According to the recent research report titled ‘Phenolic Resins Market Share, Size, Trends, Industry Analysis Report By Product, By Application; By End-Use; By Regions, Segments Forecast, 2020 – 2026’, available with Market Study Report, global phenolic resins market is projected to reach a valuation of USD 18.1 billion during 2020-2025, while recording a y-o-y growth rate of 5.4% throughout.
 

Increasing demand for rubber & friction materials, in transportation along with growing sustainable insulation & engineered wood products usage are the key factors stimulating global phenolic resins market growth.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2963852/
 

Notably, phenolic resins have beneficial properties, including moisture resistance, superior mechanical strength, heat & chemical resistance, etc. The flexibility to configure phenolic resins into various grades has resulted in the further expansion of the industry size.
 

They are also suitable for innovative product designs with strong aesthetic appeal, like in aerospace structural components, architecture, and others, owing to their diversity and versatality. In addition, product and application innovation in impregnated materials is likely to present lucrative opportunities for worldwide phenolic resin industry expansion over the forecast period.
 

Based on product, the market is divided into resols, and novolac. With respect to application spectrum, the industry is split into abrasives, rubber & tire, electronics, refractory materials, friction material, molding, laminates, coatings, paper impregnation, insulation, and wood adhesives.
 

Moving on to end use scope, phenolic resins market is categorized into furniture, electrical & electronics, automotive, and building & construction.
 

The R&D activities undertaken by market participants in Europe are also expected to have a positive impact on the production and processing of phenolic resins in other regional markets around the globe. Recent advances have led to the production of unique prepreg resins that eliminate the requirement of refrigerated shipping and storage, allowing higher service temperatures and enhanced protection, while reducing residual stress compared to traditional raw materials of phenolic resins.
 

Companies influencing global phenolic resins market trends are Red Avenue New Materials Group Co. Ltd., Shandong Yushiju Chemical Co. Ltd., Zhejiang Hangmo Synthetic Materials Inc., Dynea AS, Chang Chun Group, Kangnam Chemical Co. Ltd., Gun Ei Chemical Industry Co Ltd., Asahi Kasei Corporation, Hexion Inc., SI Group Inc., Hitachi Chemical Co. Ltd., and BASF SE among others.