According to ChemAnalyst report, “India Phenolic Resin Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, FY2015-FY2030”, The India Phenolic Resin Market is likely to grow at a CAGR of 5.12% during the forecasted period by FY2030. The end-use industries like Automobile, Building and Construction, Electrical & Electronics, and Furniture industry are anticipated to multiply the demand for Phenolic Resin in India in the forthcoming years.
Phenolic resins are high-temperature polymers produced when an aldehyde-containing molecule interacts with a carbon-based alcohol. It is used in a wide array of industries including furniture, electrical, aerospace, and rubber industries. Phenolic Resin offers superior quality heat resistance and high friction resistance, thus making it suitable for use in brake linings and disc brake pads. Owing to its application as an adhesive, it is being used prominently used in the construction industry. Also, Phenolic Resin finds application in the electrical industry as well which includes the manufacturing of household electrical switches owing to its high heat-resistant property, making it another factor responsible for uplifting the demand for the product.
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The India Phenolic Resin market is primarily driven by the automotive industry. With the growing deman for light-weight vehicles in order to reduce the crabon emissions by vehicles is antciapted to drive upo the demand for Phenolic Resins in the forecat period. Additionally, its use in coatings, moulding compounds, and laminating contributes to fuel the product's rising demand. The need for items for interior like furniture is anticipated to rise in the coming years, which will most likely drive up the demand for laminates and lead to a significant increase in the use of phenolic resin.
The India Phenolic Resin Market is segmented based on end-use, sales channel, and region. Based on end-use, the India Phenolic Resin market is segregated into Automobile, Building and Construction, Electrical & Electronics, Furniture, and Others. Among these, the Automobile industry is dominating the segment of Phenolic Resin. This segment held roughly 34% of the Phenolic Resin market in FY2023. In the automobile industry, Phenolic Resin finds application as a reinforcing agent in tires, sound insulation felts, and clutch and friction facing. The Indian automobile industry has seen a massive quantitative jump in the past years and is anticipated to boom the demand for Phenolic Resin in the country.
Geographically, India Phenolic Resin Market is segregated into North, South, East, and West. In the historic period of FY2015-FY2023, West India has been dominating the market followed by South India. Western states like Gujarat and Maharashtra, have been the key consumers of Phenolic Resin due to the abundance of numerous plasticizers and other end-use industries allocated in these locations.
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“India Phenolic Resin Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, FY2015-FY2030” Significant players in the India Phenolic Resin market are Revex Group, Kanoria Chembond Private Limited, KayDee Corporation, Forace Polymers Pvt. Ltd., and Others. Some of the major global players operating in the Phenolic Resins market are DIC Corporation, Kolon Industries, Inc., Sumitomo Bakelite Co., Ltd., Hexcel Corporation, Hexion, and Others.
“The constant rising demand of Phenolic Resin to manufacture automotive components such as clutch facings and brakes owing to their properties like superior heat resistance and flame-rsesiatnce is anticipated to drive the India Phenolic Resin market in the forecast period until FY2030. Furthermore, the usage of phenolic resin to produce moulding and castings for furniture and electronic items such as ovens and knobs also contributes significantly to the India Phenolic Resin market. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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