Global Phenolic Resins Market Is Valued At 10.2 Billion Usd In 2017
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Phenolic resins industry concentration is low, mainly concentrated in Asia and Europe, where production in Europe is relatively stable, while the world's fastest growing regions is Asia, mainly because of the rapid development of infrastructure in Asia.
Since the main application of phenolic resins are downstream wood processing industries, due to the low demand for manufacturing process of the product, so many wood-based panel companies have their own plant to produce phenolic resins, few external sales.
On the other hand, as many countries and regions to strengthen the requirements for free formaldehyde content in wood-based panels, they developed a stringent industry standard, as a result, small businesses are constantly being eliminated, especially in the Asia Pacific region.
Raw materials for phenolic resins are phenol and formaldehyde, on the global market, supply of raw materials is very full, but the upstream raw material prices have reduced, Raw materials account for a large proportion of production costs, so fluctuations in raw material prices directly affect the sales price of products.
Although the industry is much dispersed and a lot of manufacturers. While the downstream market demand is relatively stable, demand growth in the Asia-Pacific region is obvious. USA is the biggest producer and consumer of phenolic resins. But in Asia region, many major players have invested in the Chinese market to increase their production capacity due to low manufacturing costs than North American and European countries. Expansion of plywood production capacities in Southeast Asia, and increase in the penetration of phenolic resins, used as wood adhesives in Indonesian plywood industry has driven the future demand of phenolic resins in the Southeast Asia market.