The novolac resins market is expected to develop at a CAGR of over 4% during the forecast period. The major factor driving the growth of the novolac resins market is the high demand for fuel-efficient light vehicles. Furthermore, increasing demand from the consumer electronics segment is expected to propel the market. The abrupt flare-up of the COVID-19 is foreseen to thwart the development of the market studied.
– Automotive application is anticipated to dominate the overall market owing to its various properties inlcuding heat resistance, fireproof, chemical resistance, and electrical insulating.
– Asia-Pacific is expected to be the largest market because of the high demand of the product from various industries in the region.
Key Market Trends
High Demand from Automotive Segment to Boost Novolac Resins Market
– High demand for eco-friendly vehicles, in the automotive segment, has been driving novolac resins market in view of their lightweight trademark. High growth in developing economies is relied upon to develop the market on a large scale during the forecast period.
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– Novolac resins are required during high flexibility, fireproof, heat resistance, chemical resistance, surface hardness, and electrical insulating properties. These resins can be shaped effectively and thus, demand in this application is relied upon to increase. Moreover, incrreasing interest in laminates and molded materials are driving the market.
– In 2019, the total number of motor vehicles manufactured globally is around 91.78 million units.
– All the aforementioned factors are expected to drive the novolac resins market during the forecast period.
Asia-Pacific Region to Dominate Novolac Resins Market
– Asia-Pacific region is expected to have the highest growth rate attributing to the high consumption of novolac resins from end-users in emerging economies like China, India, etc. from the region.
– The revenue of Japan’s furniture market is projected to be USD 102.83 billion in 2020 and is forecasted to grow at an annual CAGR of 2.5% during 2020-2023.
– In China, the total income of the consumer electronics division is projected to account for USD 173.76 billion in 2020 and is foreseen to develop to a market size of USD 190.23 billion by 2024.
– In 2019, the total number of vehicles manufactured in India was around 4.516 million units.
– Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast period.
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Competitive Landscape
The market for novolac resins is consolidated. Some of the players in the market include Hexion, DIC CORPORATION, SBHPP, KANGNAM CHEMICAL, and BASF SE.
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