Phenolic resins are synthetic polymers that are widely used in the production of circuit boards. The increase in the number of environmental regulations governing formaldehyde emissions will pose a challenge to the overall market's progress.The rapid growth of the transportation sector has paved the way for greater tyre adoption. The increasing popularity of aesthetically pleasing and innovative wood products has resulted in a preference for wood adhesives. Rising adoption of new nanotechnology, combined with rising demand for long-lasting and lightweight phenolic compounds, will be significant contributors to industry growth.
A growing number of companies in the Phenolic Resin Market are focusing on developing long-term relationships with customers and vendors in order to secure long-term and stable contracts for the supply of phenolic resins. The growing utility of phenolic resins in friction linings, abrasive grinding wheels, and refractory products is driving increased adoption of phenolic resins in moulding applications. Molding components are in high demand in household appliances and automotive commutators, as well as in the manufacture of electrical equipment and kitchenware. The increased number of repair and remodelling activities has also increased the acceptance of resole resins throughout the construction industry. The growing demand for ceramics and metals replacement in the automotive industry will drive market growth.
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