Phenolic Resins for Refractories Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 2.8 Billion by 2030, growing at a CAGR of 8.5% from 2024 to 2030.
However, looking towards the future (2023 to 2033), demand for phenolic resins in refractories is expected to see even more growth, fueled by technological developments in the automotive and aerospace sectors. Rising industrial activities and increasing infrastructure projects in developing economies, coupled with the demand for higher-efficiency materials, are expected to drive significant growth in the market. With the continued focus on improving manufacturing processes and the performance of refractories, the demand for phenolic resins is projected to expand rapidly, particularly in advanced manufacturing techniques.
The demand shift from 2023 to 2033 will see an increased emphasis on sustainability, with manufacturers focusing on eco-friendly and energy-efficient solutions. Innovations in phenolic resins, such as bio-based resins and enhanced properties, are likely to reshape the market. The refractories industry will require resins with more durability and resistance to extreme environments, leading to new formulations and applications. Increased demand for lightweight refractories in energy-efficient industries such as solar power and nuclear energy will further enhance growth prospects.
During this period, key market players are expected to capitalize on regional growth opportunities in Asia-Pacific, where infrastructure development and industrial expansion will be a major driver. With a diverse customer base in various industries, phenolic resins for refractories will become increasingly integral to the performance and sustainability of high-temperature materials.
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The Phenolic Resins for Refractories Market has experienced significant shifts between 2018 and 2022, driven by advancements in manufacturing processes and the growing demand for refractories in industries such as steel, cement, and glass. The global demand for phenolic resins, particularly in refractory applications, saw an increase due to their excellent thermal stability and resistance to chemical corrosion. With growing industrialization in emerging markets and the need for high-performance materials, the market had a steady growth trajectory over the past five years.
Kolon Industries
Hexion
Sumitomo Bakelite
ALLNEX NETHERLANDS
Taiwan PU Corporation
Forace Polymers
DIC Corporation
Prefere Resins
Bakelite Synthetics
IVP Limited
Fenolit d.d
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Phenolic Resins for Refractories Market
Construction
Industrial
Others
Based on Types the Market is categorized into Below types that held the largest Phenolic Resins for Refractories market share In 2023.
Powder
Liquid
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Phenolic Resins for Refractories Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Phenolic Resins for Refractories Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Phenolic Resins for Refractories Market, By Type
6. Global Phenolic Resins for Refractories Market, By Application
7. Global Phenolic Resins for Refractories Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Phenolic Resins for Refractories Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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