Global Novolac Epoxy Resin Market Research Report 2022

Novolac Epoxy Resin Market 

Key drivers of the novolac epoxy resin market include the growing benefits of the resin making it suitable for use in several end-user industry verticals. 

The expanding construction industry will provide lucrative opportunities for the market in the coming years. The ever-growing automotive industry will propel the market forward during the forecast period.

Trends Influencing the Growth of the Global Novolac Epoxy Resin Market 

Advantages of epoxy resin

Novolac epoxy resins are stronger and have a firm adhesive bond that provides resilience for a longer duration. The chemical is hard which aids in the strength. The product is versatile and bounds to multiple materials making it suitable for use as an electronic packaging material, protective coatings, adhesives, and composite materials. The overall chemical structure is durable, stretchable, and provides superior stability. This will surge the growth of the novolac epoxy resin market. It is extremely easy to apply on highly resistant surfaces be it as paints or flooring. The material is weatherproof and swift to start showing results. The resin does not melt easily even at high temperatures and sets hard. Furthermore, novolac is water-proof and does not shrink easily thereby staying at the optimum level for a longer period of time. The most unique feature of epoxies is their gap-filling capabilities preventing leakage in pipes. 

Construction sector

The growing population explosion and rising disposable income is leading to people investing heavily in well-designed residential homes and commercial office buildings. Epoxies are an integral part of the industry that will fuel the growth of the novolac epoxy resin market in the upcoming years. It binds the structural parts, and engineering adhesives and offers a protective barrier as paints and coatings. The material enhances durability, and longer lifespan and reduces costs related to renovation and refurbishing. They are heat-resistant and are compatible with wood, metal, glass, and any other form of plastic. The most extensive usage is in flooring as it helps in keeping the surface sterile and durable. It is also used in repairs, renovations, and concrete restoration. The resin is immune to wear and tear and internal corrosion. 

Automobile sector

Novolac resins are used extensively in vehicle manufacturing and assembly. It is used in car parts as epoxy provides adhesion to metal and rust resistance. A thin protective layer is used as a primer which is washed subsequently and applied to improve UV ray protection. This will surge the growth of the novolac epoxy resin market during the forecast period. The fiber material reduces the entire weight of the vehicles leading to lesser emissions and efficient fuel consumption. Rail, marine, and aerospace industries also utilize the product as it provides resistance against extreme weather conditions. 

Novolac Epoxy Resin Market Share

Based on type, the bisphenol A novolac epoxy resin segment will grow the highest in the novolac epoxy resin market share due to large-scale adoption in several consumer and industrial applications due to its high durability, quick moisture absorption, adhesion, and corrosion protection.

Based on application, the protective coating segment will dominate the novolac epoxy resin market share due to the increasing use in the construction flooring, electronic, and automobile sectors.

Based on region,  Asia-Pacific will witness significant growth due to rising commercialization, the presence of key players, and growing end-user industry verticals. 

By Type

• Phenol Novolac Epoxy Resin

• -Cresol Novolac Epoxy Resin

• Bisphenol A Novolac Epoxy Resin
• Other

By Application

• Electronic Packaging materials
• Adhesives
• Protective Coatings
• Composite Materials
• Others

By Company

• Huntsman
• Olin
• Hexion
• NanYa Plastics
• Kukdo Chemical Industry
• Chang Chun Group
• SanMu Group
• Aditya Birla Group
• DIC
• Shengquan
• Sinopec

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK.
• Italy
• Russia
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Australia
• China Taiwan
• Indonesia
• Thailand
• Malaysia
• Latin America
• Mexico
• Brazil
• Argentina