PHENOLIC RESIN MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Phenolic Resin Market Analysis:

The phenolic resin market is anticipated to exhibit a compound annual growth rate (CAGR) of 4% during the forecast period. The COVID-19 pandemic had a significant impact on the manufacturing sector, leading to a temporary halt in production activities. This, in turn, affected the building and construction industry, resulting in a decrease in demand for phenolic resin insulations in the short term. The oil and gas sector also experienced a downturn due to the temporary lockdowns imposed in most countries. Similarly, the consumer electronics industry faced supply chain constraints and workforce shortages. The transportation and automotive industry also witnessed a decline in production and sales due to travel bans and restrictions, thereby adversely affecting the phenolic resin market. Nonetheless, the resumption of production plants and international trade activities from 2021 are expected to restore market growth over the forecast period.

Over the medium term, the market’s growth is expected to be driven by the increasing demand from the construction and transportation industries. However, the unfavorable conditions arising from the COVID-19 outbreak are anticipated to impede the market’s growth. Furthermore, the rising concern related to reducing the weight of vehicles is expected to create new opportunities in the future.

The Asia-Pacific region is expected to be the largest market for phenolic resin due to the increasing consumption of the product in end-user industries.

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