Global Speciality Resins For Plywoods Market - Forecast(2023 - 2028)

Report Code: CMR 40096 Report Format: PDF + Excel

Global Specialty Resins For Plywoods Market Overview

The global specialty resins for plywoods market size is forecast to reach US$843.5 million by 2027, after growing at a CAGR of 4.1% during 2022-2027. Specialty resins, such as phenol-formaldehyde resins and melamine-formaldehyde resins, are used to manufacture high-quality plywood panels. The activated carbon from these specialty resins has superior thermal stability and excellent texture properties that enhance plywood's quality and is one of the primary factors driving the growth of the global specialty resins for plywoods market. However, during the production of plywood panels, volatile organic compounds (VOCs) such as methylene chloride are emitted, which can be harmful for the environment and can be toxic by inhalation and can cause skin and eye irritation. The report takes a closer inspection at the global specialty resins for plywoods industry outlook and analyse the market share of the global specialty resins for plywoods top 10 companies within the forecast period of 2022-2027.

COVID-19 Impact on Global Specialty Resins For Plywoods Market

During the COVID-19 pandemic, many industries had suffered a tumultuous time, and it was no different for the global specialty resins for plywoods market. Many governments across the globe implemented lockdown regulations and factories & production facilities in many sectors came to a halt. The supply chain was greatly disrupted as many businesses followed lockdown protocols. Specialty resins used in the plywood industry mainly supply to industry verticals such as the building & construction industry, the furniture industry, and the cargo transport sector. During the pandemic, there was a substantial decline in demand for those industry verticals which also led to a decline in the global specialty resins for plywoods market. For instance, according to the Institute of Physics (IOP), the pandemic is estimated to have reduced investment in the construction sector of India by 30% while China is estimated to have suffered a loss of US $ 1.5 million in the construction sector. However, the pandemic has now largely subsided, and governments have resumed factory production in almost all sectors. As such, the demand for the global specialty resins for plywoods market also saw a significant incline in demand in 2021 and will continue to do so during the forecast period of 2022-2027.

Report Coverage

The report “Global Specialty Resins For Plywoods Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the global specialty resins for plywoods industry.

By Resin Type: Melamine-Formaldehyde (MF), Melamine-Urea-Formaldehyde (MUF), Urea-Formaldehyde (UF), Phenol-Formaldehyde (PF), and Others.
By Application: Flooring, Walls, & Roofing, Fencing, Packing Boxes, Scaffolding, Cargo Transportation, Musical Instruments, Laminated Lumber, Sports Equipment, and Others.
By End-Use Industry: Building & Construction (Residential, Commercial, and Infrastructure), Furniture, Transportation (Freight Transport Vehicles, Railway Transportation, and Others), Sports Industry, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

Key Takeaways

  • The Asia-Pacific region will dominate the global specialty resins for plywoods market within the forecast period of 2022-2027, primarily due to the region's growing building & construction sector.
  • Phenol-formaldehyde resins are the most commonly used type of specialty resins in the manufacture of plywood panels because they possess high moisture resistance, high durability, fungi tolerance, and other superior qualities.
  • The growing demand for the building & construction sector and the furniture industry are some of the key reasons driving the global specialty resins for plywoods market within the forecast period.
  • The growing concern for petroleum shortage and pollution factor during the production of plywood using specialty chemicals is driving the need for bio-based alternatives which proves to be a challenge for the growth of the global specialty resins for plywoods market.

 Figure: Asia-Pacific Specialty Resins For Plywoods Market 2021-2027 (US$ Million) 

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Global Specialty Resins For Plywoods Market Analysis – By Resin Type

Phenol-Formaldehyde resins held the largest share with 27% in the global specialty resins for plywoods market in 2021. Phenol-formaldehyde resins, also simply known as phenolic resins, are the most commonly used type of resin that are used in the manufacture of plywood panels where they are used as a bonding material between the composite wood materials in the plywood panel. Phenol-formaldehyde resins have high moisture resistance and are extremely durable, giving plywood panels a long lifetime. They are also fast-curing, fungi tolerant, and thermal resistant making them especially desirable for any outdoor plywood solutions. Additionally, new developments in the market are also propelling the demand for phenolic resins in the global specialty resins for plywoods market. For instance, in December 2021, Bakelite Synthetics, one of the leading companies in specialty resins, announced that they will be acquiring Georgia-Pacific’s phenolic resin business. As such, phenolic resins are preferred over amino resins such as melamine-formaldehyde and urea-formaldehyde, which have lower impact strength and heat resistance.

Global Specialty Resins For Plywoods Market Analysis – By End-Use Industry

Building & Construction held the largest share with 33% in the global specialty resins for plywoods market in 2021. The primary application of specialty resins such as phenol-formaldehyde and melamine-formaldehyde are ideal in the manufacture of plywood which are used as molding support for wet concrete and for flooring and roofing purposes in the building & construction sector. Plywood panels are extensively used for flooring, walls, roofing, scaffolding and so on. Post pandemic, the demand for the building & construction sector had seen a growth in demand, especially in the commercial construction sector. For instance, according to the United States Census Bureau, the public construction sector spending, seasonally adjusted, was valued at US$ 341.9 billion in August 2021 while educational constructions, seasonally adjusted, was valued US$ 79.8 billion. The United States construction spending amounted to US$ 1.584 trillion at a seasonally adjusted annual rate in August 2021, which was an annual increase of 8.9% from August 2020. As such, the rising commercial and residential construction activities in the building & construction sector is driving the global specialty resins for plywoods market.

Global Specialty Resins For Plywoods Market Analysis – By Geography

The Asia-Pacific region held the largest share with 38% in the global specialty resins for plywoods market in 2021. This is primarily because of the growing economies of countries such as China, India, South Korea, Indonesia, Philippines, and Vietnam where there has been a dramatic increase in construction, as well as a growing demand for furniture & upholstery, primarily due to the increase in quality of lifestyle and an inclining demand for housing. According to the International Trade Administration, the construction industry of China is the world’s largest construction market and is expected to grow at an annual average of 5.2% between 2021-2029 while the revenue value was estimated to be USD $1.1 trillion in FY 2021. According to the India Brand Equity Foundation, the Indian Government has invested US$ 24.27 billion in the infrastructure sector during the Union Budget 2020-21. As such, the increasing demand for the building & construction sector, as well as the growing furniture sector in the Asia-Pacific region is driving the demand for the global specialty resins for plywoods market in Asia-Pacific.

Global Specialty Resins For Plywoods Market Drivers

Increasing demand for the furniture & upholstery market:

Plywood is commonly used in the manufacture of furniture as it is sturdy, durable and impact & heat resistant, while also having a lightweight form factor. In recent years, the furniture sector has seen significant growth, especially during the pandemic, when everyone was subjected to stay-at-home protocols. The growing housing and construction sector and the growth of online retail are further fuelling the growth of the furniture industry as well. According to the Trade Promotion Council of India (TPC), the global furniture market was estimated to be US$ 1.1 trillion in 2020 of which China was the leading exporter of furniture products with a global share of 37.5%. Additionally, according to Invest India, the furniture industry of India is estimated to achieve a year-on-year growth of 14.3% in 2023. As such, the inclining demand for the furniture & upholstery market is an excellent driving factor for the growth of the global specialty resins for plywoods market within the forecast period of 2022-2027.

Substantial growth in the transport industry:

Plywood, especially birch plywood, is used extensively in the transport industry due to its lightness, strength, firmness, and hardiness. It is considerably cheaper than its competitors like light metals and steel and is also more environmentally friendly as well. Plywood is used to make excellent flooring materials, panelling, and ceiling materials for buses and trailers. It is also used for making seats in buses, and flooring in containers, freights and carrying vehicles. As such, the growing transportation industry, is also increasing the demand for plywood. For instance, according to the Bureau of Transportation Statistics, the North American Transborder freight value was valued at US$ 114 billion in January 2022 which is 20.6% more than 2021. Additionally, according to the World Trade Organisation (WTO), the world trade merchandise volume is estimated to have grown by 10.8% in 2021. Due to an increase in the global trade, the global demand for freights and containers have also increased as they are essential in transporting trade goods. As such, the growing transport industry proves to be a great driver for the global specialty resins for plywoods market.

Global Specialty Resins For Plywoods Market Challenges

Bio-based alternatives to specialty resins:

Some of the key drawbacks of specialty resins such as phenol-formaldehyde and melamine-formaldehyde are that they use petroleum as that primary raw material for their manufacture and formaldehyde-based compounds are carcinogenic, can be toxic by inhalation, and can cause burns to the skin. This has driven the plywood industry to seek more sustainable alternatives to petroleum based raw materials as well as less harmful alternatives that are not toxic in nature. Due to this, there has been an increase in demand for bio-based alternatives such as lignin, tannin, cardanol, glyoxal and so on to produce more bio-based resins which are completely safe and eco-friendly and are also easily disposable without causing any form of pollution. As such, the increasing popularity of bio-based alternatives to traditional resins such as phenol-formaldehyde and melamine-formaldehyde can prove to be a challenge for the growth of the global specialty resins for plywoods market within the forecast period of 2022-2027.

Global Specialty Resins For Plywoods Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global specialty resins for plywoods market. The global specialty resins for plywoods top 10 companies include:

  1. Bakelite Synthetics
  2. Sumitomo Bakelite Company Limited
  3. SI Group Inc.
  4. Jinan Shengquan Group Share Holding Co., Ltd.
  5. Ashland Global Holdings
  6. BASF SE
  7. Georgia-Pacific Chemicals
  8. DIC Corp
  9. Hexcel Corporation
  10. Akrochem Corporation

Recent Developments

  • On December 4, 2021, Bakelite Synthetics, a global leader in specialty resins for plywood, announced that they will buy the formaldehyde-based phenolic resins business of Georgia-Pacific which makes resins for wood products, coatings, adhesives, and other applications.
  • On November 1, 2021, SI Group Inc., a leading performance additives company, completed the sale of a majority of its global industrial resins business to ASK Chemicals, a portfolio company of private equity firm, Rhône Group, LLC.
  • On September 17, 2020, Sumitomo Bakelite Co. Ltd. announced the development of solid novolac phenolic resins using lignin, which is a major component in plants, and will be distributing thermoset environment responsive plastic to various fields.

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1. Global Specialty Resins For Plywoods Market- Market Overview
    1.1  Definitions and Scope
2. Global Specialty Resins For Plywoods Market - Executive Summary
    2.1 Key Trends by Resin Type
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Global Specialty Resins For Plywoods Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Global Specialty Resins For Plywoods Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Global Specialty Resins For Plywoods Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Global Specialty Resins For Plywoods Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Global Specialty Resins For Plywoods Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Global Specialty Resins For Plywoods Market – By Resin Type (Market Size - $Million/Billion)
    8.1 Melamine-Formaldehyde (MF)
    8.2 Melamine-Urea-Formaldehyde (MUF)
    8.3 Urea-Formaldehyde (UF)
    8.4 Phenol-Formaldehyde (PF)
    8.5 Others
9. Global Specialty Resins For Plywoods Market – By Application (Market Size - $Million/Billion)
    9.1 Flooring, Walls, & Roofing
    9.2 Fencing
    9.3 Packing Boxes
    9.4 Scaffolding
    9.5 Cargo Transportation
    9.6 Musical Instruments
    9.7 Laminated Lumber
    9.8 Sports Equipment
    9.9 Others
10. Global Specialty Resins For Plywoods Market - By End-Use Industry (Market Size -$Million/Billion)
    10.1 Building & Construction
        10.1.1 Residential
        10.1.2 Commercial
        10.1.3 Infrastructure
    10.2 Furniture
    10.3 Transportation
        10.3.1 Freight Transport Vehicles
        10.3.2 Railway Transportation
        10.3.3 Others
    10.4 Sports Industry
    10.5 Others
11. Global Specialty Resins For Plywoods Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 South America
        11.2.1 Brazil
        11.2.2 Argentina
        11.2.3 Colombia
        11.2.4 Chile
        11.2.5 Rest of South America
    11.3 Europe
        11.3.1 UK
        11.3.2 Germany
        11.3.3 France
        11.3.4 Italy
        11.3.5 Netherlands
        11.3.6 Spain
        11.3.7 Russia
        11.3.8 Belgium
        11.3.9 Rest of Europe
    11.4 Asia-Pacific
        11.4.1 China
        11.4.2 Japan
        11.4.3 India
        11.4.4 South Korea
        11.4.5 Australia and New Zeeland
        11.4.6 Indonesia
        11.4.7 Taiwan
        11.4.8 Malaysia
        11.4.9 Rest of APAC
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Global Specialty Resins For Plywoods Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Global Specialty Resins For Plywoods Market – Industry / Segment Competition landscape Premium Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Global Specialty Resins For Plywoods Market – Key Company List by Country Premium Premium
15. Global Specialty Resins For Plywoods Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
"*Financials would be provided on a best-efforts basis for private companies"

LIST OF TABLES

1.Global Speciality Resins For Plywoods Market, by Type Market 2019-2024 ($M)
2.Global Speciality Resins For Plywoods Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
3.Global Speciality Resins For Plywoods Market, by Type Market 2019-2024 (Volume/Units)
4.Global Speciality Resins For Plywoods Market Analysis and Forecast by Type and Application Market 2019-2024 (Volume/Units)
5.North America Speciality Resins For Plywoods Market, by Type Market 2019-2024 ($M)
6.North America Speciality Resins For Plywoods Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
7.South America Speciality Resins For Plywoods Market, by Type Market 2019-2024 ($M)
8.South America Speciality Resins For Plywoods Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
9.Europe Speciality Resins For Plywoods Market, by Type Market 2019-2024 ($M)
10.Europe Speciality Resins For Plywoods Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
11.APAC Speciality Resins For Plywoods Market, by Type Market 2019-2024 ($M)
12.APAC Speciality Resins For Plywoods Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
13.MENA Speciality Resins For Plywoods Market, by Type Market 2019-2024 ($M)
14.MENA Speciality Resins For Plywoods Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)

LIST OF FIGURES

1.US Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
2.Canada Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
3.Mexico Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
4.Brazil Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
5.Argentina Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
6.Peru Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
7.Colombia Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
8.Chile Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
10.UK Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
11.Germany Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
12.France Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
13.Italy Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
14.Spain Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
16.China Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
17.India Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
18.Japan Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
19.South Korea Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
20.South Africa Global Speciality Resins For Plywoods Industry Market Revenue, 2019-2024 ($M)
21.North America Global Speciality Resins For Plywoods Industry By Application
22.South America Global Speciality Resins For Plywoods Industry By Application
23.Europe Global Speciality Resins For Plywoods Industry By Application
24.APAC Global Speciality Resins For Plywoods Industry By Application
25.MENA Global Speciality Resins For Plywoods Industry By Application