Noticias

1. Phenolic Resin Overview

Phenolic resin is a general term for resinous polymers formed by the condensation of phenol and aldehyde in the presence of an acidic or alkaline catalyst. It typically refers to resins obtained by the condensation of phenol or its homologues (such as cresol and xylenol) with formaldehyde. Phenolic resins offer excellent heat resistance, flame resistance, water resistance, and insulation properties. They are widely used in a wide range of applications, including phenolic molding compounds, woodworking and laminates, abrasive and friction materials, and fire-resistant and thermal insulation materials.

2. Phenolic Resin Production Capacity and Output Steadily Rising

In recent years, driven by downstream demand and relevant policies, my country's phenolic resin industry has developed relatively steadily, with both production capacity and output showing a steady upward trend. Data shows that production capacity, primarily in East China and Central China, will increase from 1.3 million tons in 2016 to 2.1524 million tons in 2022. Production will also increase from 1.036 million tons in 2016 to 1.535 million tons in 2022. Currently, my country's phenolic resin industry still faces a phenomenon of "overcapacity at the low end and insufficient supply of high-end products," leaving significant room for domestic production of high-end products.

3. Phenolic molding compounds are the largest downstream demand segment for phenolic resins

Based on their purity, phenolic resins can be divided into two categories: electronic grade phenolic resin and industrial-grade phenolic resins. Industrial-grade phenolic resins are primarily used in phenolic molding compounds, wood processing and laminates, abrasive and friction materials, and refractory materials. End-use applications include automotive, construction, metallurgy, and rail transportation. Electronic-grade phenolic resins are high-performance, high-value-added phenolic resins, primarily used in chip photoresists, electronic packaging, and copper-clad laminates. End-use applications include semiconductors, aerospace, and consumer electronics. Among them, phenolic molding compounds, grinding and friction materials, and wood processing and laminates are the three downstream application areas of phenolic resin in my country. Their market shares have remained relatively stable in recent years, reaching 21.94%, 20.17%, and 20.01% in 2021, respectively.

In recent years, my country's downstream phenolic resin industry has developed well overall, with demand for phenolic resin steadily increasing, from 1.0423 million tons in 2016 to 1.5423 million tons in 2021. It is worth noting that due to the high technical barriers to electronic-grade phenolic resin, only a few companies in China can currently produce it. Supply currently cannot meet domestic market demand, and imports are needed to supplement it.

4. The import value and average import price of phenolic resin have consistently exceeded the export value and average export price

Data shows that in recent years, my country has imported over 80,000 tons of phenolic resin annually, primarily high-end phenolic resin, reaching 86,000 tons in 2023, a slight year-on-year increase of 0.94%. Exports have remained above 90,000 tons, reaching 125,100 tons in 2023, an 18.69% year-on-year increase. Due to the high added value of high-end phenolic resins, my country's import volume and average import price of phenolic resins have always been higher than its export volume and average export price. Data shows that since 2021, its import volume has declined year by year, but its export volume has shown an annual growth trend, reaching 2.045 billion yuan and 1.542 billion yuan in 2023, respectively, a year-on-year decrease of 7.76% and an increase of 10.94%, respectively. With the decline in import volume of phenolic resins and the increase in export volume, its trade deficit has shown a shrinking trend since 2021, falling to 503 million yuan in 2023.

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