titled “Phenolic Resins Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019” provides an analytical overview of the global phenolic resins market. The report projects that the market will reach US$13.36 billion in 2019, as against its market value of US$9.19 million in 2012. Therefore, according to the study, the market is likely to exhibit a positive 5.6% CAGR between 2013 and 2019.
Expansion of the automobiles market has bolstered the demand for phenolic molding compounds, which in turn is likely to boost the global phenolic resins market. Molding compounds are used to improve the vehicle’s fuel efficiency, apart from which they are also extensively used in the manufacture of seats, bottom plates, and suspensions. Hence, the progress of the phenolic resins market is strongly linked with the expansion of the automobile industry.
Despite registering positive growth, vulnerability to crude oil prices will adversely impact the operations of the market. Stringent environmental regulations imposed across the globe are also anticipated to hamper the smooth operations in the global phenolic resins market. Nevertheless, the report states that extended application in the nanotechnology development and the spurt of construction activities in the U.S. are expected to create growth opportunities for the phenolic resins market.
Geographically, North America and Asia Pacific collectively account for 65% of the demand generated globally. However, according to the latest findings, the countries in the Rest of the World category are likely to exhibit robust growth during the forecast period and emerge as the fastest growing region in the global phenolic resins market.
Prominent players in the market include Georgia Pacific Chemicals, Mitsui Chemicals Inc, Sumitomo Bakelite Co. Ltd., and BASF SE.
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Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.