Phenolic Resins Market Size, Share & Trends Analysis Report By Product (Novolac, Resol (Liquid Resol Resin, Solid Resol Resin)), By Application (Wood Adhesives, Molding, Insulations), By Other Applications, By Region, And Segment Forecasts, 2022 - 2030
Phenolic Resins Market Growth & Trends
The global phenolic resins market size is anticipated to reach USD 20.81 billion by 2030, expanding at a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. Rising usage of phenolic resins across various applications including wood adhesives, molding, insulations, laminates, paper impregnation, coatings, and other applications such as abrasives, composites, carbon binders, friction materials, sound-roof bonding felt, and tires & rubbers are likely to present lucrative opportunities for phenolic resins during the forecast period.
Novolac resin, a type of phenolic resin, is ideal for making automotive parts like suspension, seats, bottom plates, tires, brake pistons, brake block & pads, brake linings, and clutch facing because it has excellent impact resistance, high strength, fire resistance, thermal resistance, chemical resistance, thermal stability, flexibility, and surface hardness.
Apart from global players in the industry, a few small and medium-sized regional firms also had an impact on the market. Global players are engaged in fierce competition with regional competitors who have strong distribution networks and in-depth knowledge of phenolic resin suppliers and associated laws.
Phenolic Resins Market Report Highlights
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