Market Revenue Phenolic Resins Market Sales, Size, Share

Phenolic Resins Market Owing To Rise In Prerequisites Among Various Sectors Forecast 2025 “Phenolic Resins Market size was valued at USD 9.30 billion in 2015 and is expected to reach USD 16.0 billion by 2025, with a CAGR of 5.4%. The global phenolic resins industry is anticipated to witness stable growth owing to rising demand from transportation and construction sector.” Industry Insights The global Phenolic Resins Market size was valued at USD 9.30 billion in 2015 and is expected to reach USD 16.0 billion by 2025, with a CAGR of 5.4%. The global phenolic resins industry is anticipated to witness stable growth owing to rising demand from transportation and construction sector. Phenolic resins find their applications in numerous segments on account of their properties such as good heat resistance and flame retardancy, low smoke and toxicity, high mechanical strength and easy blending with other polymers to attain high performance. Product demand is expected to rise owing to of increasing use of fire retardant constituents in crucial aircraft and automotive components. Crude oil is the primary raw material used in the manufacturing of phenolic resins and hence price instability is expected to have a direct influence on demand for phenolic resins. In order to ensure conformance to environmental standards regarding formaldehyde emissions, significant funding and investments have to be made and this may slowdown the market growth. However, the positive side is that there is an increasing adoption of nanotechnology in phenolic resins production that aims to improve their functional and structural characteristics and expand their scope of application. Product Insights Novolac resins and resol resins are the two majorvarieties of phenolic resins. Novolac resins, are expected to gain prominence in the forecast period owing to its ability to mould easily. Resol resins constituted for a major chunk of the market share on account of growing demand from wood adhesion and laminates sector. Request Sample Copy of this Market Research @ https://www.millioninsights.com/industry-reports/phenolic-resins-market/request-sample