Phenolic Resins Market Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

 

Phenolic Resins Market
Phenolic Resins Market 

Phenolic resins are widely used in a wide range of industries, such as 3D printers, underground drainage, underwater pipelines, semiconductors, ballistics, aircraft, railway, and mass transit systems. Over the forecast period, rising application awareness is anticipated to fuel product demand.

Additionally, the demand for phenolic resin is rising as a result of the expanding demand for lightweight, environmentally friendly synthetic structures. Nevertheless, it is anticipated that the market growth will be hampered over the forecast period by the fluctuating price of raw materials, including products made from petroleum.

The increase in residential housing that uses engineered wood products is leading to growth in domestic manufacturing of wall panels, cabinets, and furniture. It is anticipated that the U.S. economic recovery will create profitable opportunities for these laminates. Phenolic resins are also widely used to create decorative and industrial laminates for the building sector.

Phenolic Resins Market dominance by the Novolac segment in 2021 is predicted to continue throughout the forecast period. The demand for the product is anticipated to rise over the forecast period as more end-use industries, including marine and construction, become aware of novolac's benefits, such as its lightweight nature, high thermal stability, and improved heat resistance properties. Additionally, it is anticipated that the automotive industry will increase demand for novolac resins, which will help the market expand.

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