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In most regions, consumption of phenolic resins closely parallels production, since trade usually represents less than 10% of production in the producing countries. It is not usually considered cost-effective to transport phenolic resins over long distances because of the product’s high water content. In most regions of the world, the largest markets for phenolic resins are in plywood and in fibrous and granulated wood products. Demand for wood products is influenced by the health of the construction industry and overall state of the economy. Since the major portion of phenolic resins is used in the wood products industry, the market for phenolic resins in most countries closely tracks GDP growth and housing market growth. Global phenol-formaldehyde (PF) resin consumption grew slowly during 2004–2007. The slump in the U.S. housing market that began in 2006 and continues in 2008 had a large negative impact on total PF resin consumption during 2004–2007 (and will even more so in 2008).
The following pie chart shows world consumption of phenolic resins:
There is some regional variation in the consumption of phenolic resins. The developed regions (North America, Western Europe and Japan) accounted for 65% of PF resin consumption in wood adhesive applications. Over 70% of phenolic resins for insulation were consumed in the United States and Western Europe. Asia consumed 54% of the phenolic resins used for molding compounds, and phenolic resins used for laminates were consumed primarily in Western Europe and Other Asia (65%).
Wood adhesives will continue to have the largest market share and will drive phenolic resin consumption on a global scale. The developing regions of Central and South America, Central and Eastern Europe, and Asia (excluding Japan) will experience the largest growth in this application. Phenolic resin consumption for molding compounds will grow primarily in Other Asia as more molding operations operate in the region.
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