In 2023, the UK sold production of phenolic resins in primary forms stood at 113.53 million kilograms. From 2013 to 2023, the market exhibited fluctuations with significant growths and drops. Noteworthy trends include a slight increase of 4.07% year-on-year in 2023. Over the last two years, the market showed steady upward momentum with a 9.82% increase in 2022. The five-year compound annual growth rate (CAGR) from 2018 to 2023 is about 3.8%. Looking ahead from 2024, the forecast suggests a continued gradual increase with an average annual growth rate of 2.94% over the next five years, resulting in a forecasted total growth of 15.56% by 2028.
Future trends to watch for:
- Technological advancements in phenolic resin production and applications.
- Regulatory changes affecting production and raw material sourcing.
- Improved sustainability and environmental initiatives in resin production.
